s 3A
In forceDeclared percentage
Part 2Homes and home sites
Division 1Preliminary
3A Declared percentage
(1)
The chief executive must declare, by publishing a notice in a newspaper circulating throughout the State, the percentage (the declared percentage) of the value amount of a residential lease that must be used—
(a)
to work out the purchase price for converting a residential lease to freehold land under division 2, subdivision 1; or
(b)
to work out the conversion cost for an unconverted lease under division 3.
(2)
The declared percentage—
(a)
must not be more than 100%; and
(b)
must be worked out in accordance with the requirements for working out the declared percentage prescribed under a regulation.
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