58ASale of plantation etc which reverts to Custodian

58A Sale of plantation etc which reverts to Custodian

(1) Where a plantation, trading station, or other property reverts to the Custodian by reason of the exercise of his powers under these Regulations, or through the annulment or cancellation of a contract of sale, the Custodian may sell that plantation, trading station, or other property on such terms as the Minister approves.

(2) Subject to such modifications as the Minister approves and are included in the contract of sale, these Regulations apply to, and in relation to, a sale under subregulation (1) of this regulation.

58AA Payments of instalments and interest in respect of sale of reverted property

(1) Notwithstanding anything contained in the last preceding regulation, but subject to this regulation:

(a) the balance of purchase money outstanding in respect of the sale of a property under a contract entered into in accordance with the last preceding regulation shall, notwithstanding anything contained in that contract, be paid by quarterly instalments calculated in accordance with subregulation (3) or subregulation (4), as the case requires, of this regulation; and

(b) interest calculated in accordance with subregulation (5) or subregulation (6), as the case requires, of this regulation shall be paid quarterly on the unpaid balance of purchase money outstanding on the first day of the last preceding quarter.

(2) The purchaser of a property under a contract referred to in the last preceding subregulation shall complete the payment of the full amount of the purchase money and interest on the purchase money on or before the thirtieth day of June, One thousand nine hundred and seventy-five.

(3) Where the purchaser of a property is an Australian soldier, the amount of each instalment payable by him under subregulation (1) of this regulation shall, in respect of each One thousand pounds of the total amount of purchase money that was outstanding after the payment of the deposit and any other amount required to be paid by the purchaser as a condition precedent to the right to possession of the property, be calculated at the rate specified in column 2 of the Third Schedule to these Regulations opposite to the rate specified in column 1 of that Schedule which is the average price per ton of plantation hot-air dried copra during the last preceding quarter.

(4) Where the purchaser of a property is not an Australian soldier, the amount of each instalment payable by him under subregulation (1) of this regulation shall, in respect of each One thousand pounds of the total amount of purchase money that was outstanding after the payment of the deposit and any other amount required to be paid by the purchaser as a condition precedent to the right to possession of the property, be calculated at the rate specified in column 4 of the Third Schedule to these Regulations opposite to the rate specified in column 1 of that Schedule which is the average price per ton of plantation hot-air dried copra during the last preceding quarter.