Agricultural Bank (Loans) Act of 1959 (8 Eliz Ii No. 26) (Qld)

62 BANKING. Agricultural Bank {Loans) Act. 8 E liz . II. No. 26, BANKING. 8 N E o l . iz 2 . 6I. I, An Act to Make further Provision Relating to the A gricultural Making of Loans for the purposes of Primary B ank (L oans ) A ct of 1959. Production by the Corporation of the Agricultural Bank, and for other purposes. [A ssented to 16 th A pril , 1959.] Short title. E it enacted by the Queen’s Most Excellent Majesty, B by and with the advice and consent of the Legis­ lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:— 1. (1.) This Act may be cited as “ The Agricultural Bank {Loans) Act of 1959.” Commence­ ment. *(2.) Save as herein otherwise provided this Act shall come into operation on a date to be fixed by the Governor in Council by Proclamation published in the Gazette. Mteremansi.ng of indic2at.esInorthriesquiArecst, , tuhnelefsosllotwhieng ctoenrtmexst shoatlhlerhwaivsee the meanings respectively assigned to them, that is to say— Bank. “ Bank ”—The Corporation of the Agricultural Bank as constituted under The Co-ordination of Rural Advances and Agricultural Bank Acts, 1938 to 1951 ” ; Board. “ Board ”—The Agricultural Bank Board as established under f“ The Co-ordinationof Rural Advances and Agricultural Bank Acts, 1938 to 1951 ” ; Commodity Board. “ Commodity Board ”— (a) Any commodity board under and within the meaning of $“ The Primary Producers'1 Organisation and Marketing Acts, 1926 to 1957 ” ; or (6) The Committee of Direction constituted under §“ The Fruit Marketing Organisation Acts, 1923 to 1956 ”; or * Commenced 1 Jan., 1960. (Proc. pubd. Gaz. 26 Dec., 1959, p. 2285.) t 14 G. 5 No. 41 and amending Acts. J 17 G. 5 No. 20 and amending Acts. § 14 G. 5 No. 39 and amending Acts.

BANKING. 63 1959. Agricultural Bank (Loans) Act. (c) The State Wheat Board constituted under *“ The Wheat Pool Acts, 1920 to 1957 ” ; or (d) The Brisbane Milk Board or any other Milk Board constituted under f“ The Milk Supply Act of 1952 ” ; Company ”—A company formed and registered, Company, or be deemed to be formed and registered, under J“ The Companies Acts, 1931 to 1955,” a primary producers’ co-operative association formed and registered under §“ The Primary Producers ’ Co-operative Associations Acts, 1923 to 1934,” or a society formed and registered, or deemed to be formed and registered, as a co-operative society under ||“ The Co-operative Societies Acts, 1946 to 1951 ” ; “ Farm land ”—Land used or about to be used Farm land- for any agricultural, dairying, grazing, horticultural or viticultural pursuits, poultry or pig raising, or any other rural pursuit approved by the Governor in Council; “ Fund ”—The fund established at the Treasury Fund, under the name of The Agricultural Bank Fund pursuant to ^[“ The Co-ordination of Rural Advances and Agricultural Bank Acts, 1938 to 1951 ” ; “ Land ”—Any— Land- (i.) Freehold land; (ii.) Land held for an estate of leasehold from the Crown ; (iii.) Other estate or interest in land declared by the Governor in Council by Order in Council to be land for the purposes of this Act: “ Minister ”—The Treasurer or other Minister Minister, of the Crown for the time being charged with the administration of this Act ; * 11 G. 5 No. 4 and amending Acts, t 1 Eliz. H. No. 38. J 22 G. 5 No. 53 and amending Acts. § 14 G. 5 No. 45 and amending Acts. || 10 G. 6 No. 50 and amending Act. 14 G. 5 No. 41 and amending Acts.

