Land Leases Refund of Fees Rules Order 2006 (No. 7 of 2006)

~- ---- /. ) REPUBLIC OF VANUATU LAND LEASES ACT [CAP 163] LAND LEASES REFUND OF FEES RULES Order No 1 of 2006 In exercise of the powers conferred on me by section 111 of the Land Leases Act [CAP 163], I, Honourable MAXlME CARLOT KORMAN, Minister of Lands make the following Order: 1 Definitions In this Order, unless the contrary intention appears: TRF means the total registration fee payable under section 110(1) of the Land Leases Act [CAP 163] for the creation of a lease. UL T means the unexpired term of the surrendered lease at the date of registration of the surrender TL T means the total term of a lease that is surrendered. 2 Refund of fees A lessor must refund an amount of the registration fee calculated under clause 3 to the lessee if: (a) the lessees unexpired lease is surrendered under the Land Leases Act [CAP 163] and is replaced by a new lease for a term of 75 years; and (b) the new lease is registered over the same land as the unexpired surrended lease for the purpose of a strata plan under the Strata Titles Act No. 29 of 2000. " .. ' ') f .4.- ',' 3 Calculation for refund of fees The amount of fees to be refunded under clause 2 must be calculated by applying the following formula: TRF X ULT 1 TLT 4 Commencement . . This Order commences on the date on which it is published in the Gazette. ~ Made at Port Vila this. 2- 0 day of TCivV'~ Honou-a Minister of Lands 2006.