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(1.) | Maximum area of land to be held by Lay one person. No person shall be capable of acquiring, whether by way of lease, sublease, or contract of purchase, or by way of assignment of any such lease, sublease, or contract, any land subject to this Part of this Act which, together with all other land of any description owned, held, or occupied under any tenure, either severally or jointly or in common with any other person, exceeds a total area of five thousand acres, calculated in manner hereinafter provided. |
(2.) | For the purposes of this section the interest of a Maori in any land that has not been partitioned shall not be deemed to be land owned, held, or occupied by such Maori. |
(3.) | Nothing in this section shall prevent the acquisition of any land by any executor, administrator, trustee, or beneficiary under any will or intestacy. |
(4.) | Nothing in this section shall prevent an assignment to any person by way of mortgage. |
(5.) | In estimating for the purposes of this section the area of land already owned, held, or occupied by any person no account shall be taken of land vested in such person as a trustee, mortgagee, executor, or administrator only. |
(6.) | For the purpose of computing the total area mentioned in this section every acre of first-class land shall be reckoned as seven and a half acres, and every acre of second-class land shall be reckoned as two and a half acres. |
(7.) | For the purposes of this section the class to which any land belongs shall be determined as follows:—
(a.) | In the case of Crown land which is classified by a Land Board in accordance with the Land Act, 1892, and its amendments, then in accordance with such classification: |
(b.) | In the case of land which is subject to this Part of this Act and is classified by a Board in pursuance of this Act, then in accordance with such classification: |
(c.) | All other land, if of an unimproved value of not leas than four pounds per acre, shall be deemed to be first-class land, and if of an unimproved value of less than four pounds but not less than two pounds per acre shall be page 6deemed to be second-class land, and if of an unimproved value of less than two pounds per acre shall be deemed to be third-class land. |
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(8.) | Land held under lease the term of which expires within nine months shall not be deemed to be land held or occupied within the meaning of this section, unless the lessee has a right to a renewal of such lease. |
(9.) | Nothing in this section shall prevent the acquisition by any person of any land which in the opinion of the Board is incapable of profitable occupation in areas less than five thousand acres, and which is disposed of by the Board accordingly in areas exceeding that extent. |
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