Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Acts43. Section 184 of the Principal Act is repealed and the following sections are substituted:
“184. A reference in this Division to the variation of a lease shall be read as including a reference to the surrender of a lease and the grant of a new lease to the same lessee, subject to different provisions, over land—
(a) that is the whole or part of the land comprised in the surrendered lease; and
(b) that is not defined land within the meaning of Subdivision D of Division 3 of Part II;
except where a lease is surrendered and a further lease is granted under section 171, 171A or 172.
“184A. (1) The Executive shall not execute a variation of a nominal rent lease unless the lessee has paid the Territory any change of use charge determined by the Minister under subsection (2), subject to any remission or increase under section 184C.
“(2) The Minister shall determine the change of use charge for a variation of a nominal rent lease in accordance with the formula—
where:
CUC is the change of use charge payable for the variation of the lease;
is the capital
sumthat the lease might be expected to realise if—
(a) the lease were to be varied as proposed;
(b) the lease were offered for sale in good faith immediately after the variation on such reasonable terms and conditions as a genuine seller would require; and
(c) the rent payable throughout the term of the lease were a nominal rent;
is the capital
sumthat the lease might be expected to realise if—
(a) the lease were not to be varied during the remainder of its term;
(b) the lease were offered for sale in good faith immediately before the variation on such reasonable terms and conditions as a genuine seller would require; and
(c) the rent payable throughout the term of the lease were a nominal rent.
“(3) Where the
capital value assessed as ‘ ' under subsection (2) is equal to or less
than the capital valueassessed as ‘ 
' under that subsection, no changeof
use charge is payable under subsection (1).
“(4) Insofar as this section applies, by virtue of section 184, to the surrender of a lease and the grant of a new lease—
(a) the reference in paragraph (c) of the definition of
‘ ' in subsection (2) to the term of the lease is to be read as
areference to the term of the new lease; and
(b) the reference in paragraph (c)
of the definition of ‘ ' in subsection (2) to the term of the lease is
to be read as areference to the term of the lease to be surrendered.
“(5) A variation of a lease has no effect if the change of use charge payable under subsection (1) for the variation is not paid.
“184B. (1) 18 months after the day on which section 184A commences, the formula in subsection 184A (2) is to be omitted and the following formula substituted:
“(2) The formula in subsection 184A (2), as in force immediately before the day on which the substitution of the formula takes effect under subsection (1) of this section, continues to apply in relation to the variation of a lease if the variation had been applied for, but the lease had not been varied, immediately before that day.
“184C. (1) The Minister may, on application by the lessee, remit a change of use charge under section 184A for the variation of a nominal rent lease in circumstances prescribed by the regulations.
“(2) The Minister may make regulations for the purposes of subsection (1) providing for the remission of change of use charges for the variation of specified leases, for leases of specified classes, or for specified types of lease variation.
“(3) The Minister may increase a change of use charge under section 184A for the variation of a nominal rent lease in circumstances prescribed by the regulations.
“(4) The Minister may make regulations for the purposes of subsection (3) providing for the increase of change of use charges for the variation of specified leases, for leases of specified classes, or for specified types of lease variation.
“(5) Regulations under subsection (2) or (4) take effect—
(a) on the day immediately following the last day on which they could have been disallowed under section 6 of the Subordinate Laws Act 1989 ; or
(b) on any later date specified in the regulations;
unless they are disallowed under section 6 of that Act.
“184D. (1) The Executive shall not execute a variation of a rental lease unless any rent and additional rent payable under the lease up to the day of variation has been paid.
“(2) Where the Executive executes a variation of a rental lease, the Minister shall reappraise the rent payable under the lease, following (to the extent possible) the method provided by the rental provisions of the lease.
“(3) Where the Executive executes a variation of a rental lease, the rent payable under the lease is to be adjusted in accordance with the reappraisal under subsection (2) with effect from the date of variation.
“(4) Subsections (2) and (3) do not apply to a variation of a rental lease—
(a) to reduce the rent payable to a nominal rent; or
(b) otherwise affecting the rental provisions of the lease.”.