34—Minister to fix terms and conditions
(1) Subject to this
Act, the terms and conditions on which leases will be granted by the Minister
(including the intervals at which rent will be revalued) will be as fixed by
the Minister.
(2) The Minister will
fix the rent to be payable under a lease based on the current market rent
(unless the Minister is satisfied special circumstances exist justifying the
fixing of a lesser rent).
(3) For the purposes
of this section, the current market rent will be determined by the Minister on
the advice of the Valuer-General or a person who lawfully carries on business
as a land valuer.
(4) In determining the
current market rent for the purposes of this section, the value of any work
carried out by the lessee in relation to the land or any other improvements on
the land that do not belong to the Crown must not be taken into account.
(5) The regulations
may—
(a)
prescribe a minimum rent to be paid in relation to leases, or leases of a
specified class; and
(b) fix
a date for the payment of rent under leases, or leases of a specified class.
(6) Subject to
subsection (7), a regulation under subsection (5) has effect despite
any provision to the contrary contained in a lease to which the regulation
applies.
(7) A regulation under
subsection (5)(a) does not apply to a lease granted before the
commencement of this section.