CROWN LANDS ACT 1929 - SECT 199
This legislation has been repealed.
CROWN LANDS ACT 1929 - SECT 199
199—Surrender of agreement for perpetual lease
(1) The holder of any
block under an agreement entered into under Part 10 of the Crown Lands
Act 1903 , Part 10 of the Crown Lands Act 1915 , or Part 10 of this
Act, may, with the consent of the Minister, surrender the agreement for a
perpetual lease of the said block.
(2) Upon an
application being made under this section the board, subject to the approval
of the Minister, shall fix—
(a) the
annual rent at which the lease may be obtained in perpetuity;
(b) the
annual rent at which the lease may be obtained for the first ten years after
which the rent shall be fixed in perpetuity as hereinafter provided;
(c) the
provisions (if any) to be inserted in the perpetual lease for the purpose of
binding the applicant to pay for all or any of the improvements on the land.
In fixing the rents pursuant to this section the board shall take into
consideration any amount of purchase price paid on or before the date from
which the lease issued in lieu of the surrendered agreement is granted or
deemed to be granted.
(3) The applicant may
at his option obtain a perpetual lease at the rent fixed pursuant to
paragraph (a) of subsection (2), or a perpetual lease of which the
rent for the first ten years shall be as fixed pursuant to paragraph (b)
of subsection (2) and of which the rent from the end of the first ten
years shall be such amount as is fixed at the expiration of the said period by
the board, subject to the approval of the Minister.
(3a) The rent to be
fixed under any such lease shall in no case exceed an amount equal to interest
on the price at which the applicant could have completed purchase at the time
of the surrender of the agreement, calculated for one year at the rate of
interest provided for in the agreement.
(3b) Any lease granted
pursuant to this section may be granted as from any period not exceeding five
years before the date of the approval to the surrender, and any lease so
granted shall be deemed to have taken effect from the commencement of such
period. The said period shall be fixed by the board subject to the approval of
the Minister. Any amounts paid during any such period in respect of
instalments under the agreement surrendered as aforesaid, which became due
during the said period, shall be deemed to have been paid in pursuance of the
covenants of the lease and shall be appropriated accordingly and, except for
that purpose, the agreement shall be deemed to have been determined from the
commencement of the said period.
(4) The provisions of
subsections (2), (3), and (4) of section 211, mutatis mutandis ,
shall apply to and in respect of any such application and surrender.
(5) The holder of the
block surrendered as aforesaid may at the time of making the application for
surrender make application for the insertion in the perpetual lease of a
provision for the purchase of the block. In any such case there shall be
inserted in the perpetual lease a provision giving the lessee a right to
purchase the fee simple of the land comprised in the lease, at the price at
which the lessee could have completed purchase at the time of the surrender,
but so that such right may be exercised not earlier than six years after the
surrendered agreement came into force, and not later than the expiration of
the term of the surrendered agreement.