THE LEASE IN PERPETUITY.

New Zealand Herald, Volume XLIII, Issue 13305, 11 October 1906, Page 7

THE LEASE IN PERPETUITY.

. v Sir,T-I do not propose .to enter into, an argument upon the subject of " Leasehold v. Freehold," but I would, with your permission, say that very little reliance can be placed upon the opinions expressed by Mr. E. E. Vaile, if he is correctly reported in your issue of to-day. Ho states the lease in perpetuity system is the most, unpopular tenure ever invented by the Crown, owing to the restrictions placed upon transfer and mortgage. He "proceeds, in support of nis statement, to say that, "if a holder of a lease in perpetuity section died, the first thing his heir had to do was to put in : a declaration-that, including the - land' inherited he was not the owner, tenant, or occupier of more than 6+o acres of iirst-elass or 2000 acres of second-class land. Besides 1 other restrictions (which Mr. Vaile does not specify) ho was compelled to reside on the land." , y •' ~ Now, if Mr. Vailo knew anything at all about the steps that have to bo taken in the case of the decease of a holder underlease in perpetuity, he would know: —(1) That transmission may .be registered in the Deeds Office without any declaration, and (2) that the heir would not be compelled to reside, as clause I+l (last par.), Land Act, 1892, ' says:—But: these conditions of-, residence shall nob apply to any person who -has acquired an interest in any lease or license under an intestacy or by virtue of a will." October 3.' Lessee.