64 Works. Year. BANKING. Agricultural Bank (Loans) Act. 8 E liz . II. No. 36, “ Works ”—In relation to any company, any works, factory or like facility for the manufacture, treatment, processing, storage, cold storage or conservation otherwise of any primary product or product resulting from the manufacture, treatment or processing of any primary product, and includes all structures, plant, machinery and equipment used for or in connection with any such works, factory or like facility, any tramway used for conveying any primary product thereto and all land appurtenant to any such works, factory or like facility or tramway ; “ Year ”—The period of time from and including the first day of July in one calendar year to and including the thirtieth day of June in the next following calendar year. The Bank. 3. (I.) The Corporation of the Agricultural Bank shall be deemed for all purposes of this Act to be constituted hereunder. Bank may exercise (2.) For all purposes of this Act the Bank shall powers, &c., have and may exercise all or any of the powers, privileges, of Crown. rights and remedies of the Crown in right of this State. This subsection applies so as not to exempt the Bank from any liability in respect of rates or charges for which a mortgagee of land is liable under *“ The Local Government Acts, 1936 to 1958,” or, in respect of the Area of the City of Brisbane, f“ The City of Brisbane Acts, 1924 to 1959 ”. General function. (3.) The Bank may carry on the business of lending moneys under, subject to and in accordance with the provisions of this Act. Administra­ 4. (1.) This Act shall be administered by the tion. Bank and, subject to the Bank, by the Board, the General Manager and Secretary thereof and by such inspectors, valuers and other officers as are appointed from time to time for the purpose of administering this Act. * 1 G. 6 No. 1 and amending Acts, t 15 G. 5 No. 32 and amending Acts.

BANKING. 65 1959. Agricultural Bank (Loans) Act. (2.) All inspectors, valuers and other officers appointed for the purpose of administering *“ The Co-ordination of Rural Development and Agricultural Bank Acts, 1938 to 1951,” prior to and in office at the date of the coming into operation of this Act shall, without further or other appointment, be deemed to have been appointed for the purpose of administering those Acts and this Act and shall continue in their respective offices accordingly. for th5e. ( p1u. ) rpToshee oBfacnakrrhyainsgsuocuht pthoewefrusnacstioanreo Tp f - eC m e a S k , Sa i . n rV g PBoawnker. s of advances under this Act. (2.) Without limiting the generality of subsection one of this section, the Bank— (а) Has power to take and do all such steps and things as in its opinion are necessary or convenient for carrying out the function of making advances under this Act; (б) Without prejudice to any other power, authority, right or remedy of the Bank, may exercise, in respect of any advance under this Act, any power, authority, right or remedy agreed upon between the Bank and the company, commodity board, or owner or occupier of farm land or other person to which or whom the advance has been made. 6 . The Board shall be deemed for all purposes of Agricultural this Act to be established hereunder. Bo^d. 7. (1.) The fund shall for all purposes of this Act Corporation be deemed to be established at the Treasury hereunder. Agricultural (2.) There shall be paid into the fund— Bank Fund. (а) All moneys borrowed by the Bank for the purposes of this Act; (б) All moneys received by the Bank in respect of the repayment of advances made under this Act, and the payment of interest thereon, or received by the Bank otherwise howsoever ; (c) All moneys appropriated by Parliament for the purposes of tbis Act. * 14 G. 5 No. 41 and amending Acts.

66 BANKING. Agricultural Bank (Loans) Act. 8 E liz . II. No. 26, (3.) There shall be paid out of the fund— (а) All advances made by the Bank under this Act; (б) All moneys payable by the Bank in respect of the repayment of loans borrowed by the Bank for the purposes of this Act, and the payment of interest thereon. Power of Bank to borrow money. 8. For the purpose of enabling it to carry on the business of making advances under this Act the Bank may borrow money and the provisions, with respect to the borrowing of money by the Bank, of *“ The Co-ordination of Rural Development and Agricultural Bank Acts, 1938 to 1951,” shall, with and subject to all necessary adaptations, apply and extend accordingly. Without limiting the generality of those provisions of *“ The Co-ordination of Rural Advances and Agricultural Bank Acts, 1938 to 1951,” with the prior approval of the Governor in Council, the Bank may from time to time borrow money by the sale of debentures, bonds or inscribed stock, or partly in one way and partly in another way or other ways. Schedule. 9. (1.) The provisions of the Schedule to this Act shall apply to the business of the Bank and to the several matters and things whereto those provisions are expressed to apply. (2.) The Governor in Council may, from time to time by Order in Council, amend the said Schedule by revoking, amending, altering or otherwise modifying any of the provisions thereof, or by inserting therein or adding thereto new provisions, and thereupon the said Schedule as so amended for the time being shall become and be the Schedule to this Act. Bank may make indeter­ minate advances. 10. (1.) Subject to this Act the Bank may make or agree to make from time to time but only during the pleasure of the Bank advances to— (a) Any company qualified to apply for and obtain advances under this Act; (b) Any commodity board ; (c) Any owner or occupier of farm land; or * 14 G. 5 No. 41 and amending Acts,

