New South Wales Consolidated Acts

LORD HOWE ISLAND ACT 1953 - SECT 29

29 Payment for improvements etc

(1) Where Crown lands containing improvements which are the subject of tenant-right become the subject of a lease under this Act the incoming tenant shall pay the capital value of such improvements to the person having tenant-right therein.

(2) The amount of the capital value payable by an incoming tenant shall be as determined by the Board: Provided that where the incoming tenant has agreed with the person having tenant-right in the improvements as to payment for such improvements, no determination by the Board shall be necessary.

(3) Where the incoming tenant has agreed with the person having tenant-right in the improvements as to payment for such improvements, such payment shall be made within the time and in accordance with the terms agreed upon.

(4) Where the incoming tenant has not agreed with the person having tenant-right in the improvements as to payment for such improvements, such payment shall be made within three months after the determination of the Board (in which case no interest shall be charged) or at the option of the incoming tenant by not more than four equal yearly instalments, together with interest at the rate of four per centum per annum.