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Wednesday, May 24, 1972
In those cases, the lessee would have the option of having his
full renewal rent assessed at the date of renewal and of paying that rent
at the time of redevelopment instead of paying a modification premium, he
added.
The Colonial Secretary informed the Council that certain other
changes in policy which were of lesser importance than those he had just
mentioned had also been formulated.
Full details of those and an explanatory statement of the new
policy would be issued as soon as possible, he added.
He concluded by saying that the modifications to the policy in
respect of renewable leases would involve a very substantial reduction
in revenue in the ensuing years and he could only repeat what he had said
I
in the previous debate that any reduction in revenue from that source might
have to be made good from another.
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