MAY 23.] THE NEW ZEALAND GAZETTE. 1619

(1.) The upset rent shall be such rent as shall be fixed by the Public Trustee, not being a greater sum than that at which the lease was offered to the outgoing lessee under the last preceding section.

(2.) The amount of such upset rent shall be stated in the advertisement calling for tenders.

(3.) If any person other than the outgoing lessee be declared the purchaser, he shall, within seven days after the day fixed for opening the tenders, pay over to the Public Trustee the amount of the value of the improvements.

(4.) When the day has arrived on which the terminating lease expires, or thereafter, if the Public Trustee shall have satisfied himself that the outgoing lessee has let the new lessee into quiet possession of the lands to be leased, and that none of the improvements on the lands which were thereon when the valuation mentioned in this section was made have been destroyed or appreciably damaged, the Public Trustee shall pay over to the outgoing lessee the amount received by him from the incoming lessee as aforesaid.

(5.) If any of the improvements as mentioned in the preceding subsection have been destroyed or appreciably damaged, as in the said subsection referred to, then the value of the improvements so destroyed, or the cost of repairing such damage, shall be decided by the Public Trustee, or some person appointed by him; and the amount so fixed, with the costs attending such decision, shall be deducted from the amount payable as aforesaid to the outgoing lessee, and, save the amount deducted for costs, shall be returned to the incoming lessee.

6. If such lease shall not be sold as above mentioned to some person other than the lessee, or if the purchaser fails to execute the lease in triplicate within fourteen days, or to pay the sum offered by him as aforesaid within fourteen days, from the day on which the tenders were opened, then the lessee may again, within fourteen days thereafter, elect in manner aforesaid whether he will accept a fresh lease as aforesaid; and if he does not elect to accept the same, or refuses or neglects to execute such lease for fourteen days as aforesaid, then he may continue as lessee of the said land from year to year, so long as he shall pay the rent reserved by his lease and observe and perform the covenants and conditions contained in the same or in this Act, or until the Public Trustee shall succeed in finding a purchaser of the new lease.

ASCERTAINMENT OF IMPROVEMENTS MADE BEFORE PASSING OF ACT.

7. Every lessee who has before the 30th day of October, 1905, made improvements on the lands leased to him shall, on or before the 1st day of June, 1907, furnish the Public Trustee with a full and complete list showing the value of each improvement separately. Such list shall be verified by the certificate of the Government valuer for the district in which such lands are situated, or some other person to be approved by the Public Trustee. The costs of the preparation of such list and certificate shall be borne by the lessee.

If such list be not supplied to the Public Trustee on the date aforesaid, or such further date as the Public Trustee may fix for that purpose, the lessee shall not have any claim for or right to improvements made after the passing of the said Act.

NO CLAIM AGAINST PUBLIC TRUSTEE FOR IMPROVEMENTS.

8. Nothing in these regulations shall be deemed to imply that the Public Trustee shall be compelled to pay for any improvements erected, built, or made upon any leasehold, or to take over any such improvements at a valuation at the expiration or sooner determination of any of the subsisting leases or any future lease to be granted by him.

SURRENDER OF LEASES.

9. The Public Trustee may, with the consent of the Minister of Education, accept a surrender of any lease now or hereafter existing on such terms and conditions as may appear to him to be necessary in each case.

PROCEDURE OF WEST COAST SETTLEMENT RESERVES ACT TO BE FOLLOWED.

10. In all matters relating to the granting and renewal of leases, consenting to transfers thereof, and the general administration of the lands vested in him by “The Taranaki Scholarships Act, 1905,” the Public Trustee shall, as far as may be consistent with the said Act, follow the procedure provided by “The West Coast Settlement Reserves Act, 1892,” and its amendments,

TERM OF LEASES.

11. All leases hereafter granted shall be for a term of twenty-one years, and shall be in the form set out in the Schedule hereto; but the Public Trustee may vary such form to suit the circumstances of any particular case which may arise.

SCHEDULE.

FORM OF LEASE.

Lease under “The Taranaki Scholarships Act, 1905.”

WHEREAS the Public Trustee (who, unless the context requires a different construction, is with his successors and assigns hereinafter referred to as “the lessor”) is the statutory owner in fee-simple of all that piece of land situated in the , containing acres roods perches, be the same a little more or less, and being : And whereas , of , has, under “The Taranaki Scholarships Act, 1905,” become entitled to a lease of the said land, at the rent and under the covenants, conditions, and provisions hereinafter contained, expressed, or implied: Now, the lessor hereby leases to the said all the said land, excepting and always reserving out of this demise unto the lessor all mines, metals, minerals, coal, lignite, slate, or freestone in or upon or under the land hereby demised, with power to work, win, use, possess, sell, and dispose of the same or any part thereof respectively, except such as may be required by the lessee for the lessee’s own use, but not for sale or disposal; with power also to the lessor to make roads through the demised lands; and for such purposes, or any of them, to erect or build houses and other convenient buildings thereon, on paying compensation for damage done to the surface only, the amount of such compensation in case of disagreement to be ascertained and determined by arbitration, as provided by “The Arbitration Act, 1890”; to be held by him, the said , as tenant for the term of twenty-one years, computed from the day of , one thousand nine hundred and , at the yearly rental of £ , payable half-yearly in advance on the days of and in each year during the said term, the first of such payments having been made on the day of , one thousand nine hundred and ; subject to the provisions of “The Taranaki Scholarships Act, 1905,” and to the following covenants, conditions, and restrictions:—

That the lessee covenants with the lessor,—

(1.) That the lessee shall and will during the said term pay the rent aforesaid in manner aforesaid, free and clear from all deductions or abatements whatsoever, and shall and will pay all rates, taxes, charges, or assessments now made or hereafter during the said term assessed, charged, or imposed upon the demised premises, or upon the landlord or tenant in respect thereof, or upon any buildings or improvements thereon; and that in case any of the said rent shall at any time be and continue in arrear and unpaid for fourteen days next after any of the days hereinbefore appointed for payment thereof, the lessee will pay to the lessor interest upon such arrears at the rate of eight pounds per centum per annum, calculated from the time hereinbefore appointed for the actual payment of such rent to the time of actual payment thereof; and such interest shall for all purposes, whether of distress or otherwise, be deemed to be rent payable under this demise, and be payable and recoverable by distress or otherwise in the same manner as the rent reserved under this demise may or can be.

(2.) The lessee “will insure” in the name of the lessor.

(3.) The lessee “will fence.”

(4.) The lessee will, in every fourth year during the currency of this lease, paint all the outside woodwork and ironwork belonging to the hereditaments and premises hereby demised, or for the time being standing and being on the land hereby demised, with two coats of proper oil-colours, in a workmanlike manner.

(5.) That the lessee “will cultivate,” and will preserve and keep the demised premises in a clean and husbandlike manner, free from all noxious weeds growing or to grow on the said demised premises, and will not plant on the demised premises, or permit to spread thereon, gorse or furze, and will keep properly cut and trimmed all live hedges and fences on the demised premises.

(6.) That the lessee “will not without leave assign or sublet.”

(7.) That the lessee will, within twelve months of the commencement of the term hereby granted, “completely fence” the boundaries of the land hereby leased, and enclose with a sufficient (fence