Victorian Numbered Regulations Victorian Numbered Regulations(1) For the purposes of section 12(1)(b) and (2) of the Act––
(a) royalties are payable in respect of each financial year; or
(b) if the Minister, under subregulation (2), varies the period in respect of which royalties are payable, royalties are payable in respect of the varied period.
(2) The Minister, by notice in writing to the licence holder, may vary the period in respect of which royalties are payable.