Leasing of Crown Lands with Perpetual Right of Renewal.

The main features of the scheme are as follow :—

The Governor in Council may set apart for leasing one-third of the agricultural land open for sale.

Leases are sold to the highest tenderer at or above an upset rental of five per cent, on the capital value of the land as fixed by the Board. Thus, land valued at £1 per acre is put up at a rental of 1s. per acre per annum. Six months' rent, together with £1 10s. for the lease, has to be deposited with every tender. If two or more tenderers offer the same rent, and there is no higher offer, it is decided by lot which person shall be the lessee.

If a lease is not executed within a certain time the deposits are forfeited, and the next highest tenderer may be declared the lessee. If no tenders are received, any person may apply to lease the land for which tenders have been invited. Any person may tender for two or more leases, but cannot become the lessee under more than one lease, unless the lauds adjoin each other. A tenderer for more than one lease need only deposit half-a-year's rent of the tender largest it amount. Any person of the age of seventeen years may become a lessee.