An Act to assimilate and amend the law of Real and Personal Estate, to abolish copyhold and other special tenures, to amend the law relating to commonable lands and of intestacy, and to amend the Wills Act 1837, the Settled Land Acts 1882 to 1890, the Conveyancing Acts 1881 to 1911, the Trustee Act 1893, and the Land Transfer Acts 1875 and 1897

[29 June 1922]

PART VI1

PROVISIONS RESPECTING LEASEHOLDS

Conversation of Perpetually Renewable Leaseholds into Long Terms

Conversion of perpetually renewable leaseholds

145.-- For the purpose of converting perpetually renewable leases and under leases (not being an interest in perpetually renewable copy hold land enfranchised by Part V of this Act, but including a perpetually renewable under lease derived out of an interest in perpetually renewable copy hold land) into long terms for preventing the creation of perpetually renewable leasehold interests and for providing for the interests of the persons affected the provisions contained in the Fifteenth Schedule to this Act shall have effect

SCHEDULES

SCHEDULE 15

Section 145

PROVISIONS RELATING TO PERPETUALLY RENEWABLE LEASES AND UNDERLEASES

PARA 1 CONVERSION OF PERPETUALLY RENEWABLE LEASES INTO LONG TERMS

(1) Land comprised in a perpetually renewable lease which was subsisting at the commencement of this Act shall by virtue of this Act, vest in the person who at such commencement was entitled such lease, for a term of two thousand years to be calculated from the date at which the existing term or interest commenced, at the rent and subject to the lessees covenants and conditions (if any) which under the lease would have been payable or enforceable during the subsistence of such term or interest

(2) The rent covenants and conditions (if any) shall (subject to the express provisions of this Act to the contrary) be payable and enforceable during the substance of the term created by this Act: and that term shall take effect in substitution for the term or interest created by the lease, and be subject to the like power of re-entry (if any) and other provisions which affected the term or interest created by the interest but without any right of renewal

PARA 2 CONVERSION OF PERPETUALLY RENEWABLE UNDERLEASES INTO LONG TERMS

(1) Land comprised in any underlease which at the commencement of this Act, vest in the person who at such commencement was entitled to the subterm or interest for a term of two thousand years less one day to be calculated from the date at which the head term created by this Act commenced, at the rent and subject to the underlessee's covenants and conditions (if any) which under the underlease would have been payable or enforceable during the subsistence of such subterm or interest

(2) The rent, covenants and conditions (if any) shall (subject to the express provisions of this Act to the contrary) be payable and enforceable during the subsistence of the subterm created by this Act and that subterm shall take effect in substitution for the subterm or interest created by the under lease and be subject to the like power of re-entry (if any) and other provisions which affected the subterm or interest created by the underlease but without any right of renewal

(3) The foregoing provisions of this section on shall also apply to any perpetually renewable subterm or interest which at the commencement of this Act was derived out of any other subterm or interest, but so that in every case the subterm created by this Act shall he one day less in duration that the derivative term created by this Act, out of which it takes effect [6]

PARAGRAPH 3 INCIDENCE OF EQUITIES, INCUMBRANCES, AND SUBTERMS

(1) Every term or subterm created by this Part of this Act shall be subject to all the same trusts powers executory limitations over rights and equities (if any) and to all the same incumbrances and obligations of every kind as the term subterm or other interest which it replaces would have been subject if this Part of this Act had not been passed but without prejudice to the provisions of Part I of this Act and where an infant is entitled, the person, of full age, who by virtue of that part of this Act becomes entitled to the legal estate of the infant shall be deemed to have been entitled to the said lease subterm or interest at the commencement of this Act

(2) Where any subterm or interest subsisting at the commencement of this Act, was derived out of a lease or underlease affected by this Act but was not perpetually renewable the same shall be deemed to take effect out of the term created by this Act or out of any derivative subterm so created as the case may require.

PARA 4 TITLE ACQUIRED AND STAMPS

(1) This Part of this Act shall not operate to confer any better title to any term or subterm hereby created than the title to the perpetually renewable term sub term or interest which it replaces.

(2) This Act shall not render any lease or instrument which has been duly stamped according to the law in force at its date liable to be further stamped nor shall any stamp duty be payable by reason only of the creation by this Act of any term or subterm

PARA 5 DISPOSITIONS PURPORTING TO CREATED PERPETUALLY RENEWABLE LEASEHOLDS

9.-- A grant after the commencement of this Act of a term subterm or other leasehold interest with a covenant or obligation for perpetual renewal which would have been valid if this Part of this Act had not been passed shall (subject to the express provisions of this Act) take effect as a demise for a term of two thousand years or in the case of a subdemise for a term less in duration by one day than the term out of which it is derived to commence from the date fixed for the commencement of the term subterm or other interest and in every case free from any obligation for renewal or for payment of any fines fees costs or other money in respect of renewal

PARA 6 SATISFACTION OF EXISTING CONTRACTS TO GRANT PERPETUALLY RENEWABLE INTERESTS

(1) Any obligation in force at the commencement of this Act for the grant (otherwise than by way of renewal) of a lease subterm or other leasehold interest with a covenant or obligation for perpetual renew at shall be deemed to be an obligation for the grant of a lease for a term of two thousand years or in the case of an underlease for a term less in duration by one day than the term out of which it is to be derived but the amount of the rent to be paid shall if necessary be adjusted having regard to the loss of fines and other payments (if any) which would have been payable on renewal

(2) In case any dispute arises respecting the adjustment of the rent, the matter shall be submitted to the Minister for determination, in the manner provided by this Act. [10]

PARA 7 FUTURE CONTRACTS FOR RENEWAL AND AS TO LEASES FOR LIVES

(1) Any contract entered into after the commencement of this Act for the grant of a lease subterm or other leasehold interest with a covenant or obligation for perpetual renewal shall (subject to the express provisions of this Part of this Act) operate as an agreement for a demise for a term of two thousand years or in the case of a contract for a subdemise, for a term less in duration by one day than the term out of which derived to commence from the date agreed for the commencement of the term subterm or other interest and in every case free from the obligation for renewal for payment of any fines, fees, costs or other money in respect of renewal

(2) Any contract entered into after such commencement for the renewal of a lease or under lease for a term exceeding sixty years from the termination of the lease or underlease and whether or not contained in the lease or under lease shall (subject to the express provisions of this Part of this Act) be void

(3) ...

PARA 8 EFFECT OF POWERS TO GRANT RENEWABLE LEASES

(1) Every power conferred by custom or contained in a statute (except as hereinafter mentioned) or other instrument authorising a tenant for life of full age statutory owner, trustee, or other person to grant a lease or underlease with a covenant or obligation or perpetual renewal shall have effect in regard to any grant made after the commencement of this Act, as if the same authorised the grant of a lease or underlease for a term not exceeding two thousand years at the best rent that can be reasonably obtained, having regard to any fine which may be taken and to all the circumstances of the case, or , if the power authorises a grant at a peppercorn rent or other rent less than the best rent, than at any rent so authorised.

(2) Every power to grant a lease or underlease at a rent or in consideration of a fine for life or lives, or for any term of years determinable with life or lives or on the commencement of the Act, as if the same authorised the grant of lease or underlease for a term not exceeding ninety years determinable after the death or marriage (as the case may be) of the original lessee or of the survivor of the original lessees by at least one month's notice in writing given to determine the same on one of the usual quarter days, either by the lessor or the or the persons deriving title under him to the person entitled to the leasehold interest, or by the lessee or other persons in whom the leasehold interest is vested to the lessor or the persons deriving title under him