New South Wales: Holt-Sutherland Estate Act 1900 (NSW)

Ho.r-SutHeRLanD Estate. —— Preamble. Act, 1900. Holt-Sutherland Estate. An Act to reduce and alter the rents and royal- ties payable by the lessees of the Sutherland estate, their successors and assigns, under certain memoranda of lease from Thomas Holt to the Holt-Sutherland Estate Land Company (Limited), to extend the term granted by the said memoranda of lease, and to make certain concessions and give certain powers to the lessees thereunder; and for other purposes mentioned therein. [20th October, 1900.] 7 HEREAS the Honorable Thomas Holt, of Sydney, in the Colony of New South Wales, by certain memoranda of lease, dated respectively the first day of September, one thousand eight hundred and eighty-one, the twenty-eighth day of July, one thousand eight hundred and eighty-four, and the twentieth day of September, one thousand eight hundred and eighty-seven, leased to the Holt-Sutherland Estate Land Company (Limited) (hereinafter called the old company) certain " lands (amongst others) therein described, being part of the lands known as the Sutherland estate, for a term of fifty-six years from the first day of July, one thousand eight hundred and eighty-one, at a yearly rent in respect of the said lands, being part of the said Sutherland estate 'of fhe sum of one thousand pounds for the first year of the said term, the sum of one thousand five hundred pounds for the second year of the said term, the sum of two thousand pounds for the third year of the said term, the yearly sum of three thousand pounds during the twenty-five years next following, and the yearly sum of five thousand pounds during the residue of the said term, subject to the observance and performance ofthe covenants and conditions therein contained: And whereas by the said memoranda df lease it was provided that the lessees should pay 'uring the said term a royalty of sixpence for every ton of screened eoal raised or obtained from the said land, and a royalty of threepence der every ton of screenings of the coal so raised or obtained: And swhereas by the said memoranda of lease it was agreed and declared that it should be lawful for the old company, during the continuance of the said term, by deed, to appoint by way of lease any part of the said lands thereby demised for any term of years exceeding the said term, but not exceeding the residue then unexpired of the term of ninety-nine years, computed from the date of the said memorandum of lease of the first day Act, 1900. Holt-Sutherland Estate. day of September, one thousand eight hundred and eighty-one, to take effect in possession within six calendar months after the date of such appointment, subject to the conditions, stipulations, and provisos in the said memoranda of lease contained: And whereas the said Thomas Holt duly made and executed his last will and testament in writing hearing date the sixth day of March, one thousand eight hundred and eighty- eight, whereby (subject to the payment of certain annuities) he devised the said Sutherland estate, subject to the said lease, to his Australian trustees to the use of his son Frederick Samuel Ellis Holt for life, with remainder to the use of Thomas Samuel Holt, the eldest son of the said Frederick Samuel Klis Holt, for his life, with remainder to the use of the first and every other son of the said Thomas Samuel Holt suc- cessively in remainder according to their respective seniorities in tail male, with remainder to the use of the first and other daughters of the said Thomas Samuel Holt successively according to their seniorities in tail male, with certain remainders over as fully set out in the said will: And whereas the said Thomas Holt died on the fifth day of September, one thousand eight hundred and eigthy-cight, without having revoked or altered the said will so far as related to the devise of the said lands: And whereas the old company have exhausted their capital, and on the thirtieth day of June last past were indebted to the said Frederick Samuel Ellis Holt in the sum of five thousand four hundred and eighty pounds twelve shillings and sixpence, which they are wholly unable to pay: And whereas negotiations have been some time pending between the old company and the said Frederick Samuel Ellis Holt and Thomas Samuel Holt for the reduction of the said rent and royalties, and for the release by the said Frederick Samuel Ellis Holt of all claims which he has against the old company for rents up to the thirtieth day of June last: And whereas the Holt-Sutherland Estate Company (Limited) (hereinafter called the new company) has been formed for (inter alia) the purpose of acquiring, and has acquired, from the old company the whole of its assets and property of every kind, including the benefit of the lease of the said lands so demised as aforesaid, but the new com- pany has refused to make itself liable for the performance of the covenants and conditions contained in the said memoranda of lease for a longer period than during the lives of the said Frederick Samuel Ellis Holt and Thomas Samuel Holt or the survivor of them unless the said term be extended and the said rent be reduced for the whole of such extended period as hereinafter provided: And whereas it is for the benefit of all persons interested in the receipt of the rents