EDUCATION LEASES.

Press, Volume LXIII, Issue 19164, 22 November 1927, Page 9

EDUCATION LEASES.

AN AMENDING BILL. ITHE PRESS Special Service.] WELLINGTON, November 21. An amending Bill dealing with education reserves was introduced in the House of Representatives to-night. One of its principal provisions is framed with the object of affording to lessees of rural education reserves full protection for any improvements they may effect. Provision is also made whereby surrenders of existing leases not providing for full compensation m this respect, may be granted, and fresh leases granted in lieu thereof for terms of 21 years, perpetually renewable at such rents as may be equitable, with full protection at the termination of the fresh leases for any improvement effected by the lessees.

. Provision is also made whereby the proceeds from education reserves" sold under special circumstances or exchanged ior other lands may be invested upon first mortgage in freehold lands, or in Government or municipal securities, for the benefit of the endowment when such a course is deemed expedient. As the law now stands. such moneys can be invested only in the purchase of other lands for educational purposes, and suitable investments by way of such purchases as nre not always immediately practicable or expedient. The Bill also contains a clause regarding the powers of trustees of high schools with resneot to the method of granting leases of lands vested in them. These powers are Considerably extended. Provision i-- also made whereby leases offered may be balloted for among suitable applicants, rower is given to accept surrenders of existing leases of pastoral land, and to grant in lieu thereof fresh leases for a term not exceeding 35 years.