■ill! 



ill 



ii;: 



notice previous to tlie expiration of the lease, it was to be 

 renewed for a further period of 31 years ujDon the same con- 

 ditions as to rent, &c., as those already proposed. The Commis- 

 sioners were, however, to reserve to themselves a power to 

 decline to renew the lease, in which case they were to be bound 

 to take upon themselves the responsibUity of any Debentures 

 that might be outstanding at the expiration of 31 years, to 

 cmy extent not exceeding a maximum of 20,000/. But the Com- 

 missioners rec|uired the Society to devote in each year not less 

 than 50 per cent, of their surplus balance to paying off out- 

 standing Debentures. And in the event of the Society being 

 unable for any five consecutive years to pay interest on the 

 50,000/. to be borrowed by the Commissioners, then the Com- 

 missioners were to have the right of re-entry without any 

 payment of compensation. 



On this occasion the two following resolutions closed the 

 dehberations of the Society : — 



" That tliis meeting approves of the steps ah'eatly taken by the Council, 

 authorises the negotiations with the Royal Commissioners to be continued, and 

 empowers the Council to proceed to raise the sum required for the construction 

 of a Garden at Kensington Gore, and if the money sliall be obtained, to complete 

 the arrangements." 



*' That the Council be instructed not to accept the clause about re-entry in 

 case of failing to pay interest for five years, and that in the event of the Conimis- 

 -sioners cancelling the lease, an equitable adjustment of mutrial interests be made." 



Further negotiations terminated in an agreement being come 

 to by both parties, embodying the chief points above noticed. 

 The clause objected to was modified to the effect that in the 

 event of the Commissioners cancelling the lease after five years' 

 non-pajauent of rent, an equitable adjustment of mutual interests 



