2596
THE NEW ZEALAND GAZETTE.
[No. 68

of the monthly salary by the number of days for which payment is to be made, and by dividing the product by the number of days in the month.

(2.) Where payment of wages or allowances is to be made at a fixed rate per day, then, in calculating the amount payable for any period, account shall be taken of the total number of days within that period, unless it is otherwise expressly stipulated or agreed in the contract in respect of which that payment is to be made.

ADVANCES BOARD.

8. The Board shall meet for the despatch of business at such time and in such place as the Superintendent from time to time appoints: Provided that the Board may upon the adjournment of any meeting appoint a time and place for holding the adjourned meeting.

ADVANCES TO SETTLERS.

9. (1.) Every application for an advance under Part II of the said Act shall be in the form in the Third Schedule hereto, or to the effect thereof.

(2.) A rough sketch-plan, showing the boundaries of the property offered as security for the advance, must be forwarded by the applicant to the Superintendent with his application.

10. (1.) No such application shall be considered by the Board until the appropriate fee for the valuation of the proposed security has been duly paid by the applicant.

(2.) If the application is refused without a valuation of the proposed security having been made, or if the applicant declines to accept the advance offered to him by the Board, the Superintendent may refund to the applicant the whole, or such part as he thinks just, of the valuation fee so paid.

(3.) The amount of the said valuation fee shall be determined by reference to the amount of the advance for which application is made, in accordance with the following scale:—

Amount of Advance applied for. Valuation Fee.
£ s. d.
Not exceeding £100 .. .. .. .. 0 10 6
Exceeding £100, but not exceeding £250 .. .. .. 1 1 0
,, £250, ,, £500 .. .. .. 1 11 6
,, £500, ,, £3,000 .. .. .. 2 2 0

11. The costs and fees for the preparation and completion of mortgages for advances shall be determined in accordance with Part I or Part II of the scale set forth in the Fourth Schedule hereto, as the case may require, and shall be deducted by the Superintendent from the amount of the advance agreed to be granted.

12. (1.) Before making a progress-payment in respect of an advance to a settler the Superintendent shall require an inspection to be made of the security, and for each such inspection (including inspections under Regulation 20 hereof) the mortgagor shall pay an inspection fee of 10s. 6d.

(2.) Where the mortgagor requires an inspection of the security for any purpose other than the making of a progress-payment he shall pay an inspection fee equal to the valuation fee payable by him on application for the original loan.

CLASSIFICATION OF SECURITIES IN RESPECT OF ADVANCES TO SETTLERS.

13. (1.) When the value of the land in respect of which an application for an advance is made, or the value of the applicant’s interest therein, exclusive of all improvements thereon, is not less than three-fourths of the amount of the loan, and the security offered is in the opinion of the Board satisfactory in all other respects, then that security shall be deemed to be a first-class security.

(2.) When the value of the land in respect of which an application for an advance is made, or the value of the applicant’s interest therein, exclusive of all improvements thereon, exceeds one-third but does not equal three-fourths of the amount of the loan, and the security offered is in the opinion of the Board satisfactory in all other respects, then that security shall be deemed to be a second-class security.

(3.) When the value of the land in respect of which an application for an advance is made, or the value of the applicant’s interest therein, exclusive of all improvements thereon, does not exceed one-third of the amount of the loan, and the security offered is in the opinion of the Board satisfactory in all other respects, then that security shall be deemed to be a third-class security.

ADVANCES TO WORKERS.

14. Every application for an advance under Part III of the said Act shall be in the form in the Fifth Schedule hereto, or to the effect thereof.

15. (1.) No such application shall be considered by the Board until the fee for the valuation of the proposed security has been duly paid by the applicant.

(2.) If the application is refused without a valuation of the proposed security having been made, or if the applicant declines to accept the advance offered to him by the Board, the Superintendent may refund to the applicant the whole, or such part as he thinks just, of the valuation fee so paid.

16. Valuation and inspection fees shall be paid by the applicant as follows:—

Valuation fee .. .. .. .. .. .. s. d.
7 6
For each inspection of a dwellinghouse in pursuance of Regulation 20 .. 7 6

17. (1.) Mortgages under the Land Transfer Act, 1908, shall, if the applicant’s title is free from incumbrance, be prepared and completed free of charge to mortgagors, with the exception of the repayment of cash disbursements, which shall be deducted from the advance.

(2.) Except as herein otherwise provided, the scale of costs and fees set out in the Fourth Schedule hereto with respect to advances to settlers shall apply to advances to workers.