Government Savings Bank (Housing) Amendment Act 1928 (NSW)

GOVERNMENT SAVINGS BANK

(HOUSING) AMENDMENT ACT.

Act No. 31, 1928.

An Act to extend the operations of the Advances for Homes Department of the Government Savings Bank; to enable the Commissioners of that Bank to erect dwellings for eligible persons; to enable the said Commissioners to conduct Safe Deposit Vaults; to provide for the retirement of the Commissioners ; to* validate certain registrations ; to amend in certain other respects the Government Savings Bank Act, 1906, and certain other Acts; and for purposes connected therewith, [Assented to, 9th November, 1928.]

lative Council and Legislative Assembly of New South BE it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legis­

Wales in Parliament assembled, and by the authority of the same, as follows :—

words " until he attains the age of sixty-five years."

1. (1) This Act may be cited as the " Government Savings Bank (Housing) Amendment Act, 1928," and shall be construed with the Government Savings Bank Act, 1906, the Government Savings Bank Amendment Act, 1913, and any Acts amending the same.

(2) The Government Savings Bank Act, 19C6, as amended by subsequent Acts, is in this Act referred to as the Principal Act.

2. The Principal Act is amended by inserting in
section seven after the words "good behaviour" the

3. William Henry O'Malley Wood, Esquire, the President of the bank, and John Henry Davies, Esquire, a commissioner of the bank, shall cease to hold office as commissioners on the appointment of successors to them, which appointments the Governor is hereby empowered to make.

The said William Henry O'Malley Wood, Esquire, and John Henry Davies, Esquire, shall on retirement in terms of the preceding section be each paid out of the funds of the bank the sum of one year's salary by way of retiring allowance, and from the date of retire- ment they shall be each paid out of the funds of the bank until their respective deaths a pension at the rate of one-half of their respective salaries as at the date of retirement.

4 .

5. (1) Herbert Duncan Hall, Esquire, a commis­ sioner of the bank, shall on retirement by reason of attaining the age of sixty-five years or by reason of permanent disability before that age, be paid out of the funds of the bank the sum of one year's salary by way of retiring allowance, and from the date of retirement he shall be paid out of the funds of the hank until his death a pension at the rate of one-half of his salary as at the date of retirement.

(2) The said Herbert Duncan Hall, Esquire, being a contributor to the State Superannuation Fund in con­ sideration of the pension provided for in subsection one of this section shall not be eligible for a pension from the said fund, and the contributions already made by him thereto shall be refunded to him on the passing of this Act.

6. Section eleven of the Principal Act is repealed, and the following section substituted in lieu thereof:—

11. (1) The commissioners shall be paid out of the funds of the bank such salaries as are fixed by the Governor from time to time, provided that such salaries shall not be less than two thousand five hundred pounds per annum for the president and two thousand pounds per annum for each of the other commissioners and that any salary so fixed shall not he diminished in respect of the com­ missioner to whom it was granted.

II (2)

(2) (a) A Commissioner on attaining the age of sixty-five years, or retiring on permanent disability before that age, shall, if he has served as a Commissioner for five years, be entitled on retiring to an annual pension at the rate of twenty one-hundredths of his salary at the time of his retirement, and at the additional rate of three one- hundredths of his salary at the time of his retire­ ment for each complete year of his service after the expiration of the said five years to the date of his retirement, but so that the rate of his pension shall not exceed one-half of his salary at the time of his retirement.

(b) This subsection shall not apply to the commissioners in office at the time of the passing of the Government Savings Bank (Housing) Amendment Act, 1928.

(3) A commissioner shall have the same rights of leave of absence and payment of a cash allowance in lieu thereof on death or retirement as are granted to officers of the bank under any award of the Industrial Commission or any industrial agreement having the force of an award.

(4) A contributor to the State Superannua­ tion Fund who subsequently to the passing of this Act is appointed a commissioner may cease to contribute to the said fund, in which event he shall be entitled to a refund of his contributions thereto, or he may continue to contribute to the said fund, in which event any pension payable to him from the said fund shall be applied towards and in

reduction of any pension payable to him by the provisions of this Act.

