New Zealand Gazette – 1909 – No. 32

Page 1046

✨ Forestry Regulations

For six to ten million feet, one-fifth in cash on acceptance of
tender, one-fifth in nine, one-fifth in eighteen, one-fifth
in twenty-seven, and one-fifth in thirty-six months thereafter.

Interest on unpaid instalments.

All such instalments shall bear interest at the rate of 5 per
cent. per annum as from the date of acceptance of tender, and, with
the interest, shall be secured by promissory notes payable on demand,
and made and indorsed to the satisfaction of the Conservator; but the amounts secured by such promissory notes must
be paid up in cash if the licensee bleeds, or permits to be bled, any
timber sold to him under these regulations, and the Conservator
notifies him under Regulation 112.

Removal of timber.

The period during which timber disposed of under Regulation 71, et seq., shall be as follows:—
Not exceeding 1,000,000 sup. ft. within one year.
" 3,000,000 " two years.
" 6,000,000 " three years.
" 10,000,000 " four years.

Extension of time for removal of timber.

Timber not removed within the time provided for its removal shall revert to the Crown, but the Commissioner may grant
an extension of time for a period not exceeding three years on payment of not less than 5 per cent. per annum on the prairie or net value of the land on which the timber is standing or lying, subject to such conditions as the Commissioner may impose.

Crown may accept royalty on estimated or realised quantity of
timber.

The Crown reserves the right either to accept royalty on the estimated quantity of timber as appraised, or on the amount as it comes from the mill, sawn or in flitches; the conditions governing payment of royalty therefor being those specified in Regulation 46;
subject, however, to Regulations 76 to 113.

Conditions when payment made by instalments.

In every case where payment is to be made by instalments the following special provisions shall apply:—
(1.) The property in all timber whether standing or in logs shall remain in the Crown until all the instalments are paid.
(2.) The value of the timber cut shall at no time exceed the total amount actually paid.
(3.) In any case where the Conservator is satisfied that timber has been cut in excess of the limit fixed by the last preceding paragraph, he shall appraise the quantity and value of the timber so cut in excess and demand payment from the licensee of the amount of such appraisement. The amount paid shall be in or toward satisfaction of the accruing instalments in the order in which they accrue due, and shall accordingly be credited to the same, as also to the promissory notes securing the same. In default of payment of such amount for the space of fourteen days the whole of the unpaid instalments shall be payable forthwith, and payment may be enforced accordingly.

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