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Rent Review (Amendment) Act 2008

REPUBLIC OF KIRIBATI

RENT REVIEW (AMENDMENT) ACT 2008
(No. 13 of 2008)

I assent,

Beretitenti
Assented: 23rd December 2008

AN ACT TO AMEND THE RENT REVIEW ORDINANCE (CAP 90) TO CATER FOR THE REVIEW OF RENTS TO TAKE PLACE EVERY 3 YEARS AND FOR CONNECTED PURPOSES

Commencement:

MADE by the Maneaba ni Maungatabu and assented to by the Beretitenti.

1. Short title and Commencement date

This Act may be cited as the Rent Review (Amendment) Act 2008 and shall be deemed to have come into operation on 1st January 2006.

2. Amendment of section 4

Section 4 of the Rent Review Ordinance, Cap. 90 is amended by repealing the words "5 years" and "fifth anniversary" wherever they appear in subsections (1), (2) and (3) of that section and substituting the words "3 years" and "third anniversary" respectively.

EXPLANATORY MEMORANDUM

The purpose of this short amendment is to enable the landowners to realize the value of their lands every 3 years and not every 5 years as is presently the case.

With inflation going up every year and not every 5 years, it is hoped that a triennial review of rents will bring the landowners closer to the real value of their land and to reap the benefit of such rise in value every 3 years and not every 5 years.

Of course without this amendment it is still possible for parties to review the rent every 3 years but as we all know we have taken advantage of the law as it now stands and carried out the rent reviews every 5 years since the time the Rent Review Ordinance came into being.

The Rent Review Ordinance came into force on 27th August, 1974. The need to have it amended is long overdue.

Banuera Berina MP
South Tarawa
July 2008