Agricultural Bank Act Amendment Act of 1904 (4 Edw VII No. 13) (Qld)

I. • PIJBLIC OF THE PARLIAMENT OF QUEENSLAND, 4° EDWARDI VII., AND AN ACT OF 5° EDWARDI VII. AGRICULTURAL BANK. .An Act to Amend "The Agricultural Bank Act of 4 Rdw. VII. 1901" • N~ ~ THE AGRI- [ ASSENTE IJ ~ ro 14'l'H DECEMBER, 1904.] B~ T~~ Ui~ ~ B • AMENDMENT E it enacted by the King's Most Excellent MaJesty, ACT OF 1904. by and with the advice and consent of the Legis- lative Oouncil and Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, . .as follows : - 1. This Act maybe cited as "The Agricultural Bank Short title Act Amendment Act of 1904" and shall be read as one a;nd construc- wI . th "The Agricultural Ban ' k Act " of 1901, * herem • after twn of Act. ,called the Principal Act. Save as is by this Act otherwise expressly provided, all the provisions of the Principal Act shall, so far as the same are applicable, be applied to advances made under this Act; and wherever in the Principal Act the words .. this Act" occur, those words shall where necessary be -construed so as to include the Principal Act and this Act. 2. The manager, with the approval of the Trustees Purposes and subject to the provisions of the Principal Act as for which modified by this Act, may, upon the application of any ~ ~': ~~: s may owner or occupier of agricultural lands, make advances to extended. . such owner or occupier on the prescribed security for any ·of the following purposes, namely- (a) Payment of "tiabilities already existing on the holding; (b) Agricultural, dairying, grazing, horticultural, or viticultural pursuits on the holding; (c) Adding to the improvements already made on the holding; (d) Purchase of stock, machinery, or implements. 41 1 Rdw. vII. No. 24, supra, page 8071.

8662 AGRICULTURAL BANK. Agricultural Bank Act Amend'IAtmt. 4 Enw. VIT. No. 13, Limit of advances. 3. (1.) No advance under this Act for the purpose of the payment of liabilities already existing on a holding, or for the purchase of stock, machinery, or implements, shall exceed ten shillings in the pound of the fair estimated value of the holding with the improvements made and proposed to be made thereon. (2.) No advance under the Principal Act, and no- advance under this Act for any other purpose than the purposes last mentioned shall exceed twelve shillings in the pound of the fair estimated value of the holding with the improvements made and proposed to be made thereon. Subsection three of section fifteen of the' Principal Act is repealed. (3.) No advance under the Principal Act or this Act shall be made to any aboriginal native of Asia, Africa, or the Pacific Islands. Repayment of 4. Notwithstanding the provisions of the Principal a w dv ~ anc d e made Act , when an advance has been made to enable the borrower existing to pay liabilities already existing on his holding, or to- liabilities. purchase stock, machinery, or implements, the f ollow . mg provisions as to repayment shall be applicable:- • The advance shall be repaid by the borrower to the manager within a term of twenty-five years by payment on the first day of January and the first day of July in each year of half-yearly instalments of the amount of three pounds. eleven shillings for everyone hundred pounds advanced, until the whole advance, together with interest accruing thereon, has been repaid; The first instalment of such repayment shall be due and payable on the first day of January or. first day of July next ensuing after the advance· was made. Interest when 5. The last paragraph of subsection two of section ~ c;::: ~ ~ nineteen of the Principal Act is repealed, and the following instalments. provision is inserted in lieu thereof:- If any advance is made by instalments, interest shall be calculated on. the actual amount of the several instal- ments of such advance from the date when such instalments are advanced. ::::::e. As to special 6. In all cases where a special form of mortgage is prescribed by any Act affecting agricultural lands, the fact that a mortgage of a holding under the Principal Act or this Act is not in such form shall not in any way hinder its registration or.limit its effect· as a valid mortgage. • •

