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adoption of certain general conditions by which the transfer
of any land in this Colony to or from the Air Ministry
should be regulated.
7.
It is proposed that when, by mutual agree-
ment between the Colonial Government and the Air Ministry,
any land is to be transferred from the former to the latter
payment in respect of such land should be as follows:-
The Colonial Government shall receive in the
Air Ministry Lands Account a credit in respect of capitaliz- ed Crown Rent (twentyfive years purchase) together with a
credit of the market value (upset price) of the land at the
time of the transfer minus any sums which have been expended
by the Colonial Government in forming or resuming the land,
which sums should be refunded to the Colonial Government in
cash. Should the area or any portion thereof cease to be
required by the Air Ministry and be returned to the Colonial
Government the Air Ministry would receive back in cash the
appropriate portion of its cash outlay and in credit the
appropriate portion of the book debit in respect of the
original market value of the land. If such re-transfer
should take place within twentyfive years from the date of
transfer the Air Ministry would also be entitled to be
credited in the new account with a proportionate part of
the sum debited in respect of capitalized Crown Rent.
8.
On these lines the terms of transfer of
the Officers' Mess Site would be as follows:-
Revised Area - 132,047 square feet.
acre
Capitalized Crown Rent at $500 per
$37,892.00
19,807.05
726.00
Current value at 15 cents per square foot
Cost of Resumptions for road
The credit in respect of current value after deducting
cash payment of $726 would be $19,081.05. The total credit