LAND FOR SOLDIERS

Dominion, Volume 9, Issue 2722, 17 March 1916, Page 6

LAND FOR SOLDIERS

SCHEME FOR LOANS OUTLINED

Tho following regulations regarding advances under the Discharged Soldiers' Settlement Act were gazetted last night:—

1. Advances for any of the purposes named'in Section 6or the Act may, on the recommendation of the Land Board, he made by the. Minister of Lands; and fifty such advance or advances may, on the _recommendation of the Land Board, be increased from time to time at the discretion of the- said Minister.

2. The amount of any loan made for any of the purposes mentioned in Subclauses (a) and (b) of . Section- 6. (1) of tho said Act may, in the discretion of the Minister, be advanced, by progress payments corresponding to 75 per cent, of the value of the improvements from time to time effected by the mortgagor. ■ 3. In such case the value of the improvements so effected shall from time to time be ascertained and certified to by somo person authorised by the Minister in' that behalf, and any certificate giveiiby such person shall be"final: the balance of the advance to he paid on receipt of final- certificate that the improvements in respect of which the advance was to be made are satisfactorily completed. 4. In no case shall the amount advanced for the purpose of building a diwellinghouse exceed £150.'

, 5., In no case shall any advance be made to any one person exceeding £500, nor any advance which, together with other advances made to the same person and still remaining unpaid, exceed tho sum of £500. ■

6:, All. moneys advanced) shall be secured by way of first mortgage! over the land- or the settler's interest therein.

' 7.< Where money is advanced for the purpose of purchasing stock and implements, suoli money snail be further se-cured-by a collateral bill of sale. 8. In cases where further ' advances aro made- for purposes other than tho purchase of stock or implements, and the applicant has on the land stock or implements'.not already secured by bill of sale]''the Minister may require, "before granting such further advance, collateral seourity by way of bill of sale over such stock or implements.