s. 137A the discretion of the lessor, for a period not exceeding 3 months from the expiry of the lease. (3) An industrial lease granted under this section shall S. 137A(3) substituted by be granted for a term not exceeding fifty years No. 10011 except that where the Minister is satisfied that a s. 11. building erected or to be erected under a covenant in the lease is or will be of a substantial nature and of a value which justifies it the Governor in Council may grant a lease of the land for a term not exceeding 99 years. (3A) In the case of a lease under subsection (3), if the S. 137A(3A) inserted by lease contains options for renewal of the lease by No. 96/1994 the lessee, the aggregate of the original term and s. 14(2). the further term or terms must not exceed— (a) 50 years; or (b) if the Minister is satisfied that a building erected or to be erected under the lease is or will be of a substantial nature, 99 years. (4) An industrial development lease granted under subsection (1) or subsection (2) shall be for a term not exceeding five years and shall be subject to the payment of such rental and such building and development covenant and other covenants conditions exceptions and reservations as the Governor in Council thinks fit. (4A) In the case of a lease under subsection (4), if the S. 137A(4A) inserted by lease contains options for renewal of the lease by No. 96/1994 the lessee, the aggregate of the original term and s. 14(3). the further term or terms must not exceed 5 years. (5) After the expiry of a period of two years from the S. 137A(5) amended by date of an industrial development lease or such Nos 9427 earlier time as the Minister for the time being s. 6(1)(Sch. 5 item 77), 9567 administering the Economic Development Act s. 20. 1981 approves in any particular case the lessee may apply for a Crown grant or an industrial
the discretion of the lessor, for a period not exceeding 3 months from the expiry of the lease. S. 137A(3) substituted by No. 10011 s. 11. (3) An industrial lease granted under this section shall be granted for a term not exceeding fifty years except that where the Minister is satisfied that a building erected or to be erected under a covenant in the lease is or will be of a substantial nature and of a value which justifies it the Governor in Council may grant a lease of the land for a term not exceeding 99 years. S. 137A(3A) inserted by No. 96/1994 s. 14(2). (3A) In the case of a lease under subsection (3), if the lease contains options for renewal of the lease by the lessee, the aggregate of the original term and the further term or terms must not exceed— (a) 50 years; or (b) if the Minister is satisfied that a building erected or to be erected under the lease is or will be of a substantial nature, 99 years. (4) An industrial development lease granted under subsection (1) or subsection (2) shall be for a term not exceeding five years and shall be subject to the payment of such rental and such building and development covenant and other covenants conditions exceptions and reservations as the Governor in Council thinks fit. S. 137A(4A) inserted by No. 96/1994 s. 14(3). s. 137A (4A) In the case of a lease under subsection (4), if the lease contains options for renewal of the lease by the lessee, the aggregate of the original term and the further term or terms must not exceed 5 years. S. 137A(5) amended by Nos 9427 s. 6(1)(Sch. 5 item 77), 9567 s. 20. (5) After the expiry of a period of two years from the date of an industrial development lease or such earlier time as the Minister for the time being administering the Economic Development Act 1981 approves in any particular case the lessee may apply for a Crown grant or an industrial
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