CO129-620-6 Grant of land to London Missionary Society- to Anglo-Iranian Oil Company. Includes a plan 16-11-1948 - 7-1-1949 — Page 8

2.

existing therein) on the same terms and conditions as are applied to the grant at present under consideration. A charge of $500 per acre per annum will be made for this option, to be offset against the premium if the areas are taken up within the five year period.

6.

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As this case involves the grant of a lease of the foreshore and sea bed which area will come under reclamation the provisions of the Foreshores and Sea Bed Ordinance No.15 of 1901 are applicable. Under section 3(1) of the Ordinance your specific authorisation is required for the grant of a lease for a term exceeding seventy five years. The proposed lease, in effect, will only be for 49 years, but it will be expressed in the conventional form used in the New Territories as being for 99 years from 1st July, 1898, less the last three days thereof. I would be grateful, therefore, for your authority to grant the lease for this period.

7.

The terms of the proposed lease have been published by proclamation posted at the site in accordance with the require- ments of the same sub-section, and the requisite declaration of the expediency of the lease has been approved by Executive Council. As the land with which we are now concerned is in the New Territories, notification in the Gazettee is unnecessary by virtue of sub-section (8) of section 3, and I am advised that the Executive Council's preliminary declaration of expediency may be made at any time after the posting of the proclamation.

8.

I would appreciate an early indication of your approval of these proposals if possible by telegraph, to enable the Anglo-Iranian Oil Company to proceed with their plans.

I have the honour to be,

Sir,

Your most obedient, humble servant,

2 Enclosures.

GOVERNOR.

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1.

TERMS AND CONDITIONS

Sale by private treaty.

age 9

9.

ENCLOSURE I

2.

Normal crown rent amounting to 21,038 per annum.

3.

Premium of 80 cents per square foot or approximately $1,466,320.

4.

A building covenant whereby the purchaser will be required

to expend not less than 4,000,000 in rateable improvements

within 48 months of obtaining possession of the land.

5.

Restriction on user to the purposes for which the grant is made.

6.

Prohibition of assignment without the consent of the Governor.

7.

Right of the Crown to re-enter for any breach of the agreement.

age 9