14. Payment in lieu of rates, etc.
The mains, service pipes, and other works of the Company in, on, or under any street shall be deemed to be rateable land, but in lieu of the provisions of the Municipal Corporations Act 1906 5 relating to the valuation of land and the making of rates in respect thereof, the Company shall pay to the Council in each and every year after 31 December 1921 a sum equal to 1/8 per centum of the amount actually received by the Company for the sale of the oil and liquid fuel conveyed through the said service pipes during the 12 months ending 31 December immediately preceding, or the sum of $200, whichever amount shall be the greater.
The amount to be payable by the Company under this section shall be paid by 2 half-yearly payments on 1 January and 1 July in each and every year, and shall be in full satisfaction and discharge of all rates, and rents, if any, payable to the Council in respect of such mains, service pipes, lands, buildings, and works of the Company used exclusively in connection with the storage, supply, and distribution of oil and liquid fuel.
In this section, }Council~ means the mayor and councillors of the municipality of Fremantle 2.
[Section 14 amended by No. 113 of 1965 s. 8.]