HARBOUR BOARD LEASES
Legal advice is to be sought by the Auckland Harbour Board to assist it in an examination of its land leasing system, with particular reference to 21-year leases in perpetuity. ihc chairman of the finance committee, Mr. .1. H. Frater, informed the board yesterday that the established custom had been, to assess the rate of interest on the capital value of the iancis at o per cent to arrive at the annual rental value. The Public Bodies Leases Act, under the terms of which rental was fixed by arbitraimade no reference to rates of lntei est, and it had come to the f e i tho comrr >>ttee that Coifrt hart of the Supreme cotut had fixed rentals under the Act at considerably lower rates than aVnlLrtT" W . hile the decisions had applied to particular cases onlv thp "ee had evidence of valua thit S ibeing made on the assumption that lower interest rates were to be applied generally, it was necessarv defined 8 leg3i position definitely
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Auckland Star, Volume LXXIII, Issue 255, 28 October 1942, Page 4
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170HARBOUR BOARD LEASES Auckland Star, Volume LXXIII, Issue 255, 28 October 1942, Page 4
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