reserved by the said memoranda of lease that the new company should take over the said lease at the said reduced rent and subject to such reduced royalties as are hereinafter mentioned; but under the will of the said Thomas Holt neither the said Frederick Samuel Ellis Holt nor Thomas Samuel Holt nor any other person or persons has or have power to reduce the said rents 38° Act, 1900. Holt-Sutherland Estate. rents or royalties except so far as their respective life interests are concerned: And whereas it is also for the benefit of all persons interested in the receipt of the said rents that the term granted by the said memo- randa of lease should be extended as hereinafter mentioned, and that the several other modifications and alterations hereinafter mentioned should be made in the provisions of the said memoranda of lease, and that the several concessions hereinafter mentioned should be made, and the several powers hereinafter mentioned should be given to the lessees, and the value of the said lease and of the reversion of the said demised lands will be greatly enhanced thereby, but under the will of the said Thomas Holt neither the said Frederick Samuel Ellis Holt nor Thomas Samuel Holt, nor any other person or persons, has or have any power to grant such extension or to make such modifications or alterations or to make such concessions or confer such powers: And whereas by agreement dated the nineteenth day of December, one thousand eight hundred and ninety-nine, between the said Frederick Samuel Ellis Holt, of the first part, the said Thomas Samuel Holt, of the second part, the old company, of the third part, and the new company, of the fourth part, for the con- siderations therein mentioned the said Frederick Samuel Ellis Holt agreed to release the old company, its successors and assigns, from the said sum of five thousand four hundred and eighty pounds twelve shill- ings and sixpence, and the said Frederick Samuel Ellis Holt and Thomas Samuel Holt (so far as they legally could, but not further or otherwise) agreed with the old company and the new company that the rents reserved in the said lease should be reduced to the extent and in the manner hereinafter provided, and the said Frederick Samuel Ellis Holt and Thomas Samuel Holt also agreed to join with the new company or the old company at the cost and expense of the new company in making the necessary application to Parliament to extend the term of years granted by the said memoranda of lease and to reduce the said rents as aforesaid so that such extension and reduction should be legally binding on those entitled to receive the rents of the said Sutherland estate for the whole residue of the said term of fifty-six years, or of any extension thereof which may be granted as hereinafter mentioned; and also agreed to join with the old company and the new company at the cost and expense of the new company in applying for Parliamentary sanction to enable the new company, its successors and assigns, to make appointments by way of lease in respect of the said Sutherland estate for a period of ninety-nine years from the first day of July, one thousand eight hundred and ninety-nine, or at the expense of the new company to apply themselves to Parliament to grant the extension and make the con- cessions, and to enable the said new company and its assigns to make the appointments by way of lease aforesaid; and the said Frederick Samuel Ellis Holt and Thomas Samuel Holt also agreed to consent to the statu- tory extension of the term granted by the said memoranda of lease of the said Act, 1900. Holt-Sutherland Estate. said Sutherland estate, so that the said term shall enure for fifty-six years from the said first day of July, one thousand eight hundred and ninety-nine, inclusive, subject to the new company agreeing to pay the proposed reduced rentals for the full term of such period of fifty-six years; and the said Frederick Samuel Ellis Holt and Thomas Samuel Holt also agreed that they would consent to statutory powers being con- ferred on the lessees or appointees, by way of lease, of the old company or the new company or their respective assigns, to convert their lease- holds into freeholds upon such terms and conditions as might be authorised by Parliament and approved by the person or persons for the time being entitled to receive the rents and profits payable by the new company and its assigns, but so that such eonversion should be based on a capitalisation of the rentals reserved under such appointment by way of lease at an interest return of four pounds per centum per annum; and the new company undertook to execute any deed or other document necessary to render the new company liable to the said Frederick Samuel Ellis Holt, and on his death to the said Thomas Samuel Holt, for the said reduced rent and (subject to such reduction and to the other pro- visions of the now reciting agreement) for the performance and obser- vanee of the covenants, causes, and provisos contained in the said memoranda or lease; and in the event of statutory extension of the said term and reduction of the said rents and other statutory powers being procured as aforesaid, the new company agreed to execute any deed or document necessary to make the new company liable, not only during the lives of the said Frederick Samuel Ellis