Mining land bill referred
PA Wellington A bill introduced to Parliament this week sets out formulae for purchase prices of mining land acquired by licencees from the Crown.
The bill was brought into the House by the Minister of Justice, Mr McLay and referred to the Lands and Agriculture Select Committee.
. If the right of acquisition is exercised within five years after the Crown acquires the fee simple (freehold), the purchase price is to be the full amount spent by the Crown in acquiring the fee simple, and also the value of any land exchanged by the Crown for the land being bought. If the right of acquisition is exercised on or after the expiry of five years, the purchase price is to be the then market value of the land.
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Press, 6 May 1983, Page 7
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131Mining land bill referred Press, 6 May 1983, Page 7
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