CO129-604-1 Crown Leases 26-6-1946 - 5-9-1947 — Page 26

PRESS RELEASE

26

1.

The following announcement is made in pursuance of the

promise that the Government would, as soon as possible, declare its

policy in relation to those Crown leases which were granted during the

last century for terms of seventy-five years with no provision as to

renewal.

2.

While it is not intended that the Government should insist

upon its strict legal rights, which would include delivery up of the

premises without any compensation for structures or development on the

expiration of the terms of the \sase, the adequate development of the

leased area in accordance with the needs of the community would be a

condition precedent to the grant of any new Crown Lease,

3.

The terms of the various existing luases, the development

and disposition of the leased areas and the present conditim of the promise

on those areas vary so widely that it is impossible to formulate detailed

terms which would cover all cases.

4.

In addition to such special conditions as the circumstances

of any individual case might require, the following conditions would be

applicable to all approved grants for new Crown Leanes, whother or not the

property had suffered war damage1-

(a) The applicant would be required to surrender his

interest in the existing term and the new Crown Lease

would be for a term of 75 years plus the unexpired

portion of the original term. The Crown rent would

remain at its present amount until the expiry of the

original tern, whereafter -assessed Crown rent

would be payable.

(b) Payment of a renewal prenium would be required but

Leaseholders would be given the option of paying this

either in a lump sum, or by instalments over an agreed

period of years, or over the unexpired portim of the

original torm together with the whole of the additions/

tera. Where the premium is to be paid by instalments;

an addition would be made to allow for interest in reik

of the deferred payments.