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\b\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 SECTION 12B1 NGATANGIIA
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\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
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\par }\pard \qc \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid4934449 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 IN THE MATTER}{\fs24\lang2057\langfe1033\langnp2057\insrsid4740017 
\par of Deeds of Lease dated
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 24th April 197}{\fs24\lang2057\langfe1033\langnp2057\insrsid4019477\charrsid8089664 8}{\fs24\lang2057\langfe1033\langnp2057\insrsid4740017  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 and }{\fs24\lang2057\langfe1033\langnp2057\insrsid4740017 6th December 1978
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 vested in }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12201592\charrsid8089664 RIMA}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  NICHOLAS
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7764103 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid7764103\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid7764103\charrsid8089664 Delivered: 12}{\fs24\lang2057\langfe1033\super\langnp2057\insrsid4802834\charrsid4802834 th
}{\fs24\lang2057\langfe1033\langnp2057\insrsid7764103\charrsid8089664  March 1984}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid4668158 {\fs24\lang2057\langfe1033\langnp2057\insrsid4668158 
\par }\pard \qc \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid4668158 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid8980782 JUDGMENT}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12201592\charrsid8089664  OF DILLON J}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid10443033 .}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7764103 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid7683876 This is an application}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
 to determine the capital va}{\fs24\lang2057\langfe1033\langnp2057\insrsid4019477\charrsid8089664 lue of land contained in one of }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 two leases held by the applicant Rim}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4019477\charrsid8089664 a}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  Nicholas. Mrs Nichol}{\fs24\lang2057\langfe1033\langnp2057\insrsid5853000 as has a lease of two adjoining}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  sections in Maurunga Section 12B1 Ngatangiia. The first}{\fs24\lang2057\langfe1033\langnp2057\insrsid10822010  property comprises 1100 square}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  metres contained}{\fs24\lang2057\langfe1033\langnp2057\insrsid8391213\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
in Deed of Lease dated 24th of April 1978}{\fs24\lang2057\langfe1033\langnp2057\insrsid4019477\charrsid8089664 ;}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  the second comprises 970 square metres contained in Deed of 
Lease dated the 6th of December }{\fs24\lang2057\langfe1033\langnp2057\insrsid4019477\charrsid8089664 1978. }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 At this stage I am only concerned with the fi}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4019477\charrsid8089664 xing}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
 of the capital value of the land in the first mentioned Deed of Lease, that is, covering the area of 1100 square metres.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8391213 {\fs24\lang2057\langfe1033\langnp2057\insrsid8391213\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid16392951 The background history to the negotiations for
 this lease are both interesting, novel and perhaps unfortunate in so far as M}{\fs24\lang2057\langfe1033\langnp2057\insrsid4019477\charrsid16392951 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid16392951 s Nicholas is concerned. }{
\fs24\lang2057\langfe1033\langnp2057\insrsid4019477\charrsid16392951 S}{\fs24\lang2057\langfe1033\langnp2057\insrsid11098809\charrsid16392951 he was prompted to become}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  involved in this}
{\fs24\lang2057\langfe1033\langnp2057\insrsid4019477\charrsid8089664  lease}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  because of a friendship with Mr }{\fs24\lang2057\langfe1033\langnp2057\insrsid4019477\charrsid8089664 
and Mrs }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Hale who were }{\fs24\lang2057\langfe1033\langnp2057\insrsid6555070 American visitors with whom she}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
 had become friendly}{\fs24\lang2057\langfe1033\langnp2057\insrsid4019477\charrsid8089664  -}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  so friendly, in fact, that one of Mrs Nicholas}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 s own children was }{\fs24\lang2057\langfe1033\langnp2057\insrsid12588297\charrsid8089664 n}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 amed after }{\fs24\lang2057\langfe1033\langnp2057\insrsid11278572 Mrs}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  Hale}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1728383 . Mrs Nicholas gave evidence of}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  her initial negotiations with Mrs Tuana whom Mrs Nicholas believed was }{
\fs24\lang2057\langfe1033\langnp2057\insrsid15079020\charrsid8089664 one of the owners of this land.}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  Mrs Tuana}{\fs24\lang2057\langfe1033\langnp2057\insrsid8391213\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 certainly did not dissuade Mrs Nicholas fro}{\fs24\lang2057\langfe1033\langnp2057\insrsid12588297\charrsid8089664 m }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
this belief and all negotiations were done between these}{\fs24\lang2057\langfe1033\langnp2057\insrsid12588297\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 two ladies.
