25Redetermination of rent upon certain transfers

#### 25 Redetermination of rent upon certain transfers 25 Redetermination of rent upon certain transfers > > (1) Upon the transfer of a lease under this Act to any person other than an Islander the rent of such lease shall be as redetermined by the Board. > > > (2) Such redetermination shall be made as at the date of such transfer. > > > (3) The rent as so redetermined shall operate in respect of the lease on and from the date on which the annual rent is next payable after the transfer. > > > (4) Where the lease is a lease in perpetuity under section 21 the rent as so determined shall remain in force for a period of 3 years. Subsequent determinations shall be made at intervals of 3 years and each such determination shall be made as at the date of expiration of the period of the last preceding determination and shall remain in force for a period of 3 years from that date: Provided that if at any time the lease is transferred to an Islander the annual rent shall, subject to the regulations, be redetermined by the Board with effect on and from the date on which the annual rent is next payable after the transfer until the expiration of the period of the last preceding determination. > > **s 25:** Am 1957 No 30, sec 8 (1); 1981 No 50, Sch 5 (8); 2004 No 12, Sch 1 \[15\] \[16\].