Victorian Current Acts Victorian Current ActsS. 5ACA(1) substituted by No. 46/2024 s. 13(1).
(1) A contract for the sale of registration number rights under section 5AC may provide that—
(a) a periodical charge is payable for the registration number rights in addition to any consideration payable on the sale; or
(b) the consideration for the sale is constituted by a periodical charge payable for the registration number rights.
(2) If, under subsection (1), a contract provides that a periodical charge is payable—
(a) the periods for which the charge must be paid must be specified in the contract; and
(b) the Secretary may determine the amount of the charge to be paid in respect of each period which may be increased or decreased from the amount payable for the previous period.
S. 5ACA(2A) inserted by No. 46/2024 s. 13(2).
(2A) Without limiting subsection (2), a contract that provides that a periodical charge is payable may require the periodical charge for a period specified in the contract to be paid in advance of the specified period.
(3) A determination of the Secretary under subsection (2)(b)—
(a) may be made in respect of one or more registration number rights; and
(b) may be made in respect of one or more periods; and
(c) for an increase in the amount of the charge, must not have effect before the commencement of the period for which the charge is to be paid that immediately follows the making of the determination.
(4) If the Secretary, in making a determination under subsection (2)(b), increases the amount of the charge, the Secretary must give the person liable to pay the charge notice of the alteration of the charge at least 6 weeks before the commencement of the period for which the charge is to be paid.
(5) In making a determination under subsection (2)(b), the Secretary may calculate the charge by reference to—
(a) any increase or decrease in the market value of the registration number rights; or
(b) anything else as determined by the Secretary.
(6) The amount of any periodical charge under this section—
(a) may vary according to the particular registration number or class of registration number; and
(b) is not required to be related in any way to the cost to the Secretary of providing any service.
S. 5ACB inserted by No. 41/2020 s. 18.