First year rent free
20 First year rent free
The Board shall not demand or receive rent in respect of the period between the allotment of a holding to a tenant and the end of the first year after his entry thereon by virtue of the allotment.
During this period the tenant shall pay to the Board the net income derived by him from the holding, without any deduction for his own exertions.
The Board shall credit payments under the last preceding subsection against any future obligation of the tenant in respect of advances for working capital, stock, plant, and equipment, in respect of payments outstanding under subsection (2) of section twenty-six and in respect of rent in a proportion to be determined by the Board.
The Board may, where it thinks it to the tenant's advantage, waive payment of all or part of the sum payable by him under this section.
Where the tenant has entered as provided in section sixteen, the date of the temporary licence shall be deemed the date of allotment, and that entry the entry, for the purposes of subsection (2) of this section.
This section shall apply only – to the first tenancy of a holding; and to any subsequent tenancy arising by allotment to an eligible person if the Board has, with consent, so stated in its offer before allotment.
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