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RETAIL SHOP LEASES AMENDMENT ACT 2006 No. 4 - SECT 23

23 Amendment of s 40 (Sinking fund for major maintenance and repairs)

(1) Section 40(1)--

omit, insert--

'(1) This section applies if a lessee under a retail shop lease is required to pay amounts (maintenance amounts) into a sinking fund for major maintenance of, or repairs to--

(a) the buildings, plant and equipment of, and areas used in association with, the retail shopping centre in which the leased shop is situated; or
(b) the building in which the leased shop is situated and the plant and equipment of, and areas used in association with, the building; or
(c) the leased shop and the plant and equipment of, and areas used in association with, the leased shop.'.

(2) Section 40(2), 'for the retail shopping centre'--

omit.

(3) Section 40(6)--

omit, insert--

'(6) The total payments into the sinking fund by all lessees of the retail shops to which the fund relates for any year must not be more than 5% of the total of the lessor's estimated outgoings for the retail shops for the year.'.

(4) Section 40(7), 'lessees of retail shops in the retail shopping centre'--

omit, insert--

'a lessee of a retail shop'.



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