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\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
In fact, the Court was told subsequently by Mr Tylor, the solicitor acting for Mrs Tuana, that the land in question was in fact owned by Mrs Tuana}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 '}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 s three brothers,}{\fs24\lang2057\langfe1033\langnp2057\insrsid12588297\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
all of whom lived in New Zealand;}{\fs24\lang2057\langfe1033\langnp2057\insrsid12588297\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
all of whom had, pursuant to some family arrangement, agreed that Mrs Tuana, while not an owner, could have the use of this other land in Rarotonga while the three brothers in New Zealand were going
 to have the use and exercise the rights and interests in New Zealand land.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8391213 {\fs24\lang2057\langfe1033\langnp2057\insrsid8391213\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 In }{\fs24\lang2057\langfe1033\langnp2057\insrsid3023711\charrsid8089664 any case Mrs }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Tuana and Mrs Hale over a period negotiated for a lease of the property which initially started off by Mrs Nicholas offering $2,000 and this price was then upped t
o $4,000, subsequently increased to $}{\fs24\lang2057\langfe1033\langnp2057\insrsid3023711\charrsid8089664 8}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
,000 and was finally settled at a figure of $10,000. Mr Tylor again confirmed that it was on his insistence throughout}{\fs24\lang2057\langfe1033\langnp2057\insrsid3023711\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 that Mrs Tuana kept increasing the price until it reached}{\fs24\lang2057\langfe1033\langnp2057\insrsid3023711\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 the $10,000 figure, which }{\fs24\lang2057\langfe1033\langnp2057\insrsid10046538 Mr }{\fs24\lang2057\langfe1033\langnp2057\insrsid10046538\charrsid217758 T}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3023711\charrsid217758 ylor}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  wa}{\fs24\lang2057\langfe1033\langnp2057\insrsid3023711\charrsid8089664 s }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 prepared to recommend}{\fs24\lang2057\langfe1033\langnp2057\insrsid3023711\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 that Mrs Tuana }{
\fs24\lang2057\langfe1033\langnp2057\insrsid3023711\charrsid8089664 accept.}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8391213 {\fs24\lang2057\langfe1033\langnp2057\insrsid3023711\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 It was at this stage that }{
\fs24\lang2057\langfe1033\langnp2057\insrsid2837249\charrsid8089664 Mr T}{\fs24\lang2057\langfe1033\langnp2057\insrsid3023711\charrsid8089664 ylor}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  then arranged a somewhat novel }{
\fs24\lang2057\langfe1033\langnp2057\insrsid3023711\charrsid8089664 scheme }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 whereby the th}{\fs24\lang2057\langfe1033\langnp2057\insrsid3023711\charrsid8089664 ree }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 owners of this land leased it to a company which Mr}{\fs24\lang2057\langfe1033\langnp2057\insrsid3023711\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 T}{\fs24\lang2057\langfe1033\langnp2057\insrsid3023711\charrsid8089664 ylor}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  formed called}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2837249\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Muri Holdings Limited.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid2837249 {\fs24\lang2057\langfe1033\langnp2057\insrsid2837249\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 A}{\fs24\lang2057\langfe1033\langnp2057\insrsid11076369 ll the shares in this company we}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 re held by Mrs Tuana except one which was held by Mr Tylor. Muri Holdings Limited having acquired a le}{\fs24\lang2057\langfe1033\langnp2057\insrsid2837249\charrsid8089664 ase of this }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 section then immediately assigned the lease to Mrs Nicholas for the $10,000 consideration which had been agreed upon.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid2837249 {\fs24\lang2057\langfe1033\langnp2057\insrsid2837249\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Mrs N
icholas in her evidence said that she had no idea of these arrangements; she had no solicitor of her own; and she relied on the papers which were prepared by Mr}{\fs24\lang2057\langfe1033\langnp2057\insrsid11737053  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Tylor as}{\fs24\lang2057\langfe1033\langnp2057\insrsid2837249\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
giving her a lease of the land for which}{\fs24\lang2057\langfe1033\langnp2057\insrsid2837249\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 she w}{\fs24\lang2057\langfe1033\langnp2057\insrsid8334673 
as prepared to pay the sum of $}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 10,000. M
rs Nicholas heard of the company, Muri Holdings Limited, on the day that she was to sign the papers prepared by Mr Tylor. There was a suggestion that this device was in the form of a tax saving exercise but this is unclear and, in any case, is irrelevant 
to these proceedings.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7764103 {\fs24\lang2057\langfe1033\langnp2057\insrsid2837249\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Summarising the position to this stage, Mrs Nicholas on the 24th of April 1978 paid $10}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2837249\charrsid8089664 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid4355765 000 t}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
o Muri Holdings Limited for an assignment of a lease for 60 years at a rental of $50 for the first five years with a provision that rent be r
eviewed every five years thereafter and in other respects the lease to be on the usual terms and conditions. It is this question of the review that is now}{\fs24\lang2057\langfe1033\langnp2057\insrsid12980893\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 up before the Court for its considerat}{\fs24\lang2057\langfe1033\langnp2057\insrsid12980893\charrsid8089664 ion.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7764103 {\fs24\lang2057\langfe1033\langnp2057\insrsid12980893\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Perhaps, while not of any consequence, but of interest on}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12980893\charrsid8089664 ly in completing the picture of}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  what holdin}{\fs24\lang2057\langfe1033\langnp2057\insrsid12980893\charrsid8089664 
gs Mrs Nicholas has, I w}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 as told that later in that year}{\fs24\lang2057\langfe1033\langnp2057\insrsid12980893\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Mrs Tuana wanted further cash to meet her husband}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
s accident claims and, as a result, a further Deed of Lease was drawn up and completed over the 910 square metres adjoining. A lump sum of $3,000 was paid by Mrs Nicholas to Mrs Tuana for this lease.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid14312326 {\fs24\lang2057\langfe1033\langnp2057\insrsid7408555\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 We are now dealing only}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11096882\charrsid8089664 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  of course, with the lease dated 24th of April 197}{
\fs24\lang2057\langfe1033\langnp2057\insrsid14312326\charrsid8089664 8.}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  This was from the three owners living in {\*\xmlopen\xmlns1{\factoidname place}}New Zealand{\*\xmlclose}
 who granted the lease originally to Muri Holdings Limited for no payment; no consideration; and no goodwill. The lease was for a straight rental of $50 per annum only. The position, therefore, is that Muri Holdings Ltd received}{
