New Zealand Legislation: Acts

26 Regional Council may retain proportion of tender remuneration

• If new space to be allocated by tender is allocated to the trustee under section 9 or section 25, a regional council may retain a proportion of the tender remuneration calculated in accordance with the following formula:

  	a =	b
  		100% − c		× 0.5

  where—

  a

  is the money that the regional council may retain

  b

  is the total tender money received in the tender concerned

  c

  is the percentage of space allocated to the trustee.