12. Each school district that enters into a hire-purchase agreement under this section undertakes to have full confidence in and appreciate the full performance of all obligations under this Agreement, including all annual payments to be made under this Agreement. 40.2. Subletting and sublease and rental agreement.- Therefore, it is required by law to pay the appropriate stamp duty on the rental deeds / rental agreements and also their registration if the rental period is more than one year. 1726. Rental and purchase of immovables. 1. Notwithstanding any law to the contrary, the school board of a non-unionized school district may, in accordance with the provisions of this section, enter into agreements for the lease or purchase of buildings for educational purposes to be constructed or constructed on land owned by the district. 10. The duration of a lease, including its renewal, may exceed the foreseeable useful life provided for by the Local Finance Act for the immovable or buildings.
40.12. In accordance with that agreement, the plaintiff transferred the vacant ownership of the premises to the defendant, but the defendant did not pursue the project to construct the multi-storey building. The applicant brought the present action for enforcement of the contract and restitution of the premises. The defendant argued that the contract was inadmissible as evidence because it was not sufficiently stamped as a lease. The agreement was on a paper of Rs. 2. The lower court dismissed the applicant`s allegation and lodged the present appeal in cassation with the High Court. The High Court held that the contract could not be characterized as either a lease or a lease and therefore could not be stamped under section 35.
According to the High Court, to be treated as a lease, a contract must meet the test of immediate and present loss for the land to which it relates, and a lease is no exception to this rule. On this point, reference has been made to the two cases mentioned in the Footriotes.1-2 8. The plans and specifications and the proposed lease, renewal of lease or hire-purchase contract for immovables to be leased or purchased in accordance with this section must be approved by the Commissioner before an education committee can approve or execute an agreement or renewal for those purposes. 1-a. Notwithstanding conflicting legal provisions, the Education Committee of a non-unionized school district may enter into an agreement with the Housing Authority to rent or rent for school purposes from the bedroom authority of a dormitory (or part thereof) within the meaning of section sixteen hundred and seventy-six of the Public Authorities Act, including: If the agreement so provides, land, buildings, all related facilities and equipment, provided that such dormitories (a) are owned by the Housing Authority and (b) were originally provided or financed by the Authority for an educational institution within the meaning of paragraph one of section sixteen hundred and eighty of the Government Act, and (c) are no longer used by that educational institution. Such an agreement may provide for the alteration, reconstruction or renovation of the dormitory or part thereof by the school district or the school authority as capital assets. The provisions of paragraphs three, four, six, eight and nine of this Article shall not apply to agreements with the Dormitory Authority approved by this Subsection, unless the lease or hire-purchase agreement can be concluded for a period exceeding the applicable period of probable utility for the building or buildings. as altered, reconstructed or rehabilitated, and provided that the plans and specifications for such building or buildings, as altered, reconstructed or renovated, must be approved by the Commissioner of Education before such alteration, reconstruction or rehabilitation can be approved by the school board of that school district. Consequences of non-payment or abusive payment of stamp duty and registration of the rental deed / rental agreement.
9. The term “financial lease” as used in this Section includes a lease agreement with an option to purchase; However, in the case of an optional lease, no portion of the lease payments can be deducted from the purchase price if the option to purchase is exercised. For more information, see the SEC`s website privacy and security policy. Thank you for your interest in the U.S. Securities and Exchange Commission. However, some difficulties arise from the divergence in the wording of the different clauses. Although the wording in paragraph (a) is “rent is fixed”, the wording used in paragraphs (b) and (c) is “reserved rent”. As the two expressions are not identical, a lack of clarity occurs. In practice, it often happens that, although the lease provides for a monthly or annual rent, a substantial portion of the rent is paid in advance by the tenant in order to comply with the claim that the landlord may have made at the time of the negotiation of the lease. The question now arises as to whether such a case falls within the scope of article 35 (a) — the “rent” is fixed — or whether it falls within the scope of subparagraph (b) or subparagraph (c) — “advance on money”.
It may also be noted that paragraph (b) applies only if “no rent is reserved”. 5. No education committee shall enter into a lease or lease-purchase authorized under this section without the prior consent of the electors of the district; provided that an education committee, with the consent of the Commissioner, may rent the necessary space in the event of an unforeseeable emergency. There was no obligation to pay the rent, but there was a use of the amount actually paid for the rent, which was indicated as for certain fixed amounts spread over the term of the lease. It was decided that there was no “reservation of rent”, but that anything paid in advance constituted an “advance” within the meaning of subparagraph (b) and that the instrument was taxable accordingly. If the tenant pays the rent before the lease obligation, the payment is nothing more than an advance payment that the tenant makes to the landlord. This was the reasoning of the Bombay High Court, which pointed out that a correct case of rent reserve could only mean rent for which there was a contractor on the part of the tenant to pay that amount. If there is no suitable, because there could not be one, because the amount has already been paid, then there is no “rent reservation”. Section 107 of the Transfer of Ownership Act 1882 provides: The letting of immovable property from year to year or for a period of more than one year, or the reservation of an annual rent, may only be effected by means of a registered deed. All other leases of real estate can be made either by registered deed or by verbal agreement with handover of ownership. 4.
No contract may be concluded for the lease of one or more buildings for a period of more than five years from the date of occupation. No hire purchase agreement may be concluded for a period exceeding the probable useful life applicable under the provisions of the Local Finance Act. Nothing contained herein shall be construed to prohibit a school board from renewing the lease of such building or buildings for equal periods, provided, however, that the total of the rent payments or the total amount of the hire purchase payments during the term of this contract, including lease renewals, does not exceed the purchase price of the building(s). plus interest not exceeding six per cent per annum on outstanding balances. Even assuming that the situation in the Punjab case can be distinguished from that in Mumbai, we believe that it is possible to redefine the different categories in a cleaner form. Essentially, if an amount is paid in advance, not as a premium, but as the sum of periodic rent payments attributable to part of the rental period, should it be treated as reserved rent or as “prepaid”? On this fundamental issue, the two judgments show a contradiction.