\fs24\lang2057\langfe1033\langnp2057\insrsid14312326\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 the $10,000 from Mrs Nichol
as; Mrs Tuana, apart from one share, is the owner of Muri Holdings Limited and so Mrs Tuana received the $10,000; her three brothers who are the owners of the land received no part of that $10,000.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid14312326 {\fs24\lang2057\langfe1033\langnp2057\insrsid14312326\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 While the application is to determine the value of the 11
00 square metres as at the 24th of April 1983, much evidence has been given and submissions made on the }{\fs24\lang2057\langfe1033\langnp2057\insrsid16610723 question}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  of the }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid800388 $10,000}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  paid by Mrs Nicholas to Mrs Tuana and whether this should be taken into account - not allowed for }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11096882\charrsid8089664 - }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 or credited to Mrs Nicholas on the current review of}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12155684\charrsid8089664  rental.}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid10893998 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid5047657 Mr}{\fs24\lang2057\langfe1033\langnp2057\insrsid10893998\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Clarke, acting for Mrs Nicholas, has gone to extensive lengths to establish }{\fs24\lang2057\langfe1033\langnp2057\insrsid10893998\charrsid8089664 why this $}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid10893998\charrsid8089664 0,}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
000 should be taken into account in fixing the rental and why Mrs}{\fs24\lang2057\langfe1033\langnp2057\insrsid4021755\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
Nicholas should not be penalised because of the device of forming the company}{\fs24\lang2057\langfe1033\langnp2057\insrsid4021755\charrsid8089664  and as }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
signing the lease, all at the one time. Mr Clarke in his carefully prepared submissions went to great lengths to show how there could be three different formulas invoked in order to take into account and give credit to Mrs Nicholas for
 the substantial amount of money which she has paid.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid4021755 {\fs24\lang2057\langfe1033\langnp2057\insrsid4021755\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 On the other }{\fs24\lang2057\langfe1033\langnp2057\insrsid4021755\charrsid8089664 h}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 and }{\fs24\lang2057\langfe1033\langnp2057\insrsid4021755\charrsid8089664 Mr}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  Tylor}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4021755\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
has given evidence himself of the desirability of the property claiming that it is the best on the Island and further he gave a detailed}{\fs24\lang2057\langfe1033\langnp2057\insrsid4021755\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 account of why the company was formed and the purpose to which the $10,000 was to be put towards; and the unfortunate results which emanated from }{
\fs24\lang2057\langfe1033\langnp2057\insrsid4021755\charrsid8089664 M}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 rs Tuana}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 '}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 s husband who, while returning from a social function}{\fs24\lang2057\langfe1033\langnp2057\insrsid13519756 , crashed into two cars and was}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  required to meet the costs of repairs to those two vehicles, one to the extent of $6,000 and the other to the extent of $3,000. According to Mr Tylor}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 s evidence, of the $10,000 paid by Mrs Nicholas $4,000 was used to purchase a vehicle which caused the subsequent}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4021755\charrsid8089664  accident. The balance of }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
$6,000 was used to settle one accident claim and the subsequent lease of the adjoining section to Mrs Nicholas for $3}{\fs24\lang2057\langfe1033\langnp2057\insrsid4021755\charrsid8089664 ,}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 000, went towards settling the second accident claim.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7764103 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 The net result, according to Mr Tylor}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16459868\charrsid8089664 , was}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  that w
hat was intended to be a developmental exercise for these two sections, the first supporting the development of the }{\fs24\lang2057\langfe1033\langnp2057\insrsid16459868\charrsid8089664 second, }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 finished up as a disaster with nothing being developed.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid16459868 {\fs24\lang2057\langfe1033\langnp2057\insrsid16459868\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7479610 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Dealing firstly with the pay}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16459868\charrsid8089664 ment }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 of the $10}{\fs24\lang2057\langfe1033\langnp2057\insrsid16459868\charrsid8089664 ,}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 000; the ques}{\fs24\lang2057\langfe1033\langnp2057\insrsid16459868\charrsid8089664 tion has been raised throughout}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
 as to}{\fs24\lang2057\langfe1033\langnp2057\insrsid16459868\charrsid8089664  w}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 hether this amount of money is to be treated as a consideration;}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16459868\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 goodwill or rent in advance. At the}{\fs24\lang2057\langfe1033\langnp2057\insrsid16459868\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 end of the {\*\xmlopen\xmlns1{\factoidname place}}first Court{\*\xmlclose} hearing on {\*\xmlopen\xmlns1{\factoidname place}}the 21st of April}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16459868\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid5925969\charrsid8089664 1983}{\fs24\lang2057\langfe1033\langnp2057\insrsid16459868\charrsid8089664 {\*\xmlclose},}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5925969\charrsid8089664  the C}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 ourt}{\fs24\lang2057\langfe1033\langnp2057\insrsid5925969\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 obs}{\fs24\lang2057\langfe1033\langnp2057\insrsid5925969\charrsid8089664 erved }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 as follo}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5925969\charrsid8089664 ws:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid5925969 {\fs24\lang2057\langfe1033\langnp2057\insrsid5925969\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid12595425 {\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid12595425\charrsid8089664 Mr }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Clarke has submitted that the present rental should be increased from $50 p}{\fs24\lang2057\langfe1033\langnp2057\insrsid12595425\charrsid8089664 .}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 a}{\fs24\lang2057\langfe1033\langnp2057\insrsid12595425\charrsid8089664 . }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
to $350 p.a. which is the end rental after having assessed}{\fs24\lang2057\langfe1033\langnp2057\insrsid12595425\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