BANKING. 67 1959. Agricultural Bank (Loans) Act. (d) Any person for the purchase of plant or Advances in machinery for carrying out contract work • r m 6 a s c p h e i c n t e ° ry on farm lands. for farm contract (2.) The Bank may make or agree to make anywork- advance under this Act upon such security as it deems fit. 11. The amount or aggregate (exclusive of capitalised interest) due at any one time in respect of advances, an advance or advances under this Act and *“ The Co-ordination of Rural Advances and Agricultural Bank Acts, 1938 to 1951,” to an owner or occupier of farm land shall not exceed such sum as is determined for the time being by the Governor in Council by Order in Council (the Governor in Council being hereby so authorised and it being hereby declared that until the publication in the Gazette of the first such Order in Council such sum shall not exceed ten thousand pounds): Provided that the Governor in Council shall not reduce such sum to less than ten thousand pounds. 12. In respect of an advance under this Act, interest, interest shall be payable to the Bank on all moneys for the time being owing or remaining unpai|d at the rate fixed by the Governor in Council from time to time by Order in Council. Interest shall be computed as from the day or respective days of the aforesaid moneys respectively becoming owing or being advanced or paid to Or by the Bank, and shall be deemed to accrue from day to day and to be payable as and when demanded by the Bank, but, unless previously demanded, to be payable on the thirty-first day of December and the thirtieth day of June in each and every year. 13. The only companies which are qualified to What apply for and obtain advances under this Act shall be those whose articles of association or rules provide— obtain (a) That two-thirds at least of the number of the advanoe8, shares of the company and of the voting power of the shareholders shall always be held by persons who are producers of primary produce or resultant products in respect of which or in relation to which the business of the company is or is to be carried on ; and * 14 G. 5 No. 41 and amending Acts.

68 BANKING. Agricultural Bank (Loans) Act. 8 E liz . II. No. 26, (b) That no dividend at a greater rate than five pounds per centum per annum shall, at any time before all advances under this Act have been repaid, be declared or paid or credited by the company. It shall not be competent for such a company at any time when it is indebted to the Bank to alter the foregoing provisions of its articles of association or rules. Advances to companies for works. 14. Subject to this Act, the Bank may— (а) Make advances to any company in aid of the construction by the company of any works or the acquisition by it of any machinery or plant; and (б) With the prior approval of the Governor in Council make advances to a company in respect of existing works. Limit of 15. No advance shall be made to a company to atodvcaonmcpeany. an amount exceeding two-thirds of the cost of the works. Effect of 16. (1.) If any owner or occupier of farm land assignment. who has given an assignment on any produce of such land or the proceeds thereof to secure any advance made to such owner or occupier by the Bank, diverts any of such produce from the person named in such assignment to some other person, the Bank may notify such other person of the existence of such assignment, and of the amounts payable thereunder and the times at which such amounts are payable. Such notice shall require such other person to retain and pay to the Bank sufficient of the moneys from time to time payable by him to the owner or occupier concerned to meet the payments under such assignment and shall be legally binding upon such other person accordingly. (2.) An assignment as heretofore mentioned in subsection one of this section shall be legally binding on every person who supplies any produce referred to therein from the farm land mentioned in such assignment. (3.) Any person paying to the Bank in satisfaction of an assignment on the produce of any farm land, or the proceeds of such produce, any moneys payable to the owner or occupier of such farm land or to any other person whomsoever in respect of such produce shall be

