THE FREEHOLD.

Rangitikei Advocate and Manawatu Argus, Volume XXII, Issue 8945, 10 October 1907, Page 2

THE FREEHOLD.

Mr Massey, iu committee ou the Land Bill, will move to omit clause 19 (providing that auowucr of lease-in-perpetuity may purchase the fee simple) and substitute the followlug: (1) A lessee iu perpetuity of landunder part 111. or part IV. of the' principal Act shall, upon giving notice iu writing to tho Commission* er of his intention to purchase, be entitled to purchase the freehold of sucli laud (subject to the restrictions hereinafter specified), if—(a) The lessee shall at tho time when he gives such notice, and at tho time when ho completes the purchase, have complied with all the conditions of his loaso as to improvements and residence. (b) The lessee shall not at the time when he gives such notice, of at the time when ho completes the purchase, bo the owner of other lauds sufficient to disqualify him under the provision of section ninety* six of the principal Act from becoming the holder of lauds comprised id his loaso. (c) The lessee shall pay to tho Rccoiver of Laud Revenue, as the pur-chase-money for tho freehold, tho capital value, 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 nor centum per annum upon such capital value for tho term during which he has held tho land on lease.

(2) Any such lessee may, ou 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, iu part payment of the purchasemoney for "the freehold of such land, and his future rent shall thenceforth be proportionately reduced. (3) Upon payment iu full of the purchase-mouev, subject to the conditions aforesaid, such lessee shall be entitled to a certificate of title under the Laud Transfer Act, 1883, for tho freehold of the laud comprised in his lease.