the value and taken a 5 percent basis of it and then deducted from that an allowance c}{\fs24\lang2057\langfe1033\langnp2057\insrsid3291569 over the $10,000 goodwill which}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
 Mrs Nicholas paid in 1978 which is to be regarded and assessed as part of the rental over the total term of the lease to be apportioned to the total five year term}{\fs24\lang2057\langfe1033\langnp2057\insrsid12595425\charrsid8089664 . Mr Tylor s}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 ays that Mrs Nicholas paid $10,000 to a company but while the company consisted of the three owners as shareholders.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12595425\charrsid8089664 
 }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Neverthe}{\fs24\lang2057\langfe1033\langnp2057\insrsid13962051 less the company is a distinct }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
and separate identity and that $10,000 as goodwill paid to a company and as such cannot be taken into account in assessing the rental and that you assess the rental to be $800 p.a}{\fs24\lang2057\langfe1033\langnp2057\insrsid12595425\charrsid8089664 . w}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 ithout }{\fs24\lang2057\langfe1033\langnp2057\insrsid12595425\charrsid8089664 deduction. Application}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
 adjourned for submissions.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7764103 {\fs24\lang2057\langfe1033\langnp2057\insrsid12595425\charrsid8089664 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid484087 Following on that hearing and prior to the subsequent}{\fs24\lang2057\langfe1033\langnp2057\insrsid4538514\charrsid484087  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid484087 hearing on the 19th of Ju}{\fs24\lang2057\langfe1033\langnp2057\insrsid4538514\charrsid484087 ly, }{\fs24\lang2057\langfe1033\langnp2057\insrsid10386457 Mr}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4538514\charrsid484087  Clarke }{\fs24\lang2057\langfe1033\langnp2057\insrsid4538514\charrsid5072172 filed}{\fs24\lang2057\langfe1033\langnp2057\insrsid4538514\charrsid484087  certain sub}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid484087 missions which emphasised that the Court }{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid4538514\charrsid484087 \'85}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid484087 had determined that the cash taken should be taken into}{\fs24\lang2057\langfe1033\langnp2057\insrsid16203278\charrsid484087  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid15872357\charrsid484087 a}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid484087 ccount to reduce the annual rental}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid484087 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid4538514 {\fs24\lang2057\langfe1033\langnp2057\insrsid4538514\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7764103 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 No such determination can be taken from the Court records and it is only now af}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4858768 ter a further Court Hearing and }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 the availability of the further evidence that}{
\fs24\lang2057\langfe1033\langnp2057\insrsid15872357\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 consideration can be given to this payment of $10,000.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid4538514 {\fs24\lang2057\langfe1033\langnp2057\insrsid4538514\charrsid8089664 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Mr Clarke argues that:-
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid11734450 {\fs24\lang2057\langfe1033\langnp2057\insrsid4538514\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid13635694 {\fs24\lang2057\langfe1033\langnp2057\insrsid4538514\charrsid8089664 1.}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15676993 The}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  cash payment made to land owners on the }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 grant of a lease is part of the consideration }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 of }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 the lease.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid11734450 {\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid13830766 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 2. }{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 The value of a lease cannot be determined without ref}{\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 erence to the conditions of the le}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 ase.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid11734450 {\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid13830766 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 3. }{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 The capital value of that land does not change where the conditions of the lease are onerous or favourable; but the value of the lease does.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid11734450 {\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid13830766 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 4. }{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Counsel for the respondent acknowledges that in determining rentals the Court may have regard to favourable or unfavourable terms of the lease, e.g}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2518711\charrsid8089664 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 , compensation for improvements. But Counsel for the respondent will not ac}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12462024\charrsid8089664 knowledge a cash payment to the}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
 land owners as a favourable provision to the lessors that should also affect the rental.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid11734450 {\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid13830766 {\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 5. }{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Rents would be set by reference to the terms, conditions and provisions of the lease as well as the land value. That it is}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3540097\charrsid8089664  submitted is entirely sound and }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 proper. Where a land owner has received a favourable benefit this}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12462024\charrsid8089664  should be taken }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 into account with regard to future }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid2439384 rentals}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 . }{\fs24\lang2057\langfe1033\langnp2057\insrsid12462024\charrsid8089664 Where }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 an assignor of a lease receives that benefit (not the land owner) then the assignee should get no credit for this}{\fs24\lang2057\langfe1033\langnp2057\insrsid12462024\charrsid8089664 .}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid11734450 {\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid13830766 {\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 6.}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
 Mr Clarke then postulated three methods whereby credit would be given to Mrs}{\fs24\lang2057\langfe1033\langnp2057\insrsid9845219  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Nicholas for the $10,000 which she had paid and }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13438312 these three methods are set out}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  in detail with examples in the substantial submissions which Mr Clarke has filed.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9454839  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 I do not propose to consider them in detail }{\fs24\lang2057\langfe1033\langnp2057\insrsid7215474\charrsid8089664 in }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 this }{\fs24\lang2057\langfe1033\langnp2057\insrsid8980782 Judgment}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 .
