| 67/ 182. | Every lease shall be renewable from time to time, upon the expiration of the term, for terms of twenty-one years. On the expiry of any lease a new lease shall be offered; to the existing lessee at least twelve months before the expiration of the lease, at a rent to be ascertained as hereinafter specified.
| (a.) | A valuation shall be made by an appraiser to be appointed by the Public Trustee of the then value of the fee-simple of the lands then included in the lease, and also a valuation of all substantial improvements of a permanent character made and then in existence on the said land.page 32.gif) |
| (b.) | After making and publishing the valuations as aforesaid, which shall be effected by serving a copy of the same on the lessee and on the Public Trustee, but not later than twelve months before the expiry of the term for which the lessee then holds the lands the lessee shall elect by notice in writing delivered to the Public Trustee, whether he will accept a fresh lease of the said lands for a further term of twenty-one years from the expiration of the then term, at a rental equal to not less than two and a half per centum of the value of the fee-simple as fixed, less the value of improvements, by the said valuation; such fresh lease to be subject to conditions similar to the previous lease, excepting as to the amount of rent payable thereunder. |
In the event of an existing lessee not agreeing to the valuations made as aforesaid, then the rent to be paid shall be determined by arbitration, in manner provided by section seventy-eight.
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| 68/ 183. | If the lessee-shall not elect to accept a renewal as above mentioned, or shall refuse or neglect to execute a lease within thirty days after the same is tendered to him for the purpose, then a lease of the said lands shall, not later than one month before the end of the term for which the existing lease was granted, be offered to tender for a further term of twenty-one years on the following terms and conditions:—
| (a.) | The rent upset shall be such as shall be fixed by the Public Trustee, not being a greater sum than that at which the lease was offered to the existing lessee. |
| (b.) | The amount of such rent shall be stated in the advertisement, and it shall be a condition of tendering that the tenderer shall, together with his application, deposit the amount of one half-year's rent, which shall be returned to him if he fails to obtain the run. |
| (c.) | If any person other than the existing lessee be declared the purchaser, he shall within thirty days, and before being admitted into possession, pay over to the Public Trustee the amount of the value of the substantial improvements of a permanent character, as fixed by the valuation; and on failing to make such payment all his right to the lease shall be deemed to be forfeited, as well as any deposit he may have made in respect thereof. |
| (d.) | On the day of the expiry of the existing lease, or thereafter, if the Public Trustee has satisfied himself that the outgoing lessee has let the new lessee into quiet possession of the land to be leased, and that none of the improvements on the land which were thereon when the valuation mentioned was made have been destroyed or appreciably damaged, the Public Trustee shall pay over to the outgoing lessee the amount received by him from the incoming lessee as aforesaid. |
| (e.) | If any of the improvements have been destroyed or appreciably damaged, then the value of the improvements so destroyed, or the cost of repairing such damage, shall be decided by the Public Trustee or some person appointed by him; and the amount so fixed, with the costs attending such decision, shall be deducted from the amount payable as aforesaid to the outgoing lessee, and save the amount so deducted for costs, shall be returned to the incoming lessee. |
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| 69/ 184. | The Public Trustee in disposing of any new lease shall make provision that the right to take possession under such new lease shall commence on the first day of March in any year, and that no such disposal shall be made without the existing lessee having been given not less than one month's notice thereof, and that the tenant shall, during such period of notice, have a right to elect to accept a new lease as aforesaid. |
| 70/ 185. | If such lease shall not be disposed of as above mentioned to some person other than the lessee, or if such person fail to execute the lease within thirty days, or to pay the half-year's rent and the value of the improvements as aforesaid, then the lessee may again, within thirty days, elect in manner aforesaid to accept a fresh lease as aforesaid; and if he do not elect to accept the same, or refuse or neglect to execute such lease for thirty days as aforesaid, then he shall continue as tenant of the said lands, from year to year, and shall pay the rent reserved by his expired lease, and observe and perform the covenants and conditions contained in the same, or until the Public Trustee shall succeed in finding an applicant for the new lease, unless, prior to the finding of such applicant by the Public Trustee, he shall elect to accept a new lease for the said further period of twenty-one years as aforesaid.page 33.gif) |
| 71/ 186. | No outgoing lessee or tenant shall have any right or claim against the Public Trustee in respect of the value of any improvements made by him on the lands in case any incoming lessee or tenant shall fail to pay such value to the Public Trustee; but such outgoing tenant may sue for the value of such improvements, and take all proceedings for the recovery thereof, in the name of the Public Trustee, on giving him an indemnity to the satisfaction of a Judge of the Supreme Court against costs. |
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