BANKING. 69 1959. Agricultural Bank (Loans) Act. deemed to act under the authority of such owner or occupier and of all other persons concerned and is hereby indemnified accordingly. 17. (1.) Any company and any owner or occupier Securities, of land may, notwithstanding any enactment or law to the contrary, lawfully execute any mortgage or other security required by the Bank. (2.) In all cases where a special form of mortgage or other security is prescribed by any Act, the fact that a mortgage or security under this Act is not in such form shall not in any way prevent or hinder its registration (where necessary) or limit its effect as a valid mortgage or security. 18. The provisions of *“ The Bills of Sale and Restricted Other Instruments Act of 1955,” shall not apply to any^'Sn. mortgage or other security executed under this Act or No u. affect the validity or operation of such mortgage or security in respect of any chattels comprised therein. 19. No mortgage or other security executed to No stamp secure an advance under this Act or any release of any uty' such mortgage or security or any document or instrument executed for the purpose of this Act shall be liable to stamp duty, any enactment to the contrary notwithstanding. 20* It shall not be lawful to charge, recover or Penalty for receive any moneys for or in respect of the procuring, f™Bcuratl0n negotiating or obtaining any advance to a borrower ' under this Act. Any person, firm, company or association which charges or receives or attempts to charge or receive any moneys for or in respect of the procuring, negotiating or obtaining any such advance as aforesaid shall be guilty of an offence and liable to a penalty of not less than fifty pounds or more than two hundred pounds. 21. Notwithstanding anything in any Act to the contrary, the General Manager, Secretary or any acta” ° inspector or other officer of the Bank or other person auctioneers, appointed by the Bank in that behalf shall, in respect of any sales made by or under the authority of the Bank pursuant to this Act, be deemed to be a licensed * 4 Eliz. II. No. 16.

70 BANKING. Agricultural Bank (Loans) Act. 8 E liz . II. No. 26, auctioneer, and shall have the powers and authorities to conduct sales of property by public auction and perform other acts and things in the same manner and with the like powers and authorities as an auctioneer who holds a license pursuant to the provisions of *“ The Auctioneers and Commission Agents Acts, 1922 to 1953 ” : Provided that the General Manager, Secretary, inspector, officer or other person shall not be required to take out an auctioneer’s license. Lessee or tenant wrongfully holding over. 22. (1.) Without prejudice to any other right, power or remedy of the Bank where the Bank, acting as mortgagee in possession of any land, has let the land, and the term of the lease or other tenancy has expired by effluxion of time or has been determined by notice to quit or demand of possession, and the lessee or tenant or any person claiming under him shall neglect to quit and deliver up possession of such land and any part thereof, it shall be lawful for the Bank, by its Secretary or any inspector thereof or person authorised in that behalf by the Secretary, to make a complaint before a police magistrate or any two justices of the peace, who shall hear and determine the matter in a summary way ; and on being satisfied of the truth of the complaint such police magistrate or justices may issue his or their warrant addressed to the Secretary or inspector or person authorised as aforesaid or to a member of the Police Force requiring and authorising him, within a period to be therein named, and not being less than seven nor more than thirty clear days from the date of the warrant, to enter (by force if needful) into such land and anv improvements thereon, and to remove such lessee or tenant or person claiming under him and to give possession of the same to the Bank, and such warrant shall be a sufficient authority to such Secretary, inspector, authorised person or member of the Police Force to enter upon such land and improvements with such assistants as he shall deem necessary to remove such lessee or tenant or person claiming under him and to give possession to the Bank accordingly : Provided that no entry upon any such warrant shall be made on a Sunday, Good Friday, Christmas Day or Anzac Day, or at any time except between the hours of nine o’clock in the morning and four o’clock in the afternoon. * 13 G. 5 No. 27 and amending Acts.

