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SETTLED LAND ACT 1958 - SECT 47 Capitalisation of part of mining rent

SETTLED LAND ACT 1958 - SECT 47

Capitalisation of part of mining rent

Under a mining lease, whether the mines or minerals leased are already opened or in work or not, unless a contrary intention is expressed in the settlement, there shall be from time to time set aside, as capital money arising under this Act, part of the rent as follows, namely: Where the tenant for life or statutory owner is impeachable for waste in respect of minerals, three-fourth parts of the rent, and otherwise one-fourth part thereof, and in every such case the residue of the rent shall go as rents and profits.

No. 3771 s. 48.