New Zealand Acts

STATUTES AMENDMENT ACT 1949 - SECT 31

31 Amending provisions as to acquisition of fee-simple and as to exchange of certain leases or licences for new renewable leases

1

2 Section one hundred and twenty-five of the Land Act 1948 , is hereby amended by adding the following subsection:—

4 The holder of a lease in perpetuity or of a licence for occupation with right of purchase who during the currency of his lease or licence surrenders his lease or licence in exchange for a renewable lease of the same land or who, in the case of a licence for occupation with right of purchase, on the expiry of that licence exercises his right to have a renewable lease of the same land issued to him shall, notwithstanding anything contained in his lease or licence or in any former Land Act, receive a renewable lease under the provisions of this Act. The rental value of the land, the value of improvements, and the yearly rent for the purposes of any such renewable lease shall be calculated in accordance with the provisions of Part VIII of this Act , and, in the case of an exchange, shall be so calculated as if the surrendered lease or licence were a renewable lease which had expired on the date of the surrender and as if the lessee or licensee were entitled to a renewal thereof on that date.

History: Subsection (1) was repealed, as from 1 December 1950, by section 13(2) Land Amendment Act 1950 (1950 No 96).