National Pensions Scheme Authority (NAPSA) has asked the Lusaka High Court to extend the period to file lease agreements for the Edgar Chagwa Lungu and Levy Business parks in Kitwe and Lusaka, respectively.
According to an affidavit in support of originating notice of motion filed in the Lusaka High Court, recently, NAPSA, the applicant in this matter, has stated that the court has jurisdiction or powers to extend the period within which to file lease agreements with leasing periods of more than 12 months.
NAPSA Investment Officer in the Investment Department, Dennis Daka, explained that on various dates but around January 2016, NAPSA entered into lease agreement for durations between three to five years with various entities for office and shop space at Edgar Chagwa Lungu Business Park and Levy Business Park, respectively.
He stated that any lease agreements with leasing periods of over 12 months needed to be registered with the Lands and Deeds Registry, within 12 months from the date of their commencement.
“As a result of the approval processes within NAPSA’s internal structures, the new requirement by Lands and Deeds Registry for a Board resolution approving the registration of such leases, whenever one is registering leases; and the requirement to re-execute some of the leases which were misplaced in the process of transferring them from the Lands and Deeds Registry to NAPSA’s premises, the registration process has been delayed beyond the 12 month period provided by law,” Daka stated.
He stated that NAPSA had since obtained the necessary approvals, the required Board resolution and the re-executed lease agreements and consequently, was desirous to comply with law and properly register the Lease Agreements.