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LAND ACT, 1923
STANDARD PURCHASE ANNUITY.
Holdings subject to Judicial Rents.
The standard purchase annuity shall in the case of each holding be an annuity of an amount equivalent to a percentage of the judicial rent payable in respect of the holding, namely,
(a) in the case of rents fixed before the 16th August, 1911 65 per cent.
(b) in the case of rents fixed after the 15th August, 1911 70 per cent.
Provided that in the case of a holding subject to a judicial rent fixed by agreement on the reinstatement therein of a tenant, who or whose predecessor in title had been evicted therefrom, the standard purchase annuity shall, on the application of either the landlord or the tenant made within the prescribed time and in the prescribed manner, be fixed in accordance with the provisions of Part II. of this schedule as if the rent were a non-judicial rent.
Holdings subject to rents other than Judicial Rents.
1. The standard purchase annuity in the case of every holding to which this part of this schedule applies—
(a) where the landlord and tenant so agree in the prescribed manner and within the prescribed time shall be the amount so agreed upon; and
(b) where the landlord and tenant do not agree shall be such amount as shall be fixed by the Land Commission (other than the Judicial Commissioner), subject to an appeal to the Judicial Commissioner whose decision shall be final.
2. The annuity shall be fixed by the Land Commission on the report of their Inspector and without hearing in Court, regard being had to the nature and situation of the holding, the date of the commencement of the tenancy, the rent payable thereunder, and all the circumstances of the case.
3. This part of this schedule applies to every holding which (a) at the date of the passing of this Act is subject to a rent other than a judicial rent, and (b) vests, or will vest, as tenanted land in the Land Commission under this Act.