Deciding purchase price for land in operational reserve or operational deed of grant in trust—Act, ss 34L and 43D

In force

(1)

For sections 34L(4) and 43D(4) of the Act, this section prescribes the way the Minister must decide the purchase price for land in an operational reserve or operational deed of grant in trust.

(2)

The purchase price of the land is—

(a)

the unimproved value of the land, as if it were fee simple, worked out under section 13; or

(b)

if the trustee of the land is a constructing authority and the Minister considers it appropriate, having regard to the object of the Act, to decide the purchase price of the land other than under paragraph (a)—another amount the Minister considers is appropriate.

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11 Deciding purchase price for land in operational reserve or operational deed of grant in trust—Act, ss 34L and 43D