Holt and Thomas Samuel Holt, but also to the persons who, under the will of the said Thomas Holt, would be legally entitled to receive the rentals reserved under the said memoranda of lease during the said term and during any such statutory extension thereof as aforesaid; and the said Frederick Samuel Ellis Holt and Thomas Samuel Holt also agreed to consent to statutory powers being conferred upon the said new company (subject to such provisions as the said Frederick Samuel Ellis Holt and Thomas Samuel Holt might require for the protection of the interests of the tenant for life for the time being of the Sutherland estate) to lease the said lands privately instead of by public auction, as in the said memo- randa of lease provided: And whereas the old company have duly passed a special resolution requiring the old company to be wound up volun- tarily, and Michael Moloney has been appointed liquidator thereof: And whereas by agreement dated the twentieth day of December, one thousand eight hundred and ninety-nine, between the old company and Michael Moloney, the official liquidator thereof, of the one part, and the new company of the other part, it was agreed that the old company should sell and transfer, and the new company should purchase and take over, all the business, goodwill, and real and personal estate and property of the old company, and that as part of the consideration for the said 2k sale Short title. Re luction of rent. Act, 1900. Holt-Sutherland Estate. sale and transfer the new company should undertake all the obligations of the old company, and in particular should covenant with the said Frederick Samuel Ellis Holt or other the owner of the reversion expect- ant on the said Jease for payment of the reduced rent thereunder and the observance and performance of the covenants therein on the lessee's part contained: Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows :— 1. This Act may be cited as the '' Holt-Sutherland Estate Act, 1900.'' 2. From the first day of July, one thousand eight hundred and ninety-nine, inclusive, the yearly rent payable under the said memo- randum of lease of the first day of September, one thousand eight hun- dred and eighty-one, in respect of the said lands forming part of the said Sutherland estate, shall be reduced and altered so that the said rent shall be for a period of five years from the said first day of July, one thousand eight hundred and ninety-nine, inclusive, the yearly sum of one thousand two hundred and fifty pounds, together with ten per centum of the clear net annual profits to be made by the new conipany and its assigns in each of such years respectively without making any appropriations, and thereafter, for the residue of the said term as extended hy this Act, the yearly sum of one thousand two hundred and fifty pounds, together with fifteen per centum of the clear net annual profits of the new company, its successors, or assigns, without making any appropriations, and so much of such rent as consists of a percentage of such clear net annual profit shall be ascertainable in such manner and payable at such times as shall be agreed between the said Frederick Samuel Ellis Holt and Thomas Samuel Holt, or the survivor of them, or the tenant for life, or tenant in tail in possession for the time being, of the said Sutherland estate, and the new company, its successors, or assigns, or if they are unable to agree as shall be finally determined by arbitration in the method provided by the Arbitration Act, 1892, or by any statutory modi- , fication thereof for the time being in force, and such reduction and alteration of the said rents shall be binding on all persons who, under the will of the said Thomas Holt, may during the whole residue of the said term as extended by this Act be successively entitled to receive the rents reserved under the said memoranda of lease, and as rgards rent becoming payable on or after the said first day of July, one thousand eight hundred and ninety-nine, the said memoranda of lease and the cove- nants and conditions therein shall be read as though the said reduced rents in this section mentioned were the rents reserved thereunder in respect of the said lands forming part of the said Sutherland estate; and. Act, 1900. Holt-Suth erland Estate. and notwithstanding anything contained in the said memoranda of lease, neither the old company nor the new company, nor their respective suc- cessors or assigns shall be liable to pay in respect of the said lease of the said lands forming part of the said Sutherland estate any further or other rent than as provided in this section. The new company and its assigns shall at all times comply with such provisions for the furnishing of returns by, and the inspection of the books and records of the new company and its assigns on behalf of the tenant for life or tenant in tail in possession for the time being of the said Sutherland estate, and for the verification thereof as may be required by the said Frederick Samuel Ellis Holt and Thomas Samuel] Holt, or either of them, or in the event of the death of both of them before such requirement may have been made, then by the tenant for life or tenant in tail in possesssion for the time being of the said Sutherland estate, or during his infancy by the Australian trustees for the time being of the