Development and investigation concessions

In force

(1)

This section applies in relation to a lease or permit for which a designated set rent has not been set.

(2)

If the designated officer considers the lease needs investigation and development work by the lessee, the designated officer may fix an annual rent for the lease, instead of the rent that would otherwise be payable—

(a)

while the lease is being investigated and developed; but

(b)

only for the first 5 years of the lease.

(3)

If the permit is for investigation for a lease for development work, the designated officer may fix an annual rent for the permit, instead of the rent that would otherwise be payable, while the permit is in force.

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40 Development and investigation concessions