SALE OF SECTIONS

Auckland Star, Volume LXXVI, Issue 99, 28 April 1945, Page 7

SALE OF SECTIONS

LEGAL DIFFICULTY ARISES

Since under the Land Sales Act, a Land Sales Committee, unless it sees fit to grant consent to sale without fixing a basic value, cannot approve a transaction where the sale price exceeds the basic value, and since, under the Rating Act, 1925, the Registrar of the Supreme Court may not sell property, in order to cover the cost of outstanding rates, at a figure below the amount of the unpaid rates, the sale of four sections in Auckland has so far been prevented The valuation -of the properties with the sale price in parentheses are as follows*. Section at Quebec Road, Takapuna, £70 (£95); section at May Road, Mount Roskill, £225 (£240): section at Martyn Avenue, Mount Roskill, £270 (£305); section at Derby Avenue, Mount Roskill, £150 (£165). „ _ T , The cases came before the Urban Land Sales Committee, which after hearing the evidence, announced that, unless otherwise directed by the Court, it must find a basic value below the consideration in each instance, but it was prepared to reserve its decision to enable the vendor to arrange a case stated under the Commissions of Inquiry Act.