Royalty Equation System definition

Royalty Equation System means the system used by the Secretary for fixing royalty rates for softwood sawlog from time to time;

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Royalty Equation System means the system used by the Director-General for fixing royalty rates for sawlogs;

Examples of Royalty Equation System in a sentence

• The royalty payable from time to time for softwood sawlog shall be at the rate as determined in accordance with the Royalty Equation System and consistent with general softwood sawlog pricing from State forest in the State of Victoria.

• The royalty payable from time to time for sawlogs shall be at the rate as determined in accordance with the Royalty Equation System and consistent with general softwood sawlog pricing from public forests in the State of Victoria.