Page 1221 - Week 04 - Thursday, 21 March 1991

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of the ACT. That is why I support the Bill in principle. But this clause goes much further than that. It provides something entirely different and fiddles with the basic concept of a lease as a contract. I do not accept the arguments that are put forward by the Government.

Amendment negatived.

Paragraph agreed to.

Paragraph 4(b) agreed to.

Paragraph 4(c)

MR MOORE (5.33): Mr Deputy Speaker, I move:

Page 2, lines 22-39, omit the paragraph, substitute the following:

"(c) by omitting subsections (9) to (9C) (inclusive) and substituting the following subsections:

'(9) The Minister shall, as soon as practicable after a provisional order has been made, determine -

(a) the capital sum that the lease might be expected to have realised assuming -

(i) that the lease had been offered for sale at a bona fide sale on the day immediately before the day on which the provisional order was made on such reasonable terms and conditions as a bona fide seller would require; and

(ii) that, during the remainder of the term of the lease, there would be no variation, whether under this section or otherwise, of any of the provisions, covenants or conditions in the lease; and

(iii) the values shall be based on the unimproved capital value of the land; and

(b) the capital sum that the lease might be expected to have realised assuming -

(i) that the lease had been offered for sale at a bona fide sale on the day on which the provisional order was made on such reasonable terms and conditions as a bona fide seller would require; and

(ii) that the variation specified in the provisional order had been made;

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