TNAG-0809-FCO40-1014-Legislation-for-Crown-lands-in-Hong-Kong-1978 — Page 12

CONFIDENTIAL ##

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For discussion

on 2nd September 1975

ANNEX B TO XCCI(78)15

XCC(75)53A (Supplementary) Copy No ... of 70

MEMORANDUM FOR EXECUTIVE COUNCIL

REGRANT OF EXPIRED 75-YEAR NON-RENEWABLE

CROWN LEASES

With reference to memorandum XCC(75)53 to be con- sidered in Council on 2nd September 1975, it has been pointed out that the references to the instalment period in paragraphs 1, 8(a) and 16 appear to be inconsistent. This note is intended to clear any confusion which may have been caused by this apparent inconsistency.

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Premia for the regrant of 75-year non-renewable leases may be paid by 21 annual instalments calculated at 10% interest per annum, the first instalment being payable on the date of regrant and the subsequent instalments on the anniversaries of the regrant. The calculation of interest takes account of the fact that payments are made in advance and are completed within 20 years.

28th August 1975

(BL 2/36/894/45 III (TC 262/74))

COUNCIL CHAMBER

C.S. 166

CONFIDENTIAL

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