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BOARD APPROVES NEW SUB-LEASE POLICY

 

The Board of the NLTB, at a recent meeting in Viseisei, approved a new policy ensuring that landowners receive their fair share of income from sub-leasing arrangements. The NLTA allows tenants of native land to receive profits from the commercial dealing from their leases through a sub-leasing arrangement. This cannot be done under ALTA.

The new policy allows the NLTB (on behalf of the landowners) to receive 50% of the profit rental paid by the sub-lessee to the head lessee under the sub-lease agreement.

In terms of a company sub-leasing to its subsidiary, the NLTB will double the annual rental paid by the head-lease.

This same policy and guidelines apply to transmission tower leases operated by all telecommunication and broadcasting entities.

Some of these entities in arrangement with lessees of transmitting tower leases attach their transmission discs to the towers to serve their purpose. This, in effect, is a sub-lease, and in these instances, the NLTB is grateful to Telecom, Vodafone and Digicel for their acceptance of the new policy.

The NLTB is now taking steps to rectify the situation with their sub-leases and head-leases, and will ensure that other entities also abide by the new policy.

This new policy will not apply to sub-leases existing before the policy came into effect.

 

 30th April 2008

 

For more information, contact Alipate Mataitini (3312 733 ext 602) or Nimilote Naivalumaira (3312 733 ext. 506)

 

 

 

 

 

 

 
   
 
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