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(1)Subject to the provisions of this Act, references therein to a claim holding are references to the benefit of an established claim, references to the area of a claim holding are references to the land which, in relation to the established claim constituting that holding, is the claim area, and references to the value of a claim holding are references to the amount of the established claim constituting that holding.
(2)The provisions—
(a)of the Second Schedule to this Act, relating to cases where a claim holding was pledged to the Central Land Board; and
(b)of the Third Schedule to this Act, relating to cases where a claim holding related to an interest in land and a payment has become, or (becomes, payable under section fifty-nine of the principal Act (which provides for payments in respect of certain war-damaged land) in respect of the like interest in the whole or part of that land with or without any other land,
shall have effect for extinguishing the claim holding, or reducing the value thereof, or for treating the claim holding as divided into two or more claim holdings and extinguishing any of those holdings or reducing the value thereof.
(3)Where by virtue of any disposition of part of the benefit of an established claim, not being a mortgage made otherwise than by way of assignment, different persons became entitled to different parts of that benefit, then, as from the date of that disposition (in this subsection referred to as " the relevant disposition "), each of those different parts shall be treated as having constituted a separate claim holding, and the area and value of each of those separate holdings at any material time after the relevant disposition shall be taken to have been such as may, on the occasion of an apportionment affecting that holding falling to be made for any of the purposes of this Act, be determined by the authority making the apportionment, or, where that authority's findings are referred to the Lands Tribunal under any provision of this Act, by that Tribunal, to be just and appropriate in all the circumstances; and in making their determination the authority or Tribunal shall in particular have regard to the following principles, that is to say—
(a)that the aggregate of the values of all claim holdings representing parts, of the benefit of the same established claim shall not exceed the amount of that established claim;
(b)that, subject to the preceding paragraph, where a claim holding representing part only of the benefit of an established claim has been pledged to the Central Land Board within the meaning of the Second Schedule to this Act, otherwise than as is mentioned in paragraph 2 of that Schedule, and by virtue of that Schedule any deduction falls to be made from the value of that claim holding by reference to an amount due by way of development charge, the value of that holding at the time of the pledge shall not be taken to have been less than the amount credited for the purposes of the pledge by reference to the holding;
(c)that, in the case of the claim holding representing the part of the benefit of an established claim which was the subject of the relevant disposition, not being a claim holding to which paragraph (d) of this subsection applies—
(i)the area of the claim holding should be taken to be the claim area of that established claim less the area of any claim holding to which the said paragraph (d) applies which represents part of the benefit of the same established claim ; and
(ii)the value of the claim holding immediately after the relevant disposition should, subject to paragraphs (a) and (b) of this subsection, be taken to have been that part of the amount of the established claim to which the holder purported to become entitled under the terms of that disposition;
(d)that where any person who has been entitled to a claim holding representing part only of the benefit of an established claim—
(i)at any time while so entitled has also been entitled to the interest in land to which the established claim related in so far as that interest subsisted in part only of the claim area; and
(ii)became entitled to both that holding and that interest in such circumstances that the authority aforesaid or, as the case may be, the Lands Tribunal are satisfied that the holding and the interest were intended to relate to one another ;
the area of that claim holding should be taken to be that part of the claim area, and the value of that holding immediately after the relevant disposition should, however that or any other disposition affecting the holding was expressed but subject to paragraphs (a) to (c) of this subsection, be taken to have been an amount equal to so much of the amount of the established claim as might reasonably be expected to have been attributed to that part of the claim area if the authority determining the amount of that established claim had been required to apportion it, in accordance with the same principles as applied to its determination, between that part and the residue of the claim area.
(4)References in this Act to the fraction of the value of a claim holding which attaches to a part of the area of the holding are references to so much of the amount of the established claim of which that holding represents the benefit or part of the benefit (in this subsection referred to as " the relevant established claim ") as was properly attributable to that part of the area of the holding:
Provided that where by virtue of any provision of this Act the value of the claim holding at the time in question is to be treated as less or greater—
(a)in a case where the area of the holding and the claim area of the relevant established claim are the same, than the amount of that established claim; or
(b)in a case where the area of the holding consists of part only of the said claim area, than so much of the amount of the relevant established claim as was properly attributable to the area of the holding,
the amount of the fraction aforesaid shall be treated as reduced or, as the case may be, increased proportionately.
For the purposes of this subsection, the part of the amount of the relevant established claim which was properly attributable to any land forming part of the claim area shall be deemed to be so much of the amount of that claim as might reasonably be expected to have been attributed to that land if the authority determining that amount had been required to apportion it, in accordance with the same principles as applied to its determination, between that land and the residue of the claim area.
(5)References in this Part of this Act, other than in this section, to the value of a claim holding are references to the value of that holding immediately before the commencement of this Act.
(6)Where in accordance with any of the provisions of this Act a part of the benefit of an established claim constitutes a separate claim holding, the interest in land to which that claim holding related—
(a)if the established claim related to the fee simple of the claim area, shall be taken to have been the fee simple of the area of the claim holding ;
(b)if the established claim related to a leasehold interest, shall be taken to have been that leasehold interest in so far as it subsisted in the area of the claim holding.
(7)Where in accordance with any of the provisions of this Act a claim holding (in this subsection referred to as " the parent holding ") is to be treated as divided into two or more claim holdings, a person who is for the time being the holder of one of those holdings shall be treated as having been the holder thereof at any time when he was the holder of the parent holding.
(8)In this Act the expression " the holder ", in relation to a claim holding, means the person for the time being entitled to the holding or, where the holding is subject to a mortgage made otherwise than by way of assignment, means the person who would be so entitled if the holding had not been mortgaged.
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