Bare Acts Live

(aa)

where the mining lease is granted on the basis of auction-

(i)

where the lease purports to be for a term less than one year;

The same duty as a Bond (No. 15) for the whole amount payable or deliverable under such lease.

(ii)

where the lease purports to be for a term of not less than one year but not more than five years;

The same duty as a Bond (No. 15) for the amount or value of the average annual royalty reserved.

(iii)

where the lease purports to be for a term exceeding five years but . not exceeding ten years;

The same duty as a Conveyance (No. 23) for a market value equal to the amount or value of one and, half times the average annual royalty reserved.

(iv)

where the lease purports to be for )/a term exceeding ten years but not / exceeding twenty years;

The same duty as a Conveyance (No. 23) for a market value equal to three times the amount or value of average annual royalty reserved.

(v)

where the lease purports to be for a term exceeding twenty years but not exceeding thirty years;

The same duty as a Conveyance (No. 23) for a market value equal to five times the amount or value of the average annual royalty reserved.

(vi)

where the lease purports to be for a term exceeding thirty years but not exceeding one hundred years;

The same duty as a Conveyance (No. 23) for a market value equal to eight times the amount or value of the average annual royalty reserved.

(vii)

where the lease purports to be for a term exceeding one hundred years or in perpetuity;

The same duty as a Conveyance (No. 23) for a market value equal to or one-fourth of the whole amount of royalty which would be paid or delivered in respect of the first twelve and half years of the lease.

(viii)

where the lease does not purport to be for any definite term;

The same duty as a Conveyance (No. 23) for a market value equal to three times the amount or value of the average annual royalty, which would be paid or delivered for the first ten years if the lease continued so long, and (c) of this Article shall be Provided that nothing contained in clause (b) applicable in respect of this clause.