The Pamphlet Collection of Sir Robert Stout: Volume 56
Are granted for areas not exceeding 1,920 acres, and are disposed of by auction or tender, the minimum upset annual rental being £2 per 040 acres or lesser area, or, if there be no bidding, may be let at the upset. Due notice is given of such auction sales or of the dates when tenders may be lodged. These leases are open to renewal, and 25 per cent, may thereupon be added to the former rental, but annual leasehold docs not exempt the land so leased from sale, or special or conditional lease.page 15
Annual auction lease held under the former Acts (in the Eastern and Central division) are convertible into the above class of tenure, but if a higher rental has been paid than the minimum above quoted, no reduction can be made.