Section 15Part 3 — Leases
Part of mining rent to be set aside as capital
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Under a mining lease, whether the mines or minerals leased are already opened or in work or not, unless a contrary intention is expressed in the settlement, there shall be, from time to time, set aside, as capital money arising under this Law, part of the rent as follows, namely, where the tenant for life is impeachable for waste in respect of minerals, seventy-five per cent of the rent, and otherwise twenty-five per cent thereof, and in every such case the residue of the rent shall go as rents and profits.
Defined Terms
mining leasecapital moneyrenttenant for lifewasteimpeachable