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid13830766 {\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid14506538 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid687889 Mr}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
 Tylor in reply claimed that the land owners as lessors under the lease, which is now the subject of review, did not receive the payment of $10,000 made by}{\fs24\lang2057\langfe1033\langnp2057\insrsid10566546\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Mrs Nicholas. He contends that if they had received it there may be some basis for the proposition put}{\fs24\lang2057\langfe1033\langnp2057\insrsid3540097\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 forward on Mrs Nicholas}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 s behalf. }{
\fs24\lang2057\langfe1033\langnp2057\insrsid10566546\charrsid8089664 But }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 as the land owners}{\fs24\lang2057\langfe1033\langnp2057\insrsid3540097\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 have not received $}{\fs24\lang2057\langfe1033\langnp2057\insrsid10566546\charrsid8089664 10,}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
000 or any part of it then he asks why should their new rental be assessed and, in fact,}{\fs24\lang2057\langfe1033\langnp2057\insrsid10566546\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
reduced as though they had received $10,000 which was received by Mrs Tuana.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7764103 {\fs24\lang2057\langfe1033\langnp2057\insrsid3540097\charrsid8089664 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3540097\charrsid15624104 I}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15624104 t is clear from the evidence }{\fs24\lang2057\langfe1033\langnp2057\insrsid13000997\charrsid15624104 be}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15624104 fore the Court that }{\fs24\lang2057\langfe1033\langnp2057\insrsid13393807 Mrs}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15624104  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid9000482 Nicholas}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15624104  was prepared to pay $10}{\fs24\lang2057\langfe1033\langnp2057\insrsid13000997\charrsid15624104 ,000}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  to acquire a lease of this section. The new rental, once assessed, may in fact prove a hardship to Mrs Nicholas and this hardship may be accentuated because there was some evidence that 
}{\fs24\lang2057\langfe1033\langnp2057\insrsid13000997\charrsid8089664 M}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 r and Mrs Hales}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 '}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 s marria}{\fs24\lang2057\langfe1033\langnp2057\insrsid13000997\charrsid8089664 g}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
e has now broken up and the amount of their support under these circumstances to }{\fs24\lang2057\langfe1033\langnp2057\insrsid13000997\charrsid8089664 Mrs }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Nicholas was never }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13000997\charrsid8089664 canvassed.}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  It is clear, however, from }{\fs24\lang2057\langfe1033\langnp2057\insrsid13000997\charrsid8089664 Mr}{
\fs24\lang2057\langfe1033\langnp2057\insrsid6435978\charrsid8089664  Tylor}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 s evidence that the three owners}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10566546\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 of this land residing in {\*\xmlopen\xmlns1{\factoidname place}}New Zeala}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10566546\charrsid8089664 nd{\*\xmlclose} did not receive any of the $}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 10,000 paid by }{
\fs24\lang2057\langfe1033\langnp2057\insrsid6435978\charrsid8089664 Mrs}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  Nicholas. Put another way, if the payment of the }{
\fs24\lang2057\langfe1033\langnp2057\insrsid6435978\charrsid8089664 $}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 10,000 is credited to }{\fs24\lang2057\langfe1033\langnp2057\insrsid6435978\charrsid8089664 Mrs}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  Nicholas}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 s a}{
\fs24\lang2057\langfe1033\langnp2057\insrsid6435978\charrsid8089664 s rent in advance in accordance}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  with any of the three methods suggested by }{
\fs24\lang2057\langfe1033\langnp2057\insrsid6435978\charrsid8089664 Mr}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
 Clarke then this would mean that the three owners would receive less than the market rental for the next five years which, in itself, would be contrary to the provisions of the lease.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3540097\charrsid8089664 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Now, whether this scheme was for tax relief, as suggested by Mr Clarke in cross-examination, or whether it was for any other reason}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3833446\charrsid8089664 ; }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 is not, }{\fs24\lang2057\langfe1033\langnp2057\insrsid3833446\charrsid8089664 I}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  believe, of consequence in an application to determine what is the value of the land, but that is in fact all that the application relates to. }{
\fs24\lang2057\langfe1033\langnp2057\insrsid3833446\charrsid8089664 Mr}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  Clarke endeavoured to suggest that Mr
s Nicholas thought she was dealing with the owners of this land and that the $10,000 was going to the owners on account of rent. However, this was}{\fs24\lang2057\langfe1033\langnp2057\insrsid10566546\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 not established and the legal }{\fs24\lang2057\langfe1033\langnp2057\insrsid3833446\charrsid8089664 documentation }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
does not support that contention. It is unfortunate, of course, that the legal implications of an assignment of the lease were never explained to Mrs Nicholas since }{\fs24\lang2057\langfe1033\langnp2057\insrsid3833446\charrsid8089664 M}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 r Tylor acted in effect for both parties, a situation which in hindsight, and because of the particular circumstances in this case,}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10566546\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 should have been avoided.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid13830766 {\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 At this point, it is perhaps relevant to refer to one aspect of }{\fs24\lang2057\langfe1033\langnp2057\insrsid2770001\charrsid8089664 M}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 r Tylor}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
s evidence when he was cross-examined closely on this very point when he said:
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid10566546 {\fs24\lang2057\langfe1033\langnp2057\insrsid10566546\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid11026031 {\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
