664

THE NEW ZEALAND GAZETTE.

[No. 15

Amendment Act, 1921-22, as security for unpaid purchase-money in respect of any estate or interest in any land acquired by His Majesty, the half-yearly instalments of purchase-money and of interest payable under such mortgage shall be calculated and apportioned in accordance with such one of the tables in the hereinafter-mentioned Schedules to the said regulations as is appropriate to the term of the mortgage so given, and to the rate of interest chargeable thereunder :—

(a.) Where interest on unpaid purchase-money is payable at the rate of 5 per centum per annum.— For a term of 10 years, Third Schedule ,, 15 ,, Fourth Schedule. ,, 20 ,, Fifth Schedule. ,, 25½ ,, Second Schedule. ,, 36½ ,, Sixth Schedule.

(b.) Where interest on unpaid purchase-money is payable at the rate of 5½ per centum per annum.— For a term of 10 years, Seventh Schedule. ,, 15 ,, Eighth Schedule. ,, 20 ,, Ninth Schedule. ,, 24½ ,, Tenth Schedule. ,, 34½ ,, Eleventh Schedule.

26. (1.) With respect to a license to occupy on deferred payments granted pursuant to the provisions of section 21 of the Discharged Soldiers Settlement Amendment Act, 1923, which license shall be in the Form No. 12 in the First Schedule to the said regulations, the half-yearly instalments of principal and interest in respect of balance of purchase-money payable thereunder shall be calculated and apportioned in accordance with such one of the tables in the Schedules mentioned in the preceding clause as is appropriate to the term of the license so granted, and to the rate of interest chargeable upon unpaid purchase-money.

(2.) Upon payment of the price in full, and of all interest thereon, in respect of a license to occupy on deferred payments granted as aforesaid, the purchase shall be deemed to be completed, and a certificate of title for the land so purchased shall be issued accordingly.

27. Advances for the purpose of the erection of a dwelling-house on other than rural land may, on the recommendation of the Land Board, be made by the Minister of Lands, subject to the following provisions :—

(a.) The amount of the advance shall in no case exceed the sum of £900 :

Provided that where a discharged soldier is the registered owner in fee-simple of such land, and the Minister is satisfied that such person has obtained such land directly as a beneficiary under a deed of gift without any consideration in money or money's worth, the Minister may, if in his opinion special circumstances render such an amount inadequate, authorize an additional advance not exceeding £250.

(b.) Unless otherwise determined by the Minister as hereinafter provided, all moneys advanced, together with interest thereon at the rate of 5 per centum per annum, shall be secured by mortgage over the land in the form No. 10 in the First Schedule hereto or to the like effect, and shall be repayable by half-yearly or monthly instalments over a period of twenty-five years and a half. Every instalment shall consist partly of interest and partly of principal, and shall be calculated at the rate of 7 per centum per annum on the amount of the advance, and shall be applied towards payment of interest and principal in the proportions set out respecting the appropriate payment in the Second Schedule hereto. Form No. 10 in the First Schedule hereto shall be altered where necessary to provide for payment by monthly instalments. Any discharged soldier who has obtained an advance and has contracted to pay instalments of interest and principal half-yearly may, with the consent of the Land Board, be permitted to pay such instalments monthly, whereupon the amount payable monthly shall be one-sixth of the amount which he has contracted to pay half-yearly.

(c.) Monthly instalments shall be payable on the first day of each and every month for a period of twenty-five years and a half, such instalments being calculated at the rate of 11s. 8d. per month for every £100 included in the balance of capital value.

(d.) The total period during which instalments shall be payable as provided in the last preceding paragraph shall be divided into periods of six months, the first of such periods commencing on the first day of the month next following the date of the execution of the mortgage.

(e.) The total amount of the monthly instalments for any such period of six months shall be deemed to be in

part satisfaction of principal and interest for that period, in proportions calculated in accordance with the table in the Second Schedule hereto as for the appropriate period of six months : Provided that if in any case the full amount of such instalments has not been paid, no allocation shall be made in respect of principal until the full amount of interest has been satisfied.

(f.) The amount of any loan may, in the discretion of the Minister, be advanced by progress-payments to an amount not exceeding the value of the work from time to time be completed.

(g.) Every application for an advance shall be made, in the form No. 11 in the First Schedule hereto, or to the like effect, to the Land Board for the district within which the land affected is situated, and shall be accompanied by the valuation fee calculated in accordance with the scale prescribed by paragraph (b) of clause 24 of these regulations. The Land Board shall, before making its recommendation, require the applicant to appear personally before it, or before such person or persons as it may appoint.

(h.) In such cases as the Minister may determine, advances may be made on flat mortgage for any period not exceeding ten years. All moneys so advanced shall bear interest at the rate of 5 per centum per annum, and shall be secured by way of mortgage over the land in the form No. 6 in the First Schedule hereto, with the necessary modifications.

(i.) In any case where the Board is of opinion that the estimated probable life of a dwelling, by reason of its being constructed of brick or concrete, is sufficient to justify the repayment of the moneys advanced therefor over a longer period than provided in paragraph (b) hereof, the Minister may, on a special recommendation made by the Board in that behalf, authorize the repayment over a period of thirty-six years and a half of the moneys so advanced. In such a case, every half-yearly instalment shall consist partly of principal and partly of interest, and shall be calculated and apportioned according to the table in the Sixth Schedule hereto.

28. In cases where the security offered for advances is not sufficient to warrant loans being granted for a term of thirty-six years and a half or twenty-five years and a half as provided for respectively in clauses 24 (g) and 27 (b) hereof, and notwithstanding anything to the contrary contained in the said clauses 24 (g) and 27 (b) advances may be made in such special cases as the Minister may approve, repayable by half-yearly instalments over a period of ten or fifteen or twenty years as may be deemed suitable in the circumstances. Every half-yearly instalment shall consist partly of interest and partly of principal, and shall be calculated and apportioned respectively for the said periods of ten or fifteen or twenty years according to the tables of the Third, Fourth, and Fifth Schedules hereto.

29. All the powers conferred upon His Majesty the King as mortgagee by any mortgage to secure repayment of moneys advanced under these regulations, or pursuant to any law as such mortgagee, may be exercised in his own name by the Commissioner of Crown Lands for the land district within which the land affected by such mortgage is situated, and all actions and proceedings for the recovery of moneys advanced or interest thereon may be taken by the said Commissioner in his own name.

30. In every mortgage hereafter given as security for advances made for the purchase or erection of a dwelling under Part II of these regulations the following provisions shall apply :—

The mortgagor of such dwelling shall reside continuously therein so long as any portion of the moneys secured by the mortgage remain unpaid. Non-residence, or the sub-letting of such dwelling, by the mortgagor without the written consent of the Board being first had and obtained shall be deemed to be a breach of covenant, whereupon the mortgagee may call up and compel payment of all principal, interest, and other moneys for the time being owing under the security, notwithstanding that the time or times appointed for the payment thereof respectively may not have arrived.

31. Upon the transfer, otherwise than pursuant to the will or on the intestacy of the mortgagor, of any property upon the security of which an advance has been made pursuant to these regulations, the balance of the principal unpaid in respect of such advance shall be immediately due and payable : Provided that this regulation shall not apply in the case of a transfer to a discharged soldier as defined by the Discharged Soldiers Settlement Act, 1915, or the amendments thereof, where such transfer has been duly consented to by the Land Board and approved by the Minister.