AGRICULTURAL BANK. 8663 1904. Agricultural Bank Act Amendment. 7. When an advance has been made under the Prin- Perfecting c cipal Act. or this Act upon the security of a mortgage ~ ~ ~ % ' ~ ls over of a holdmg the freehold whereof may under any Act be wlle~ freehold acquired from the Crown, the deed of grant in respect : ~ % ~ ~ ~ ~ ~ nt to thereof shall not issue from the Department of Public mortgage. Lands while such mortgage is in existence until a bill of mortgage of the freehold has been executed under " The Real Property Acts, 1861 to 1887,"* containing such covenants and provisions as are proper to secure payment of the amount of the advance, together with interest then unpaid. For this purpose it shall be the duty of the proper officer of the said Department to give notice to the manager of the Bank that such deed of grant is in his possession, and stating the full name and address of the grantee, whereupon the manager shall give notice to such grantee, according to the address so stated, to execute such mortgage in favour of the Trustees; and if such grantee or his successor in interest fails within thirty days after such notice as last aforesaid to execute such mortgage, then the manager shall and he is hereby empowered to execute such mortgage in the name and on behalf of the grantee, and such mortgage shall be binding against all claimants, not- withstanding any error in the address or the notice, and notwithstanding the death, insolvency, lunacy, minority, or other disability of the m.ortgagor or any such successor. 'l'he }{ egistrar of Titles and every local Deputy Registrar of Titles shall upon production register every such bill of mortgage so executed by such grantee or his successor in interest or the manager, and duly endorse the deed of grant accordingly. The Trustees shall be entitled to receive and retain possession of every such deed of grant while such mortgage is in existence. All costs and expenses occasioned in giving effect to this section shall be borne by the mortgagor, and may, if the manager thinks fit, be added to apd become part of the mortgage debt. 8. When an advance has been made under the Po~ er to Principal Act or this Act upon the security of a mortgage Trus~ ees to of a holding the freehold whereof may under any Act be; ; ! h~ 7d. acquired from the Crown, the Trustees may, under the conditions prescribed by' that .A ct, acquire the freehold of the holding in the name and on behalf· of the mortgagor or '*' 25 Vic. No. 14, sup1'a; page 2148; 41 Vie. No. 18, supra, page 2196; 48 Vio. No. 4, supra,page 2206; and 51 Vie. No. 3, supra, page 2207.

8664 AGRICULTURAL BANK. A.qricultural Bank Act Amendment. 4 EDW. VII. No. 13, 1904. his successor in interest, and for that purpose may make all such payments to the Crown as are necessary. All payments so made by the Trustees shall be added to and become part of the mortgage debt, notwithstanding that the amount of the advance is thereby increased to more than eight hundred pounds. The deed of grant of the holding shall be delivered to the 'frustees, and thereupon the provisions of the last preceding section shall be observed. Amendment 9. In section fourteen of the Principal Act, after the o P f r ~ m . C ~ l 4 paolfAct. words" unconditional selection ' " the words "or miner's homestead lease" are inserted. Amendment 10. In subsection three of section seventeen of the P of r ~ m . C ~ lp 7 aolfAct. Principal Act ' after the word" A . c ' t" the • words "or any release of such mortgage or securIty" are mserted. Amendment 11. At the end of section eighteen of the Principal 0p r f m ~. C ~ l 8 pa° lf A c t . Act, the w • ords" or a • charge in favour of the Crown under the laws m force relatmg to Crown lands, or a mortgage to the Treasurer under 'The Sugar Works Guarantee Acts, 1893 to 1895 ' ,,* are inserted. Amendment 12. In section twenty-four of the Principal Act, after Fofrisn.c2ip4aolfAct. the words " process 0 f 1aw, "the words " or proVI.sI.On 0 f any law in force relating to Crown lands" are inserted. Mortgages of 13. In case of a mortgage to the Trustees of a miner's h m o i m ne e r s s t ' eads. h omes t ea d - (i.) The Trustees, on exercising the powers con- tained in sections twenty and twenty-one of the Principal Act, may retain possession for any period in their discretion; (ii.) It shall not be necessary to furnish the proof required by section eighty-five of " The Mining Act of 1898,"t so long as the rent has been paid for a period of not less than thirty years; (iii.) Section ninety-eight of "The Mining Act of 1898 "t shall not apply. Regulations. 14. The power given to the Governor in Council by the Principal Act to make Regulations shall extend to Regulations for giving effect to the objects and provisions of this Act. * 57 Vic. No. 18, supra, page 4872; and 59 Vic. No. 14, supra, page 5709. t 62 Vie. No. 24, supra, page 6609.