BLM74640 | ’Income-into-capital’ schemes and back loaded leases: Back loaded leases: second condition - terms of contract conditional at 26/11/96

The second (alternative) requirement (see BLM74635) is that instead the following three conditions are satisfied:

• the contract is unconditional or, if the contract is conditional, the conditions are satisfied by the following dates, either:

• by 31 January 1997 or, if later, six months after the written contract is made, or

• within such further time as the Board may allow (see below);

• no terms remain to be agreed after that date; and

• the contract in its final from is not ‘materially different’ from the contract as it stood when it was made (see BLM74650).

Requests for the Board to exercise their power to extend the time limit mentioned above should be referred to CS&TD.