SCHEDULES

SECOND SCHEDULE Claims assigned to Central Land Board as security for development charges
Sections 2, 51, 54.
1 (1) In this Schedule, and in the other provisions of this Act, references to the assignation of a claim holding to the Central Land Board are references to any transaction whereby—
(a) the holder of the claim holding assigned it to the Board as security, or part of the security, for one or more development charges determined, or thereafter to be determined, by the Board, or
(b) the holder and the Board agreed that a development charge determined by the Board should be set off against any payment which might thereafter become payable to the holder by reference to that holding, or
(c) the Board refrained from determining a development charge, which would otherwise have fallen to be determined by them, in consideration of an assignation of the holding (with or without other claim holdings).
(2) All assignations of claim holdings to the Central Land Board made by the same person, whether or not made at the same time, other than any assignation to which sub-paragraph (1) of paragraph 2 of this Schedule applies, shall for the purposes of this Schedule be treated collectively as a single assignation made at the time when the last of those assignations was made.
(3) Where a development charge covered by an assignation to the Central Land Board was determined in respect of land which constitutes the whole or part of the area of a claim holding not comprised in the assignation, being a holding of which the holder is the person who would, apart from the assignation, be liable to pay the unpaid balance of the development charge, then, for the purposes of this Schedule, that claim holding shall be deemed to be comprised in the assignation.
(4) In this Schedule references to the determination of a development charge in respect of any land are references to a determination of the Central Land Board that the charge was payable in respect of the carrying out of operations in, on, over or under that land, or in respect of the use of that land.
(5) For the purposes of this Schedule the amount of a development charge—
(a) in a case where the Central Land Board determined that amount as a single capital payment, shall be taken to have been the amount of that payment;
(b) in a case where the Board determined that amount otherwise than as a single capital payment, shall be taken to have been the amount of the single capital payment which would have been payable if the Board had determined the amount as such a payment;
and references in this Schedule to the unpaid balance of a development charge are references to the amount of the charge, if no sum was actually paid to the Board on account of the charge, or, if any sum was so paid, are references to the amount of the charge reduced by the amount or aggregate amount of the sum or sums so paid, other than any sum paid by way of interest.
(6) In relation to the assignation of a claim holding to the Central Land Board, references in this Schedule to a development charge covered by the assignation are references to a development charge the payment of which was secured, or partly secured, by the assignation, or, as the case may be, which was agreed to be set off against any payment which might become payable by reference to the holding.
2 (1) Where a claim holding was assigned to the Central Land Board in accordance with the special arrangements relating to owners of single house plots, the claim holding shall, subject to the next following sub-paragraph, be deemed to have been extinguished as from the time when it was assigned to the Board.
(2) Where a claim holding (in this sub-paragraph referred to as " the original holding ") was assigned as mentioned in the preceding sub-paragraph, but was so assigned by reference to a plot of land which did not extend to the whole of the area of the original holding, the preceding sub-paragraph shall not apply, but there shall be deemed to have been substituted for the original holding, as from the time of the assignation, a claim holding with an area consisting of so much of the area of the original holding as was not comprised in that plot of land, and with a value equal to that fraction of the value of the original holding which then attached to so much of the area of the original holding as was not comprised in that plot.
3 Without prejudice to the last preceding paragraph, where an assignation to the Central Land Board comprised one or more claim holdings, and the unpaid balance of the development charge covered by the assignation, or (if more than one) the aggregate of the unpaid balances of the development charges so covered, was equal to or greater than the value of the claim holding, or the aggregate value of the claim holdings, as the case may be, the holding or holdings shall be deemed to have been extinguished as from the time of the assignation.
4 Where an assignation to the Central Land Board comprised only a single holding with an area of which every part either consisted of, or formed part of, the land in respect of which some development charge covered by the assignation was determined, and the last preceding paragraph does not apply, the unpaid balance of the development charge covered by the assignation, or, if more than one, the aggregate of the unpaid balances of all the development charges covered by the assignation, shall be deducted from the value of the holding, and the value of that holding shall be deemed to have been reduced accordingly as from the time of the assignation.
5 (1) The provisions of this paragraph shall have effect in the case of an assignation of one or more claim holdings to the Central Land Board to which neither of the two last preceding paragraphs applies.
(2) Any claim holding comprised in the assignation with an area of which every part either consisted of, or formed part of, the land in respect of which some development charge covered by the assignation was determined shall be allocated to the development charge in question or, if more than one, to those development charges collectively.
(3) Any claim holding comprised in the assignation with an area part of which did, and part of which did not, consist of, or form part of, such land as aforesaid shall be treated as if, at the time of the assignation, the claim holding (in this sub-paragraph referred to as " the parent holding ") had been divided into two separate claim holdings, that is to say—
(a) a claim holding with an area consisting of so much of the area of the parent holding as consisted of, or formed part of, such land as aforesaid and with a value equal to that fraction of the value of the parent holding which then attached to that part of the area of the parent holding ; and
(b) a claim holding with an area consisting of the residue of the area of the parent holding and with a value equal to that fraction of the value of the parent holding which then attached to the residue of the area of the parent holding,
and the claim holding referred to in head (a) of this sub-paragraph shall be allocated to the development charge in question, or, if more than one, to those development charges collectively.
(4) Paragraph 3 or 4 of this Schedule shall then apply in relation to each claim holding, if any, allocated in accordance with the two last preceding sub-paragraphs to any development charge, or to any development charges collectively, as if the assignation had comprised only that claim holding and had covered only that development charge or those development charges.
(5) If after the application of the preceding provisions of this paragraph there remains outstanding any claim holding not allocated in accordance with those provisions or any claim holding so allocated which has been reduced in value but not extinguished, an amount equal to the aggregate of—
(a) the unpaid balance of any development charge covered by the assignation to which no claim holding was allocated as aforesaid; and
(b) the amount, if any, by which the value of any claim holding allocated as aforesaid which is deemed to have been extinguished falls short of the unpaid balance of the development charge, or the aggregate of the unpaid balances of the development charges, to which it was so allocated,
shall be deducted from the value of the claim holding so remaining outstanding, or, if more than one, shall be deducted rateably from the respective values of those claim holdings, and the value of any such holding shall be deemed to have been reduced accordingly as from the time of the assignation.