TNAG-1804-FCO40-2564-Hong-Kong-health-services-various-ordinances-1988 — Page 333

NEW TERRITORIES LEASES (EXTENSION)

Ord. No. 7/88

A25

(3) Where the provisions of a lease whose term has been extended by

section 6-

(a) empower the lessor, subject to the payment of compensation to the lessee, to resume the land that is the subject of the lease; and

(b) prescribe a method of calculating the compensation that includes

references to-

(i) a fraction, whose numerator is the figure one, of any sum; and

(ii) the portion of the term that is unexpired at the date of resumption, the method of calculation shall be applied as if the denominator in the fraction were greater by 50 than that specified in the lease and as if the lease had originally been expressed to be granted for a term that included the period for which the lease is extended by section 6.

8.

PART III

RENT DURING EXTENSION

(1) During the period of the extension of a lease under section 6, New rent the annual rent shall be an amount equal to 3 per cent of the rateable value generally. from time to time of the land leased.

(2) For the purposes of this section, the rateable value at any time of the land leased-

(a) shall be the rateable value of the tenement or, if there is more than one tenement, the aggregate rateable value of all the tenements, wholly or partly comprised in that land, contained—

(i) in a list in force at that time that was declared; and

(ii) in any interim valuation in force at that time that was

made,

by the Commissioner of Rating and Valuation under the Rating (Cap. 116.) Ordinance; and

(b) may for this purpose include any rateable value specified in a valuation in force at that time that was made under regulations made under this Ordinance.

(3) The rateable value ascertained under subsection (2) may be an aggregate of any of the rateable values mentioned in that subsection and shall be subject to any apportionment of rateable values made by the Commissioner under regulations made under this Ordinance.

(4) This section does not apply to leases to which section 9 applies.

(5) In this section, "land leased" includes an undivided share in the land leased.

(6) Subject to this Ordinance, the Rating Ordinance shall apply to the (Cap. 116.) assessment of rateable values under this Ordinance.

New rent of

9. (1) During the period of the extension under section 6 of a lease to which this section applies, the annual rent shall be the annual rent payable rural holdings. immediately before the period of extension.