BANKING. 71 1959. Agricultural Bank (Loans) Act. (2.) Any person who shall have been removed from Penalty, any lands and improvements pursuant to the provisions of this section and who shall, without the permission of the Bank having been obtained in that behalf, subsequently re-enter such lands shall be guilty of an offence. Penalty : One hundred pounds. 23. The Bank may make advances under this Minors. Act to any person under the age of twenty-one years but not under the age of sixteen years. Any such person, with respect to the said advances, and with respect to any land (whether freehold or held under any tenure less than freehold from the Crown) and any personal property upon the security of which land and property the said advances are made, shall have the same powers and rights and shall be subject to the same duties, liabilities and obligations in all respects as if he were of the full age of twenty-one years. 24. (1.) The Governor in Council, upon the Regulations, recommendation of the Bank, may from time to time make regulations, not inconsistent with this Act, prescribing all matters and things necessary or convenient to be prescribed for carrying out or giving effect to this Act. (2.) Without limiting the generality of the foregoing provisions of this section, regulations may be made for all or any of the following purposes :— (i.) Providing for, regulating and controlling Applications applications for and the making of advances Ranees, under this Act; (ii.) Prescribing the deposits and fees payable to deposits the Bank in respect of such applications fora,nd fee8‘ advances and other matters arising under this Act; (iii.) Forms and the respective purposes for which Forms, &c. the same shall be used, including forms of mortgage and other securities; ( ' iv.) 9 Prescribin V g -/ covenants on the X part of the M Im AT P ZA l H ie O d Yl r.Q mortgagor which shall be deemed to be ' inserted in mortgages and other securities for advances under this Act (which prescribed covenants it is hereby declar'd shall be

72 BANKING. Agricultural Bank {Loans) Act. 8 E liz . II. No. 26, Costa. Generally. binding upon the mortgagor as if the same were inserted in and formed part of the mortgage or security in question executed by him); (v.) Providing for the charging and recovery by the Bank of costs, including administrative charges and expenses, incurred by it in pursuing remedies had by it in respect of defaults by borrowers under this Act; (vi.) All matters necessary or expedient for enabling the Bank to undertake and carry on the business of making advances under this Act. (3.) Subject to this Act, including the regulations hereunder, all regulations under *“ The Co-ordination of Rural Advances and Agricultural Bank Acts, 1938 to 1951,” shall, with and subject to all necessary adaptations thereof, apply for the purposes of this Act. (4.) All borrowers and their representatives shall be deemed to have notice of the regulations. coPlfuaPbmlriaoct­ aiotinosn, regul2a5tio. n( 1m.) adEevuenrydePrrtohcilsamAcattioshna,llO— rder in Council and &c. (a) Be published in the Gazette ; (b) Upon its publication in the Gazette, be judicially noticed and such publication shall be conclusive evidence of the matters contained therein; (c) Take effect from the date of such publication unless, in the case of any such Order in Council or regulation a later date is specified in that or any other Order in Council or regulation for its commencement when in such event it shall take effect from that later date ; and (d) Be laid before the Legislative Assembly within fourteen sitting days after such publication if the Legislative Assembly is in session, and if not, then within fourteen sitting days after the commencement of the next session. * 14 G. 5 No. 41 and amending Acts.

BANKING. 1959. Agricultural Bank (Loans) Act. (2.) If the Legislative Assembly passes a resolution of which notice has been given at any time within fourteen sitting days after any such Proclamation, Order in Council or regulation has been laid before it disallowing such Proclamation, Order in Council or regulation or part thereof, that Proclamation, Order in Council or regulation or part shall thereupon cease to have effect, but without prejudice to the validity of anything done in the meantime or to the making of a further Proclamation, Order in Council or regulation. 73 SCHEDULE. S chedule . [Section 9.] 1. No matter or thing done and no agreement entered into by Protection the Bank or any officer or other person on its behalf or under its of Bank and direction shall, if the matter or thing was done or the agreement was f^^oyees entered into bona fide for the purposes of this Act, subject the Bank perBOnal or any such person to any personal liability in respect thereof. liability. 2. All penalties imposed by or under this Act may be recovered Recovery of in a summary way upon complaint under *“ The Justices Acts , 1886 Penalties* to 1958,” and when so recovered shall be paid into the Fund. 3. Notwithstanding anything in any other Act contained or First implied— mortgagee (i.) If any land intended to be mortgaged to the Bank is j^Jri^°rego subject to any existing mortgage or encumbrance, and F ’ the existing mortgagee or encumbrancee, by writing indorsed on the instrument evidencing the same, consents to such intended mortgage to the Bank taking priority over such existing mortgage or encumbrance, such intended mortgage to the Bank shall, when executed , and without any release or re-execution of the existing mortgage or encumbrance, take priority over the same, and particulars of such priority shall be noted in the propeij' register. (ii.) If any land is already subject to a mortgage to the Bank and also to a subsequent mortgage or encumbrance other than to the Bank, and such subsequent mortgagee or encumbrancee, by writing indorsed on the instrument evidencing the same, consents to further advances being made by the Bank and to such further advances taking priority over the moneys secured by such subsequent mortgage or encumbrance, such further advances, when made, shall take priority over any sum or sums secured by such subsequent mortgage or encumbrance, and particulars of such priority shall be noted in the proper register. * 50 V. No. 17 and amending Acts.

