New Territories Crown rent, which would continue to be payable throughout the new term. In the same announcement, the Government also made known its decision that holders of Old Schedule Lots and certain other lots held under 75-year renewable leases in the New Territories, including Survey District Lots in New Kowloon which are registered in the District Land Office, Sai Kung, would be allowed to renew their leases in 1973 for the balance of the New Territories lease (less the last 3 days) without paying a re-assessed Crown rent, and that legislation would be introduced in due course to put this decision into effect. The legislation, in the form of the New Territories (Renewable Crown Leases) Ordinance, was duly enacted on 9th May 1969. A further concession was announced by the Government on 3rd June 1969. Under this a lessee who wishes to re-develop his lot will be allowed to surrender his lease at any time within 20 years of the expiry of the original term in exchange for a new lease on payment of a re-assessed Crown rent, but without payment of any premium. In assessing the new Crown rent, allowance will be made for the value of the land for the unexpired portion of the original term.
42. On 22nd March 1972 Government announced a new procedure to help owners of units in multi-storey buildings when their Crown leases come to an end. In the past many such owners have not been able to obtain a new lease principally because they have not been able to agree amongst themselves to apply for or take up a new Crown lease. Under the new procedure, when a Crown lease comes to an end without agreement among the owners regarding regrant or renewal, a new Crown lease will be granted to The Colonial Treasurer Incorporated, which will thereafter offer to every former owner an assignment of his former share in the lot, together with the right to the exclusive use of the unit formerly owned by him. The offer will state what proportion of the Crown rent and, where appropriate, what proportion of the premium the former owner will be required to pay. If a former owner accepts the offer, an assignment of his former share in the lot will be made to him by The Colonial Treasurer Incorporated. Stamp duty on the assignment will be waived, but an administrative fee will be payable on every such assignment. As soon as the assignments have been completed and registered, the Land Officer will arrange for the Crown rent and, where appropriate, the premium to be apportioned under the Crown Rent and Premium
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