Paragraph 5 Amendments of Schedule XV.X1

The words “cease or” shall be inserted after “notice shall” in the proviso to sub-paragraph (1)(i) of paragraph 10;

In sub-paragraph (1) of paragraph 12 the words “an amount to be ascertained as hereinafter provided” shall be substituted for “the like amount as would have been payable if this Act had not been passed and the lease or underlease or all successive leases or underleases have been renewed in due course”;

For sub-paragraph (2) of paragraph 12 the following sub-paragraph shall be substituted:—

“(2)

In default of agreement and unless the Minister, having regard to the practice and other circumstances of the case, otherwise directs, the following provisions shall have effect for the purpose of ascertaining the annual instalments of additional rent:—

(a)

the additional rent shall be ascertained on the basis of the fines and other payments which would have been payable on the occasion of the first renewal after the commencement of this Act, if this Act had not been passed;

(b)

where the lessee or underlessee has a right to renew at different times, the occasion of the first renewal shall be such date as he may, by notice in writing given to the lessor within one year after the commencement of this Act, select from among the dates at which he would have been entitled to renew his lease or underlease had it remained renewable, or, in default of such notice, the last day on which he would have been entitled to renew, regard being had to the date of the last renewal”

In sub-paragraph (3) of paragraph 12 the words “or in default” shall be substituted for “and in default”;

In sub-paragraph (5) of paragraph 12 for the words from “dividing the aggregate” to the end of the paragraph, the following words shall be substituted:—

“an actuary, regard being had to the interval or average interval occurring between the dates of renewal and to any circumstances affecting the amount payable on renewal”;

In sub-paragraph (6) of paragraph 12 the words “such per centage as the Minister may generally or in any particular instance with a view to maintaining any existing practice, prescribe” shall be substituted for the words “five per cent.”;

At the end of sub-paragraph (1)(a) of paragraph 14 the words “or any part thereof” shall be inserted;

In sub-paragraph (1) of paragraph 16, the words “or the appointment of or instructions to be given to an actuary under paragraph 12(5) of this Schedule” shall be inserted after “other agent”;

At the end of sub-paragraph (3) of paragraph 16 the following words shall be inserted:—

“For the purposes of this sub-paragraph the compensation to be given for the loss of the said right shall be regulated by the practice (if any) which obtained, before the commencement of this Act, in assessing the value of the said right, unless the Minister otherwise directs.”