said will. 3. From and after the conmencement of this Act the royalties Reduction of reserved under the said memorandum of lease of the first. day of royalties. September, one thousand eight hundred and eighty-one, in respect of coal raised or obtained from the said demised lands shall be.reduced to twopence for every ton of screened coal, and one penny for every ton of screenings of coal in lieu of the amounts reserved by the said memo- randum of lease, and thereupon such reduction of the said royalties shall be binding on all persons who, under the will of the said Thomas Holt, may during the whole residue of the said term as extended by this Act be successively entitled to receive the said rent and rovalties, and the said memorandum of lease and the covenants and conditions therein shall be read as though the said reduced royalties in this section men- tioned were the royalties reserved therein on coal raised or obtained from the said demised lands. 4. The new company and its assigns may during the continuance Power to appoint by of the said term as extended by this Act, by deed appoint by way of way of lease. lease any part of the said Sutherland estate for any term of years exceeding the said term as extended by this Act, but not exceeding the residue then unexpired of ninety-nine Years, ¢ omputed from the first day of July, one thousand eight hundred and ninety-nine inclusive: Provided, however, that nothing shall he taken in the way of a fine, premium, or foregift, and that all rents reserved by any such appointinent of lease shall be fixed at the same rate for every year, and sliall be made payable at least once in each year and not more than six monthis' in advance. All rents reserved by such appointments by way of lease shall be payable to the new company and its assigns during the residue of the said term as extended hy this Act, and after the expiration or sooner determination of the said extended term shall be incident to the reversion, 5. Extension of lease. Power to lease privately. Act, 1900. Holt-Sutherland Estate. 5. The said term of years of the said lands forming part of the said Sutherland:estate granted by the said memoranda of lease shall be and is hereby extended for the term of fifty-six years from the first day of July, one thousand eight hundred and ninety-nine, inclusive, and the said memoranda of lease and all the covenants and conditions therein shall be read as though the said extended term of fifty-six years from the said first day of July. one thousand eight hundred and ninety-nine, inclusive, were the term granted by the said memoranda of lease in respect of the said lands forming part of the said Sutherland estate, and all the provisions of this Act relating to the said term shall be taken and construed to extend and apply to such extended term. 6. Notwithstanding anything contained in the said memoranda of lease the new company and its assigns may, subject to such provisions as may be required by the said Frederick Samuel Ellis Holt and Thomas Samuel Holt or the survivor of them, or in the event of the death of both of them before such requirement may have been made, then by the tenant for life or tenant in tail in possession for the time being of the said Sutherland estate, or during his infancy by the Australian trustee for the time being of the said will, for the protection of the interests of the per- sons entitled under the will of the said Thomas Holt, make such appoint- ments by way of lease as aforesaid by private contract without sub- mitting such leases to sale by public auction as by the said memoranda of lease required. And the new company may make any such appoint- ment, either by public auction or private contract, of any area, and at any rental, whether greater or less than the maximum area or minimum rental prescribed by the said memorandum of lease of the first day of September, one thousand eight hundred and cighty-one, and may make any reduction in the rental which may have been reserved in any appoint- ment by way of lease which has been made by the old company to take effect for the remainder of the term of such lease: Provided always that no tenant shall be entitled to hold, either by original appointment, by way of lease, or by assignment, or otherwise, a greater area than fifteen acres at one time, or any area at a lower rental than such minimum rental as aforesaid, and that no such reduction of rental as aforesaid shall be made without the consent in writing first had and obtained of the tenant for life or tenant in tail in possession, and of the person entitled or presumptively entitled in immediate succession in remainder under the will of the said Thomas Holt, or in the case of the infancy or other disability of any such tenant for life or tenant in tail in possession, or of any such person entitled or presumptively entitled as aforesaid, then without the consent in writing on his behalf of the Australian trustees for the time being of the said will: And provided also that no such consent may be given as to any appointment to be made by way of lease after the thirtieth day of June, one thousand nine hundred and thirty-nine, or as to any such reduction of rental as aforesaid to com- mence after that date. I Act, 1900. Holt-Sutherland Estate. 