Section 47 Property and Conveyancing Law of the Western Region of Nigeria 1959

Section 47 of the Property and Conveyancing Law of the Western Region of Nigeria 1959 is about Surrenders. It provides as follows:

(1) The trustees for sale may accept, with or without consideration, a surrender
of any lease of trust land, whether made under this Law or not, in respect of the
whole land leased or any part thereof, or any of them, and with or without an
exception of any easement, right or privilege of any kind over or in relation to the
lanai surrendered.

(2) On a surrender of a lease, in respect of part only of the land leased, the rent may be apportioned.

(3) On a surrender, the trustees for sale may in relation to the land surrendered, or of any part thereof, make a new or other lease, or new or other leases, in lots.

(4) A new or other lease, may comprise additional land and may reserve any apportioned or other rent.

(5) On a surrender, and the making of a new or other lease, whether for the same or for any extended or other term, and whether or not subject to the same or to any other covenants, provisions, or conditions, the value of the lessee’s interest in the lease surrendered, may be taken into account in the determination of the amount of the rent to be reserved, and of any fine or consideration in money to be taken, and of the nature of the covenants, provisions, and conditions to be inserted in the new or other lease.

(6) Every new or other lease shall be in conformity with this Law.

(7) All money received on the exercise by the trustees for sale of the powers
conferred by this section, shall, unless the court, on an application made within six months after the receipt thereof or within such further time as the court may in
special circumstances allow, otherwise directs, be applicable in the same manner as if it represented proceeds of sale arising under the trust for sale.