I drew up the lease the parties all agreed to. I did not see the n}{\fs24\lang2057\langfe1033\langnp2057\insrsid2770001\charrsid8089664 eed for the other party to seek }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
legal advice. There was matters pertaining to something of a trust. I was not aware of them and did not advise her on that point.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 

\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid13830766 {\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid10566546 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid1323273 It}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  is clear that if 
}{\fs24\lang2057\langfe1033\langnp2057\insrsid2770001\charrsid8089664 Mrs}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  Nicholas was treating the $10,000 that she had paid as an entitlement to a future credit then she sh
ould have been independently advised.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10566546\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
The reference by Mr Tylor to a trust re-emphasises this point. However, the fact is that }{\fs24\lang2057\langfe1033\langnp2057\insrsid2770001\charrsid8089664 Mrs}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
 Nicholas was not independently advised; she did pay the $10,000 over}{\fs24\lang2057\langfe1033\langnp2057\insrsid2770001\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 to M}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2770001\charrsid8089664 rs Tuana and she did receive an}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  assignment of the lease}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10566546\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 which now has to be considered for the purposes of fixing its value so that subsequently rent can be assessed.

\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7764103 {\fs24\lang2057\langfe1033\langnp2057\insrsid13830766\charrsid8089664 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 For these reasons}{\fs24\lang2057\langfe1033\langnp2057\insrsid13461314\charrsid8089664 , }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
but principally because the owners received no b}{\fs24\lang2057\langfe1033\langnp2057\insrsid13461314\charrsid8089664 enefit from the $10,000 paid by}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  Mrs Nicholas, it wou
ld be quite contrary to the terms of the lease which}{\fs24\lang2057\langfe1033\langnp2057\insrsid12609266  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Mrs Nicholas now holds, as lessee, to penalise the owners}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13461314\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 for what Mrs Tuana as the origina}{\fs24\lang2057\langfe1033\langnp2057\insrsid3497585\charrsid8089664 l }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 holder of the lease}{\fs24\lang2057\langfe1033\langnp2057\insrsid13461314\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 and Mrs Nichol}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3497585\charrsid8089664 as }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 have agreed. }{\fs24\lang2057\langfe1033\langnp2057\insrsid3497585\charrsid8089664 T}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 hat is, to pay the owners a rental less than}{\fs24\lang2057\langfe1033\langnp2057\insrsid3497585\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
the current market value as}{\fs24\lang2057\langfe1033\langnp2057\insrsid3497585\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 provided for in the lease}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3497585\charrsid8089664 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3540097\charrsid8089664 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Clause (b) of the lease which is relevant to this}{\fs24\lang2057\langfe1033\langnp2057\insrsid2242786\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 determination reads as fo1lo}{\fs24\lang2057\langfe1033\langnp2057\insrsid2242786\charrsid8089664 w}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 s}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2242786\charrsid8089664 :-}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid2242786 {\fs24\lang2057\langfe1033\langnp2057\insrsid2242786\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid2242786 {\fs24\ul\lang2057\langfe1033\langnp2057\insrsid16261691 "}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2242786\charrsid8089664 (}{
\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 b}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2242786\charrsid8089664 )}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6366518  FO}{
\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2242786\charrsid8089664 R}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  and during each succeeding period of}{\fs24\lang2057\langfe1033\langnp2057\insrsid2242786\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 five years of}{\fs24\lang2057\langfe1033\langnp2057\insrsid2242786\charrsid8089664  the }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 said term an annual re}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2242786\charrsid8089664 ntal as shall be agreed upon by}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
 the Lessors and Lessee or failing agreement at such rental as shall be fixed by arbitration in accordance with the Arbitration Act 1908 such rental to be based upon current market values for comparable unimproved land and the terms and cond}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2242786\charrsid8089664 itions}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  of }{\fs24\lang2057\langfe1033\langnp2057\insrsid12347307 this Deed but to be not less tha}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 n the rental for the preceding five years}{\fs24\lang2057\langfe1033\langnp2057\insrsid2242786\charrsid8089664 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 "}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid3540097 {\fs24\lang2057\langfe1033\langnp2057\insrsid3540097\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7764103 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
Turing to the question of a comparative value, Mr Clarke quoted Mr Lobb, who has had experience in such}{\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
matters. Mr Tylor gave evidence as to what he believed}{\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 was the value of this section. This evidence may be}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 summarised as follows:-
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid11102863 {\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid11102863 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 1. Mr Lobb believed this section and the}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Little Polynesian section were comparable.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12733254  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 He believed that of the total land of 20}{\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664 70 }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
square metres }{\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664 i}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 n the Little Polynesian}{\fs24\lang2057\langfe1033\langnp2057\insrsid12733254  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid16480986 s}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 ection}{\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664 ,}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  there was a one-third section available. The land in question}{\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 here in}{\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
