Queensland Numbered Acts

VALUATION OF LAND AND OTHER LEGISLATION AMENDMENT ACT 2010 No. 7 - SECT 4

(1) Section 2, definition approved form--

omit.

(2) Section 2--

insert--

'approved form means a form approved under section 97.

bona fide sale--

1 A bona fide sale, for a provision about land, is a sale of the land on reasonable terms and conditions that a bona fide seller and buyer would require assuming--

(a) a willing, but not anxious, buyer and seller; and

(b) a reasonable period within which to negotiate the sale; and

(c) that the property was reasonably exposed to the market.

2 For paragraph 1, in considering whether terms and conditions are reasonable regard must be had to--

(a) the nature and situation of the property; and

(b) the state of the market for a property of the same type.

bond rate means--

(a) the interest calculated at the monthly yield rate published by the Reserve Bank of Australia in relation to government bonds for a 10-year period on borrowed funds that have not been repaid; or

(b) if there is no monthly yield rate published as mentioned in paragraph (a)--the interest rate prescribed under a regulation.

date of valuation means--

(a) for a provision about an annual valuation--the date of valuation fixed under section 37; or

(b) for a provision about a valuation other than an annual valuation (the subject valuation)--the date of valuation fixed under section 37 for the annual valuation in effect for the subject valuation; or

(c) for sections 3, 5 and 23--the date of valuation under paragraph (a) or (b) for the relevant valuation; or

(d) for a provision about an objection--the date of valuation for the valuation the subject of the objection.

GHG lease means a GHG injection and storage lease under the Greenhouse Gas Storage Act 2009.

infrastructure charges means the following--

(a) infrastructure charges under the Sustainable Planning Act 2009;

(b) another charge, however called, that is similar to charges mentioned in paragraph (a) imposed under another Act.

infrastructure construction, for land, means constructing infrastructure, whether on or off the land, as developed or as approved or authorized to be developed under--

(a) the Sustainable Planning Act 2009; or

(b) another Act relating to the land or an improvement of the land.

objector, for a provision about an objection, means the person who made the objection.

objector's land, for a provision about an objection, means the land the subject of the objection.

properly made objection--

(a) for part 4, see section 42A(1); or

(b) for part 6, see section 52AA(1).'.