SCHEDULE 19Leases

PART 5Chargeable consideration: rent and consideration other than rent

Assignation of lease: assumption of obligations by assignee

I1 16

In the case of an assignation of a lease the assumption by the assignee of the obligation—

a

to pay rent, or

b

to perform or observe any other undertaking of the tenant under the lease,

does not count as chargeable consideration for the assignation.