Acquiring the freehold.
PROPOSAL BY MR. MASSEY. In regard to tho conditions on which a lessee in perpetuity may acquire the freehold, Mr. Massey has given notice of tho following new clause in place of Mr. M'Nab's Clause 19, which applies only to ordinary Crown lands:— l!)a (1.) A lessee in perpetuity of land under Part 111 or Part IV of the principal Act- shall, upon giving, notice in writing to the Commissioner of his intention to purchase, be entitled .to purchase the freehold of such land (subject to the restrictions hereinafter specified), if— (a.) The lesseo. shall at .the time when ho gives such notice, and at the time when ho completes the purchase, have complied with all the conditions of his lease as to improvements and residence: (b.) The lessee shall not at the time when he gives such notice, or at the timo when N he completes the purchase, be tho owner of other lands sufficient to disqualify hini under the provisions i of section ninety-six of the principal Act from becoming the holder of lands comprised iii his leaso: (c.) Tho lessee shall pay to the Receiver of Land Hcvenuo, as the purchase-money for the freehold, the; capital vaiue, upon which the '. rental of four per centum per annum is computed, of the land comprised in his.lease, and also a sum equal to the difference between four per centum and five per centum per annum upon such capital value for the term during whiclf he has held the land on lease. (2.) Any such lesseo may, on any day appointed for payment of his rent,; pay to tho Receiver of Land Revenue any sum, .being not less than .one-tenth' of tho capital value, in part payment of the purchase-money for the freehold of such land, and his future rent shall thenceforth bo proportionately reduced. (3.) Upon payment in full of' the pur-chase-money, subject to tho' conditions aforesaid, such lesseo shall be entitled to a certificate of title under the Land Transfer Act, 1885, for the freehold of the. land comDiiscd in his lease.'
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https://paperspast.natlib.govt.nz/newspapers/DOM19071009.2.67.5
Bibliographic details
Dominion, Volume 1, Issue 12, 9 October 1907, Page 6
Word Count
347Acquiring the freehold. Dominion, Volume 1, Issue 12, 9 October 1907, Page 6
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