Assignment is when a 60 percent approval is being given by a particular tokatoka/mataqali/yavusa for the deduction of a percentage of the total lease funds to a special account for development purposes before the rest of the funds are being distributed equally to each living member of that tokatoka/mataqali/yavusa.
This is legally constituted under Section 14(3) of the iTaukei Land Trust Act as well as in the Equal Rent Distribution Policy.
Some of the ways in which Assignment can be done but not limited to the following:
a) Housing Authority;
b) Development Loan;
c) Building Contractor;
d) Motor Vehicle Dealer.
The purpose of assigning a portion of the total lease funds are as follows:
- To assist the landowners in having a pool where they can source funds from for the purpose of education, vanua obligations, village development, etc. within each tokatoka/mataqali/yavusa .
- Landowners starting a business.
Requirement for Assignment:
- A letter detailing the landowners request and the purpose of the assignment.
- Minutes of the meeting of that tokatoka/mataqali/yavusa giving approval to (1) above.
- Filled TLTB 5E form with the signatures of 60 percent of all members of the tokatoka/mataqali/yavusa 18 years and older;
- A letter from the bank if a loan is the purpose of the assignment.
TLTB will then analyze the request by looking at the annual income of the LOU in previous years through lease monies and if approved then deductions or assignment will start on a monthly basis