this case is 1100 square metres. Mr Lobb}{\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 also indicated that the vegetation on this}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664  s}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 ection is closer to the mean high-water mark. He also confirmed that the section had probably one of
 the best views}{\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 in {\*\xmlopen\xmlns1{\factoidname place}}Rarotonga{\*\xmlclose}.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid12733254 {\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid11102863 {\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664 2. Mr }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
Tylor referred to the}{\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid5141029\charrsid8089664 Aremango Section 7}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
81A Block. One of t}{\fs24\lang2057\langfe1033\langnp2057\insrsid5141029\charrsid8089664 he leases for this area is 1300}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
 square metres, a goodwill of $16,000 was paid and the rental was either}{\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
$200 or $400. He further mentioned that some 30 met
res from the section towards the land in question a further lease was granted to a Mr Wade Swoboda, this lease being for 60 years, a goodwill of $20,000 having been paid and rental of $300 having been agreed}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 upon. The area of this was in two pieces, 16}{\fs24\lang2057\langfe1033\langnp2057\insrsid2583248\charrsid8089664 7
}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 1 square metres on the seaward side of }{\fs24\lang2057\langfe1033\langnp2057\insrsid2583248\charrsid8089664 the swamp and 1115 s}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 quare metres on the inland side of the swamp}{\fs24\lang2057\langfe1033\langnp2057\insrsid2583248\charrsid8089664 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 

\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid10946888 {\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid11102863 {\fs24\lang2057\langfe1033\langnp2057\insrsid11102863\charrsid8089664 3.}{\fs24\lang2057\langfe1033\langnp2057\insrsid3437253  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 Finally, }{\fs24\lang2057\langfe1033\langnp2057\insrsid2583248\charrsid8089664 Mr}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  Tylor claimed that Mrs Nicholas}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 s site situated at }{\fs24\lang2057\langfe1033\langnp2057\insrsid2583248\charrsid8089664 Muri}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  Beach was undoubtedly, in his opinion, the most desirable of all sections on the Island of }{\fs24\lang2057\langfe1033\langnp2057\insrsid5309477\charrsid8089664 R}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 arotonga.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid808230 {\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7764103 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 In dealing with the leases to South Pacific Cons}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 ultants Limited and Mr Swoboda r}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 eferred to by }{
\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 M}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664  Ty}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 lor}{\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 , I}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  be}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 lieve}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  that on the question of goodwill}{\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 there are two distinct aspects which have to be considered:-
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid16328867 {\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid16328867 {\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
. In the two exampl}{\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 e}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 s given above by }{\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 M}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 r }{\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 Ty}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 lor the le}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 s}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 sees have paid $20}{\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 ,0}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 00 and $16,000 respectively for }{\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 6}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 0 year }{
\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 a lease}{\fs24\lang2057\langfe1033\langnp2057\insrsid8797584 s}{\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 , that is}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  the worth of a lease to them.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid10946888 {\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid16328867 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 2.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664  W}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 here a person buys a lease for a term still t}{\fs24\lang2057\langfe1033\langnp2057\insrsid11432729\charrsid8089664 o run, that is the market value }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 of the lease at the time of purchase. Such value being related to all the various terms of the lease}{\fs24\lang2057\langfe1033\langnp2057\insrsid11432729\charrsid8089664 .}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid10946888 {\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10946888 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 3 }{\fs24\lang2057\langfe1033\langnp2057\insrsid15542946\charrsid8089664 
It may be said that Mr}{\fs24\lang2057\langfe1033\langnp2057\insrsid10098382 s}{\fs24\lang2057\langfe1033\langnp2057\insrsid15542946\charrsid8089664  Nicholas fits into the secon}{\fs24\lang2057\langfe1033\langnp2057\insrsid10946888 
d category having purchased the }{\fs24\lang2057\langfe1033\langnp2057\insrsid15542946\charrsid8089664 lease. However, because of the unusual circumstances I here referred to, I believe that she negotiat
ed a 60 year lease with Mrs Tuana whom she thought was the owner of the land and who was}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  in fact eventually}{\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 able to give }{\fs24\lang2057\langfe1033\langnp2057\insrsid15542946\charrsid8089664 Mrs Nicholas}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid15542946\charrsid8089664 a lease}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  pursuant to a legally manipulated arrangement about}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16328867\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 which Mrs }{\fs24\lang2057\langfe1033\langnp2057\insrsid15542946\charrsid8089664 Ni}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 cholas was never independently advised.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid808230 {\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid8089664 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid15556341 Mr}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15556341 s Nicholas is, therefore, in the same position as }{
