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MORATORIUM ACT 1932 - SECT 21
Leases of land containing an option to purchase
21 Leases of land containing an option to purchase
(cf Act No 48, 1930, s 19)
In the case of a lease of land in force at the commencement of this Act:
(a)
which contains an optional purchasing clause by the terms of which the last
date for exercise of the option is a date not later than the thirty-first day
of December, one thousand nine hundred and thirty-two, and
(b) which has been
dealt with by the court under this Act or any enactment hereby repealed as if
the lessee had already notified his exercise of the option, and
(c) in
respect of which the lessee has not in fact notified, prior to the
commencement of this Act, his exercise of the option,
the lessee may,
notwithstanding anything contained in the lease, notify at any time during the
currency of the lease and up till the thirty-first day of December, one
thousand nine hundred and thirty-two, his exercise of the option:
Provided that where, by the terms of any such lease, the date of the expiry of
the lease is a date after the nineteenth day of December, one thousand nine
hundred and thirty, and on or before the thirty-first day of December, one
thousand nine hundred and thirty-two, the lessee may before the date of expiry
of the lease, notify the lessor that it is probable that he will, on or before
a date specified by him, not being later than the said thirty-first day of
December, notify his exercise of the option, and if the lessee so notifies the
lessor the term of the lease shall, by force of this Act, be extended until
the date specified by the lessee:
Provided further that, where the term of a lease is so extended, the extension
shall be at the same rent, or if such rent has been reduced by or under the
provisions of the Reduction of Rents Act 1931 , at such rent and upon the same
terms and conditions as those prevailing immediately before the date upon
which, but for this Part of this Act, the lease would have expired.
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