Australian Capital Territory Current Acts

PUBLIC UNLEASED LAND ACT 2013 - SECT 67

If an amount of money is held by the Territory as a financial assurance, the following provisions apply:

        (a)     interest accrues on as much of the original amount as from time to time remains unclaimed by the director-general under section 64 (Financial assurance condition—claim or realisation);

Note     A rate of interest may be determined under s 130 for this provision.

        (b)     for a claim made by the director-general under section 64, the financial assurance is taken to include any accrued interest other than interest to which the permit-holder is entitled to be paid under paragraph (c);

        (c)     during the period for which the financial assurance is required, on each anniversary of the payment of the original amount, the permit-holder is entitled to be paid by the Territory as much of the interest that accrued during the year that ended on the day before that anniversary as remains unclaimed by the director-general under section 64;

        (d)     the amount of the original amount and accrued interest that remains unclaimed by the director-general under section 64 must be paid by the Territory to the permit-holder if—

              (i)     the financial assurance is no longer required by the director-general; or

              (ii)     the public unleased land permit is—

    (A)     surrendered under section 76 (Public unleased land permit—surrender); or

    (B)     cancelled under section 81 (Public unleased land permit—taking regulatory action).