7. The new company and its assigns shall, on the application of Pow x to convert . lease'iolds into any appointee by way of lease, subject to the conditions hereinafts: expressed, appoint for an estate in fee simple reserving coal and othe minerals to any appointee by way of lease of the old company or of the new company or of their respective successors or assigns, or to any person claiming through such appointee, any surface lands comprised in the said lands forming part of the said Sutherland estate and demised or appointed by way of lease either by the old company or the new company or by their respective assigns to such appointee. . Such appointee or other person shall, by way of purchase money for the said surface land, pay to the Australian trustees for the time heing of the will of the said Thomas Holt, a sum calculated upon a capitalisation of the rent reserved by such appointinent by way of lease at an interest return of four per centum per annum. Such purehase money shall he invested, deposited, and applied by the Australian trustees for the time heing of the said will in any manner in which money received on a sale of a settled estate effected under the authority of Part 1V of the Conveyancing and Law of Pro- perty Act, 1898, may he invested, deposited, or applied, and such purchase money while remaining uninvested or unapplied, and securities on which any investment of any such purchase money is made shall, for ail purposes of disposition, transmission, and devolution, be con- sidered as land, and the same shall be held for and go to the same person successively in the same manner and for and on the same estates, interests, and trusts, as the land wherefrom the money arises would, if not disposed of, have been held and have gone under the said will, and the income of such purchase money and of such securities shall, during the period for which the new company and its assigns were entitled to the benefit of such appointments by way of lease, be paid to the new company and its assigns, and shall thereafter be paid or applied as the income of that land, if not disposed of in fee simple, would have been payable or applicable under the said will. Until such purchase money ean he applied as aforesaid, the same shall he invested at the discretion of the Australian trustees for the time being of the said will in some or one of the investments in whieh cash under the control of the Supreme Court in its equitable jurisdiction is for the time being authorised to be invested; and the interest and dividends of such investments shall be paid to the person who would have been entitled to the rents and profits of the land if the money had heen invested in the purchase of land: Provided that the said Australian trustees shall he entitled to the same remuneration, in respect of the said purchase money and the income thereof, as the Perpetual Trustee Com- pany (Limitd) would be entitled to under the Perpetual Trustee Com- pany (Limited) Act. 8. freeholds, Application of purchase money, Power to reclaim land. Act, 1900. Holt-Sutherland Estate. 8. The new company and its assigns may, during the said term - as extended by this Act, make application to the Governor or other proper authority, with the consent in writing of the tenant for life or tenant in tail in possession for the time being of the said Sutherland estate or of the Australian trustees for the time being of the said will in case the tenant for life or tenant in tail in possession for the time - being is under the age of twenty-one years, for authority to reclaim any land adjoining any water frontage of the said lands forming part of the said Sutherland estate and lying beyond or below high-water mark, and the Governor may, on such application, authorise the new company and its assigns to reclaim such land as though the new company, its suc- cessors and assigns, were the proprietors in fee simple of the said Sutherland estate, and the new company and its assigns may at their own cost and expense reclaim such land. On completion of such reclamation and payment of the appraised value of the said land in the prescribed manner by the new company and its assigns, the land to he reclaimed shall be granted to the Australian trustees for the time being of the said will. The said reclaimed land so granted as aforesaid and any other reclaimed land adjoining, the said lands forming part of the said Sutherland estate which during the said term as extended hy this Act may he granted to the Australian trustees for the time being of the said will, whether the authority to reclaim such lands was applied for or granted in pursuance of this section or other- ~ wise shall be held by the Australian trustees for the time being of the said will on the trusts declared in the said will with regard to the said Sutherland estate, and shall be deemed thenceforth to be included in the said memorandum of lease of the first day of September, one thousand eight hundred and eighty-one, of the said lands forming part of the said Sutherland estate, and to he part of the same lands, and to be subject to all the clauses, covenants, and provisions of the said memorandum of lease as modified by this Act, but the new company and its assigns shall not be liable to pay any increased or additional rent in respect of the said land so reclaimed. 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