Agricultural Bank Act Amendment Act 1902 (WA)

Meztern Clusittatta.

ANNO SECUNDO

EDWARD' VII. REGIS.

45,m**********************:8.8.5*0**46,8aMiti****4:5i*****

No. XIII.

AN ACT to further amend the Agricultural

•

Bank Act, 1894.

[Assented to, i ith December, 1902.]

Legislative Assembly of Western Australia., in this present Parlia-	BE it enacted by the King's Most Excellent Majesty, by andwith the advice and consent of the Legislative Council and
ment assembled, and by the authority of the same, as follows:-

1. THIS Act may be cited as the Agricultural Bank Act Short title and in-

Amendment Act, 1902, and shall be construed as one with the	corporation with 58
Agricultural Bank Act, 1894, and the amendments thereof, herein-	Viet., No. 21.
after referred to as the principal Act.

2. THE manager, with the approval of the Governor, and Extension of pur-

subject to the provisions of the principal Act, may make advances	poses for which
on the security of improved holdings, to farmers and other culti-	advances may bemade.
vators of the soil, to enable them,

(1.) To pay off liabilities already existing on their holdings.

(2.) To carry on farming and grazing, agricultural, horticul-

tural, or viticultural pursuits on their holdings.

(Q.) To add to the improvements already made on their

holdings.

2° EDWARDI VII., No. 13.

Agricultural Bank Act—Amendment.

Applicant to state 3. ANY person applying for an advance shall set forth in his

purpose to which

application the purpose to which the advance is to be applied.

advance to he

applied.

NO advance under this Act shall exceed two-thirds

No advance to ex- 4.

ceed two-thirds value	of the fair estimated value of the land, with the improvements
of land with improve-
ments or the sum of	made thereon, except in the case of loans for horticultural and
.21,000.	viticultural lands, which shall not exceed one-half of such value, and in every case not less than one-third of such advance shall be expended on the land on improvements, in accordance with sub- sections two and three of section two of this Act, and at no time shall the advance or advances to any one person exceed the sum of One thousand pounds.

Preceding section 5. SECTION four shall not apply to advances for the purposes

not to apply to ad-

mentioned in the principal Act based upon the estimated value of

vances under prin-

cipal Act.

improvements proposed to be made on unimproved holdings, or of

additions to improvements already made on holdings.

WHEN portion of an advance is made to enable the borrower to pay off liabilities already existing on his holding, the repayment of so much of the advance shall begin at the expiration of one year from the first day of January, or the first day of July, as the case may be, next following the date of the advance.

Repayment of 6.

advance to discharge

existing liabilities.

No advance for dis- '7. NO advance shall be made for the sole purpose of paying off

charge of liabilities	existing liabilities.
only.

APPLICATIONS for advances under Five hundred pounds shall have priority over those of larger amounts..

Priority of advances. 8.

THE amount which the Colonial Treasurer is authorised by section five of the principal Act to raise for the purposes of the Act by the issue of mortgage bonds, as therein provided, is increased to a sum not exceeding in the aggregate , Three hundred thousand pounds.

Amendment of 58 9.

Viet., No. 21, sec. 5.

Commencement. 10. THIS Act shall come into operation on the 1st day of

March, 1903.

In the name and on behalf of the King I hereby assent

to this Act.

E. A. STONE, Administrator.

By Authority: Wm. ALFRED WATeON, Government Printer, Perth.