Agricultural Bank Act Amendment Act 1922 (WA)

AGRICULTURAL BANK.

13° GEO. V., No. XII.

No. 30 of 1922.

AN ACT to further amend the Agricultural Bank

Act, 1906.

[Assented to 21st December, 1922.]

B E it enacted by the King's Most Excellent Majesty, byCouncil and Legislative Assembly of -Western Australia, inand with the advice and consent of the Legislative

this present Parliament assembled, and by the authority of

the same, as follows:-

1. This Act may be cited as the Agricultural Bank Act Short title.

Amendment Act, 1922, and shall be read as one with the

No. 30.] Agricultural Bank. [1922.

Agricultural Bank Act, 1906, and its amendments, herein- after referred to as the principal Act.

Amendment of

Section 33. 2. (1.) Section thirty-three of the principal Act is

amended, as follows :-

In subsection (1) thereof the words "ten years" are substituted for "five years."

(a)

(b) In subsection (4) thereof the words "ten years" are substituted for the words "five years," and the words "twenty years" are substituted for the words "twenty-five years."

(c)

A subsection is added to the said section in place of the repealed subsections (5) and (6), as follows:

(5.) After the expiration of the said period of ten years, each half-yearly instalment shall consist partly of principal and partly of interest apportioned as pre- scribed by regulations under this Act, the half-yearly in- stalments of principal commencing at two shillings and sixpence per one hundred pounds and increasing half- yearly by two shillings and sixpence per one hundred pounds, the interest being proportionately reduced.

(2.) Section thirty-three of the principal Act, as hereby amended, may, with the approval of the Bank, be applied to mortgages and charges existing at the commencement of this Act.

Limit of advances

under Act No, 9 of	3. In the application of section twenty-eight of the prin- cipal Act, as amended by section three of the Agricultural Bank Act Amendment Act, 1911, to advances made by the Bank under the provisions of the Discharged Soldiers Settle- ment Act, 1918, the prescribed amount of principal money may be increased by a sum not exceeding five hundred pounds.
1910.
Interest.	4. If any instalment of interest payable under any mort- gage is in arrear for such period that the power of sale of the mortgaged land is exercisable, such interest so in arrear shall, as from the due date thereof, bear interest at the pre- scribed rate for the time being.