As I mentioned, I do not know if these occur in all equity leases, but I certainly have seen a partial refund of equity in one document and a refund of equity in another. However, that dealt with situations of surrender or termination and dealt with circumstances in which a refund or a partial refund could be made. However, I am informed by my department that they have not come across a situation in Lands/MACA where a full or partial refund has been paid out. The clause may exist. It is subject to many conditions, and, apparently, as I say, they are not aware of any refunds having been paid out in situations where there was termination, surrender, cancellation or assignment. Certainly, there does not appear to be, even though this clause exist, much use of it, and certainly, there would not be and should not be in situations where there is an assignment of the lease.
Louis Sebert on Question 741-18(3): Equity Leases
In the Legislative Assembly on May 28th, 2019. See this statement in context.
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