74 BANKING. Agricultural Bank {Loans) Act . 8 E liz . II. No. 26, Special provisions as to liens. 4. Liens on crops and liens on wool may be given to the Bank in one document in respect of the crop or wool growing or to grow in any one or more years to secure any advance made or to be made by the Bank to the lienor, and every such lien so given may be enforced from time to time as occasion may require against the crop or wool, as the case may be, grown in any particular year covered by the lien. Provision as to Crown tenure. 5. Notwithstanding anything in this or any other Act contained— (i.) In the case of an advance on the security of a mortgage of land held under any form of leasehold tenure from the Crown, the condition hereunder set forth shall be deemed to be a condition of the instrument of mortgage:— In the event of the determination of the tenancy of the land for any reason other than by effluxion of time, the whole amount of the advance, with interest at the prescribed rate, then remaining unpaid shall forthwith, without any demand or any legal process whatsoever, be and become repayable ; and, notwithstanding anything contained in *“ The LandActs, 1910 to 1958,” the Bank shall have a first charge against any improvements then on the land, or the value thereof, if paid by an incoming lessee, for the purpose of liquidating the amount then remaining unpaid. (ii.) Where the Bank is the mortgagee of a license or lease of land held under any form of leasehold tenure from the Crown, and such license or lease is forfeited with the consent of the Bank before the moneys secured by such mortgage have been paid to or recovered by the Bank, the land included in such license or lease may, if the Minister for Public Lands thinks proper, be opened to selection with priority to a person approved by the Bank. (iii.) A mortgage to the Bank, or a transfer subject to a mortgage to the Bank, of any land held under any leasehold tenure from the Crown may be registered by the proper officer, notwithstanding that any rent or other money payable to the Crown in respect of such land is due and in arrear. (iv.) In every case where an advance has been made upon the security of a mortgage of any land held under leasehold tenure from the Crown the freehold whereof may be acquired from the Crown— (a) Section one hundred and sixty of *“ The Land Acts, 1910 to 1958,” or any enactment amending the same or in substitution therefor, shall apply. All costs and expenses occasioned in giving effect to this provision shall be borne by the mortgagor, and may, if the Bank thinks fit, be added to and become part of the mortgage debt. 1 G. 5 No. 15 and amending Acts.

