Skip to main content

AI Summary of 351. Interpretation (Chapter 4).

Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 6 April 1999 - onwards
Version 3 of 3

351. Interpretation (Chapter 4).

In this Chapter -

"lease", "lessee", "lessor" and "rent" have the same meanings respectively as in Chapter 8 of Part 4;

"market value", in relation to a building or structure, means the price which the unencumbered fee simple of the building or structure would fetch if sold in the open market in such manner and subject to such conditions as might reasonably be calculated to obtain for the vendor the best price for the building or structure, less the part of that price which would be attributable to the acquisition of, or of rights in or over, the land on which the building or structure is constructed;