Sydney Harbour Trust (Leasing) Act 1903 (NSW)

Act Xo. IG, 1903.

to give tlie Sydney Harhonr Trust Coinmissiouers extended powers of leasing. \JSfli December. 1903.]

T >1'] it enacted hy the King'’s Most Excellent ^lajc'sty, by and with

the advice and cons(>nt of the Legislative Council and Legislative Assembly of Xew Soiitli Wales in Parliament assembled, and by tlie authority of the same, as follows :—

)

Sliort title. 1. This Act may he cited as the “ Sydney ITarhour 'I'rust

(Leasing) Act, 1903,'’ and shall be construed as one witli the Sydney

Harbour Trust Act, 1!)00.

Extension of power

2. The Commissioners may grant leases under section forty-one of the Sydney Harbour Trust Act, 1900, of any land vested in or purchased or acquired by them by or undcu’ the said Act for a term exceeding twenty-one hut not exceeding forty-two years :

grant leases.

Provided that at the expiration of each period of fourteen years

from, the commencement of any such lease the annual rent tlum

of Commissioners to

payable

Act No. 17, 1903. 73

Friendly Societies [Amending).

payable under the lease and under this proviso shall thereafter he increased hy five per centum of tlie amount of the increase (if any) in the unimproved value of the land since the commencement of such period.

The expression “ unimproved value ” has in this section the meaning defined in the Land and Income Tax Assessment Act of 1895, and such value shall he assessed and determined hy the Commissioners of Taxation appointed under the said Act.

3 .               'I'hc general ])on'crs conferred hy sect ion five of the Sydney Powers of leasing

llarhour Trust Act, 1900, on the Commissioners to lease lands shall p"f"ipri*Aet not

not he deemed to have heen, and shall not he restricted hy the restricted by

provisions of section forty-one of that Act conferring specific powers

of leasing on the Commissioners, except in the cases or for the purposes

s})ccitically mentioned in that section.