BANKING. 7§ 1959. Agricultural Bank {Loans) Act . (6) The Bank may, at any time, acquire the freehold of the land in the name and on behalf of the mortgagor or 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 Bank shall be added to and become part of the mortgage debt, notwithstanding that the amount of the advance is thereby increased to more than the amount prescribed under this Act. 6 . As between the Bank and the owner or occupier for the time Conditions being of any land, the following conditions shall be imposed so long annexed to as such land is subject to any mortgage or charge in favour of the hereon Bank namely. advance (i.) Such land or any part thereof shall not be transferred, secured, subdivided, or let, or abandoned by such owner or occupier, or agreed to be so transferred, subdivided, or let, without the written consent of the Bank. The Bank may impose in respect of such consent any condition which it thinks fit, and unless and until such condition has been complied with the consent may be refused or cancelled by the Bank; and the Bank may require that the transferee, lessee, or other person in possession of the land pursuant to any such consent shall comply with any such condition as though he were the original borrower, and may provide and pursue any remedies, whether cumulative or in the alternative, in the event of any default in such compliance by such transferee, lessee, or other person. Every such agreement shall, if required by the Bank, be produced for its inspection. Every agreement for transfer or letting contrary to this paragraph (i.) shall be void and of no effect. If the owner or occupier transfers, subdivides, or lets such land or any part thereof, or agrees so to do, or abandons such land, in contravention of this paragraph (i.), the Bank may cause the land to be sold or leased; (ii.) If the owner or occupier lets or agrees to let the land or any part thereof with the written consent of the Bank, the Bank may, by not less than fourteen days’ notice in writing to the lessee or tenant, determine the said letting or tenancy and cancel the lease or sub-lease (if any) con­ stituting the same if the Bank, at any time during the currency of the said letting or tenancy, in exercise of the powers conferred upon the Bank in that behalf, enters upon and takes possession of the said land or any part thereof then subject to such letting or tenancy, and if such lease or sublease shall have been registered, the Registrar of Titles in the case of lands held under the provisions of *“ The Real Property Acts , 1861 to 1956,” and in the case of lands held under lease or license from the Crown, then the proper officer of the Department concerned 25 V, No. 14 and amending Acts.

76 BANKING. Agricultural Bank {Loans) Act . 8 E liz . II. No. 26, shall, upon proof to his satisfaction of the cancellation of the said lease or sub-lease, note the same by entry in the register book, and shall cancel the said lease or sub­ lease if delivered up to him for that purpose ; The provisions of *“ The Agricultural Holdings Act of 1905 ” shall not apply, so far as relates to the Bank, to any letting or tenancy determined, or to any lease or sub­ lease cancelled by the Bank in manner aforesaid ; (iii.) When the title to the land is divested from the owner or occupier, under any law relating to bankruptcy, the Bank may cause the land to be sold or leased ; (iv.) When on the death of the owner or occupier the land would by reason of any demise, bequest, intestacy, or otherwise become subdivided, the Bank may require the land to be sold within twelve months after the death of the owner or occupier to some one person, and if default is made in selling the same the Bank may cause the same to be sold or leased ; (v.) No mortgage or encumbrance of or over any land which is subject to a subsisting mortgage in favour of the Bank, and no stock mortgage, bill of sale, lien, or charge over any stock, machinery, implements, wool, crops, goods, chattels, or effects shall be given by such owner or occupier without the written consent of the Bank. Every mortgage, encumbrance, agreement, contract, instrument, or writing made or entered into contrary to this paragraph (v.) shall be void and of no effect. The provisions of this Act as to sale and the application of the proceeds of sale and leasing in lieu of sale shall apply to every sale or lease made under this section. Remedies of the Bank. 7. (1.) Without prejudice to any other right or remedy of the Bank— (i.) If the borrower commits any breach of any covenant or condition to be observed by him or it under any mortgage or under this Act, the Bank may, with or without making any demand for repayment of moneys due to the Bank in respect of any advance, enter upon and take possession (for that purpose using such force as may be necessary) and sell the whole or any part of the land on the security whereof the advance has been made, with all improvements thereon, and all live stock, machinery, farm equipment, plant, goods, chattels, or effects wherever the Bank holds any security for the advance (or, as deemed expedient, all or any of such improvements, live stock, machinery, farm equipment, plant, goods, chattels, or effects apart from the land, and authorise the removal of the same when sold, and with or without a subsequent sale of the whole or any part of the land), either (subject as hereinafter provided) by private sale or public auction, and subject to such terms * 5E. 7 No. 11.

