单词 | Land Exchange Entitlement Letter |
释义 | 土地交換權利函件 A letter embodying an agreement for owners of land to accept compensation or another piece of land in exchange. It was the practice when the Hong Kong Government required the land in the New Territories from villagers for redevelopment. When the government of Hong Kong acquired land, the owner of the land may agree to accept compensation in cash or to accept land to be offered by the government at a price calculated by reference to land values prevailing at the date of the acquisition of the owner’s land: New Territories Land Exchange Entitlements (Redemption) Ordinance (Cap 495). The agreement was embodied in a letter issued by the government. If the owner surrendered his land voluntarily, he was issued with a letter known as Letter A. If the government compulsorily acquired the owner's land, he was issued with a letter known as Letter B. Letters A and B were therefore in effect acknowledgements by the government of a debt caused by taking away land from an owner. Letters A and B were legally choses in action and were freely transferable, were not subject to stamp duty and were not registerable either. They were an offer to a landowner of a choice of (a) taking a stated amount of cash in full and final settlement of the surrender of his land, or (b) an exchange of agricultural land in the New Territories on a foot for foot basis without any premium, or (c) the right to a future grant of building land in one of the New Territories urban development areas on terms such as those already mentioned: Yau Fook Hong Co Ltd v A-G [1986] 1 HKC 502 (PC); Sihombing and Wilkinson Hong Kong Conveyancing - Cases and Materials Vol 2, II [341]-[354]. |
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