Crown Lands Act 1936

4Amendments as to consideration for the northern lands

Section three of the principal Act shall have effect subject to the following amendments :—

(a)the amount of the consideration payable to His Majesty for his estate and interest in the northern lands (which was to be ascertained in pursuance of the said section as soon as might be after the passing of that Act) shall be ascertained as soon as may be after the date of vesting of those lands, and subsection (1) of the said section three shall have effect as if the words from " The amount of the consideration" to the end of the subsection were omitted therefrom;

(b)the said amount shall, instead of carrying interest as from the date of vesting at the rate of three and one-half per centum per annum, carry interest as from that date at such rate as may be agreed upon between the Treasury and the Commissioners of Crown Lands or, in default of agreement between them, at such rate as may be fixed by the Governor for the time being of the Bank of England.