BANKING. 77 1959. Agricultural Bank {Loans) Act. and conditions of sale as it thinks expedient, and after such notice of the time, place, terms, and conditions of sale as it thinks expedient, with power to give time for payment of purchase money, or to allow the purchase money to remain on mortgage at the risk of the borrowe , and to vary or rescind any contract for sale, and to buy in at any auction, and to resell without being answerable for any loss, and the Bank may transfer or convey such land to the purchaser, and give a valid title thereto free from any encumbrance, lien, or charge whatsoever, save only any duly registered prior mortgage over such land; (ii.) Before any land is sold by private sale under this clause it shall first be offered at public auction, due notice of which shall be publicly advertised, as prescribed, in the locality where such land is situated. (2.) After the Bank has taken possession of any land, any Occupation occupant who is permitted by it to be or remain in occupation thereof rent* shall pay to the Bank such occupation rent as the Bank may fix. (3.) As an additional remedy and power, and without modification In event or abatement of the provisions of any other enactment of this Act, of no whenever land authorised to be sold by the Bank under this Act is taser’ offered for sale by public auction and the amount of the highest vest in bidding at such sale is not sufficient to satisfy the moneys due to the Bank. Bank, together with the costs and expenses of and occasioned by such attempted sale, or there is no bid, the Bank shall advertise the land for private sale in at least one newspaper circulating in the district where such land is situated, once at least in each of three successive weeks, and shall in such advertisement name a day and time, not less than one month from the date of the first of such advertisements, upon or after which the land shall vest in the Bank, together with all improvements thereon, unless in the interval a sufficient amount has been obtained by the sale of such land to satisfy the moneys due to the Bank and all costs and expenses of and occasioned by such sale and proceedings, and thereupon if such amount has hot been so obtained the land shall vest in the Bank for the whole estate of the borrower, free from any encumbrance, lien, or charge whatsoever save only a duly registered first mortgage over such land if there shall be such a mortgage then subsisting. (4.) The Bank shall apply the proceeds derived from the sale Application under this clause in payment, in the first instance, of all moneys due of proceeds and payable in respect of the subject land for the payment whereof the of sale* Bank is liable, or paid by the Bank in respect of such land in discharge of its liability therefor, and in redemption of any amount charged thereon in favour of the Bank, or of so much thereof as remains unpaid and of any other moneys due and payable by the borrower to the Bank, and of all expenses incurred by the Bank in relation to such sale or otherwise with respect to such land including the costs of taking possession, sale expenses and administrative charges, and shall pay the balance (if any) to the person appearing to the Bank to be entitled to receive the same. (5.) As against mortgagors, the Bank shall not be responsible Limited for involuntary losses or the default of agents or auctioneers. liability.

78 BANKING. Agricultural Bank (Loans) Act. 8 E liz . II. No. 26, 1959. Mortgages of miners* homesteads. 8 . In case of a mortgage to the Bank of a miner’s homestead— (i.) The Bank, on exercising its powers under this Act, may retain possession for any period in its discretion; (ii.) It shall not be necessary to furnish the proof required by section eighty-five of *“ The Mining Acts, 1898 to 1955,” so long as the rent has been paid for a period of not less than thirty years; (iii.) Section ninety-eight of *“ The Mining Acts, 1898 to 1955,” shall not apply. Power to 9. Whenever under this Act or any security power is conferred lease in lieu upon the Bank to cause any land to be sold, the Bank may, if it thinks o&fcs.elling, ofirt, afrgormee ttiomeletaosetimsuechprleavnidouosrtoanexyerpcaisritngthseurcehofpfoowreranoyf staelrem, lenaoset exceeding thirty years. Every such lease shall contain a covenant to pay such rent and observe such conditions as the Bank in each case thinks fit. Money due 10. (1.) In addition to any other remedy provided by this Act by borrower or any security for the recovery of any sum of money payable to the iCsraowdne.bt to Bhearnekbybdyecalabreodrrtohwaetrevinerryesspucehctsuomf asnhyalal dbveaanncderuenmdaeirn uthnitsilApcaty,mitenist a debt by the borrower to the Crown, and shall be recoverable, with interest, by the Bank accordingly. Remedies of (2.) The provisions of this Act for securing to the Bank the Ccurmowunlative. raenpyayomtheenrt rtoemitedoyf awllhaicdhvatnhceesBuanndkerhtahsi,s Aasctmshoartllgabgeeien oarddcirteidonitotro, against the borrower, and the Bank may enforce any such remedy. * 62 V. No. 24 and amending Acts.