BASIC RENT

Dominion, Volume 36, Issue 307, 22 September 1943, Page 5

BASIC RENT

Questions Reserved By Full Court The Full Court—the Chief Justice (Sir Michael Myers), Mr. Justice Blair. Mr. Justice iSinith, 'Mr. Justice Fair, and Mr. Justice Northcroft—has reserved decision on the question whether the Court, on. an application under the Economic Stabilization Emergency Regulations, ID4-, by. a landlord or tenant for an order determining the fair rent of any property subject to the regulations, has power to fix a lair rent in excess of the basic rent as fixed by the regulations. The Court also reserved the question as to, if the Court has that power, what principle or principles would be followed in fixing a fair rent. Plaintiff was the Otago Harbour Board, for whom Mr. A. C. Stephens, Dunedin appeared, and defendant, Mackintosh La ley Phoenix. Ltd., biscuit manufacturers. Dunedin, for whom Mr. G. G. with him Mr. F. M. Hanson (Dunedin) ap P M r ® d Stephens said that a been leased by the board to defendant for a term of 14 years from April a ground rent of £612 a y? ar - J was fixed by valuers . a PP o f l " te^ l ,,hmi S s?on parties, with a provision for s & di “ to an arbitrator in the event of a dis agreement Un<lc.r the National Exptnui ttfro Wnstment Act. 1932, the rent was redu cod fov 20 per vent, to £-180/1-7-. that was the rent payable at S e P tcn }J, e i y..?l iq-|-> when the stabilization regulations mule it the basic rent. At the expiratmii of the lease, following a practice, the reu , l l ) ’nl t y'°"idde t r ha nd’ he bid out prejudice to bls right <» , (; oU rt, basic rent. Lnhjss ' regut.ho rent remained at \. xre nt latlons covered every property except dwelling houses.