\fs24\lang2057\langfe1033\langnp2057\insrsid4552959\charrsid15556341 the }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15556341 two e}{\fs24\lang2057\langfe1033\langnp2057\insrsid4552959\charrsid15556341 xamples}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15556341  given by }{\fs24\lang2057\langfe1033\langnp2057\insrsid4552959\charrsid15556341 Mr Tylor}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15556341 , namely, she has paid}{
\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid15556341  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15556341 the $10,000}{\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid15556341  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15556341 for a 60 year lease; that does not mean the land}{\fs24\lang2057\langfe1033\langnp2057\insrsid4552959\charrsid15556341  is }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15556341 valued at }{\fs24\lang2057\langfe1033\langnp2057\insrsid4552959\charrsid15556341 $10,000 }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15556341 or more now; }{
\fs24\lang2057\langfe1033\langnp2057\insrsid4552959\charrsid15556341 it }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15556341 means she paid }{\fs24\lang2057\langfe1033\langnp2057\insrsid4552959\charrsid15556341 $}{
\fs24\lang2057\langfe1033\langnp2057\insrsid7173293 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15556341 0}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337542\charrsid15556341 ,000}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15556341  for a long ter}{\fs24\lang2057\langfe1033\langnp2057\insrsid4552959\charrsid15556341 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15556341  lease and the benefits that
}{\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid15556341  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15556341 provides her}{\fs24\lang2057\langfe1033\langnp2057\insrsid4552959\charrsid15556341 ;}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid15556341  the value of the land must be assessed in relation to other comparable values}{\fs24\lang2057\langfe1033\langnp2057\insrsid12538491\charrsid15556341 .}{
\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid15556341 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7764103 {\fs24\lang2057\langfe1033\highlight7\langnp2057\insrsid1518801\charrsid8089664 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 The rental of South Pacific Consultants is either}{\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid8089664  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 $200 or $400 for 1300 square}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337542\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
metres. If $200 then}{\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 that is a capitalised value}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5337542\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 at 5}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337542\charrsid8089664 %}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664  of $4,000; if $400}{\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 
is the rental then a comparable value is $8,000. The}{\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 rental of Mr }{
\fs24\lang2057\langfe1033\langnp2057\insrsid5337542\charrsid8089664 Swo}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 boda was given as $300 per annum}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337542\charrsid8089664  for a 167}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 1 square metre section or}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337542\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 a}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5337542\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 capitalised value }{\fs24\lang2057\langfe1033\langnp2057\insrsid5337542\charrsid8089664 o}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 f}{\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid8089664  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 $6,000.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid8089664 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid4810417 
Mr Tylor placed his value on this section at $10,000 thus producing an annual rental of $800 per annum. It will be seen that this is considerably in excess of the value of two relevant leases he relied}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10751686\charrsid4810417  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid4810417 on. Bearing in}{\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid4810417  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid4810417 mind also that Mrs }{\fs24\lang2057\langfe1033\langnp2057\insrsid8913085\charrsid4810417 N}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid4810417 icholas}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16261691 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid4810417 s section }{\fs24\lang2057\langfe1033\langnp2057\insrsid10751686\charrsid4810417 is}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid4810417  1100 square metres only.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid808230 {\fs24\lang2057\langfe1033\highlight7\langnp2057\insrsid808230\charrsid8089664 
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid7764103 {\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid4810417 Mr Clarke submitted the value for th}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16738143\charrsid4810417 is}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid4810417  section which is quite a bit smaller than the two examples given by Mr Tylor, should be fi}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16738143\charrsid4810417 xed}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid4810417  at $7,000 and a capitalised rental of $350 per annum. When compared with the areas of the adjoi
ning leases referred to by Mr Tylor, this appears too high but I propose to adopt that figure and fix the value at $7,000; the rental at $350 per annum}{\fs24\lang2057\langfe1033\langnp2057\insrsid808230\charrsid4810417  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid16738143\charrsid4810417 as from the 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid4810417 st of April 1983. Costs of $100 are to be paid to Mr Tylor}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16738143\charrsid4810417  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid4810417 by Mrs }{\fs24\lang2057\langfe1033\langnp2057\insrsid16738143\charrsid4810417 N}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid4810417 icholas and the Registrar is to allow up to a further $100 of rent monies against a certified account from Mr Tylor.}{\fs24\lang2057\langfe1033\langnp2057\insrsid1518801\charrsid8089664 

\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8913085 {\fs24\lang2057\langfe1033\langnp2057\insrsid8913085\charrsid8089664 
\par }\pard \qc \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid16261691 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid8731613\charrsid8731613 Dillon J.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid8913085\charrsid16261691 

\par }}