7 . The Government Savings Bank Amendment Act,

1913, is amended—

(a) by inserting at the beginning of subsection three of section three the following paragraph :—

The commissioners may from time to time fix a sum of money which shall for the time being be the maximum sum to be advanced in respect of any application, but so that such sum shall not exceed one thousand two hundred pounds.

(b)

(b) by omitting from the same subsection the words : " whether by instalments or otherwise shall not exceed seven hundred and fifty pounds and " .

8. The Government Savings Bank Amendment Act, 1913, is further amended by inserting after section sixteen the following new Division :—

D I V I S I O N 2.— Erection of dwellings by the com­

missioners.

17. I n this Division, unless the context otherwise requires,—

" Applicant " means a person making applica­ tion to the commissioners for the erection of a dwelling under this Division.

"Capital cos t" of a dwelling means the value according to the valuation by the com­ missioners, of the land on which the dwelling is erected, or to he erected, plus the cost of the erection of the dwelling.

"Contract of sa le" means a rent purchase agreement in a form approved by the commissioners for the sab; by the com­ missioners to a purchaser of a dwelling erected under the provisions of this Division, together with the land on which it is erected.

" D w e l l i n g " means a house and its appurten­

ances, necessary outbuildings, fences, and provision for lighting, water, drainage and sewerage.

" Eligible person " means a person of adult

age who is not the owner of a dwelling
in New South Wales.

" Land " includes land held upon lease when the lease lias an unexpired term of not less than fifty years to run.

" Purchaser " means a person who has entered into a contract of sale with the commis­ sioners for the purchase of land and a dwelling erected or to be erected thereon under the terms of this Division or his permitted assigns.

" Prescribed "

" Prescribed " means prescribed by this Act or the regulations made thereunder.

17A . (1) Subject to this Division the commis­ sioners may undertake to erect dwellings for eligible persons and provide towards the cost of any such dwelling such amount not exceeding the maximum sum hereinafter referred to as they shall deem advis­ able, having regard to the official estimate of the fair valuation of the proposed dwelling and the land on which it is to be erected, but so that the amount to provided shall not in any case exceed ninety per centum of the capital cost.

(2) The commissioner may from time to

time fix a sum of money which shall for the time being be the maximum amount to be provided towards the cost of any dwelling to be erected by them pursuant to the provisions of this Division, but so that such maximum amount shall not exceed the sum of one thousand two hundred pounds.

17B. The land on which any dwelling is proposed to be erected under this Division shall be subject to approval by the commissioners as suitable for the purpose, and if so approved by them shall before any construction work of the proposed dwelling is commenced be vested in them by appro­ priate assurance as the absolute owners thereof or in the case of leaseholds of the term therein passing by virtue of such assurance free of any estate, right, or interest of the applicant therein, save as by

charge or encumbrance.	this Act expressly conferred and free from any
17c. (I) The commissioners may in their dis­ cretion pay off any amount owing by the applicant whether by way of unpaid purchase money, mort­ gage, charge, or otherwise in respect of the land proposed to be vested in them in accordance with the preceding section, and the amount so paid shall be added to and form pain of the purchase price payable by the purchaser under the contract of sale to be entered into in pursuance of sections 17F and
17G.

(2)

(2) If the applicant shall fail to enter into such contract of sale, the commissioners may require him to pay to them within a time to be specified by them all sums of money which they shall have paid or expended in connection with the said land on any account whatsoever, together with interest thereon as from the date of the payment or expenditure thereof, at the rate which would have been chargeable to the applicant if such contract of sale had been entered into, and also any fees which may be payable by the applicant; and upon payment thereof being made within the time specified he shall be entitled to have the land re­ vested in him at his own cost.

(3) If the applicant fails to pay such sums of money, interest, and fees within the time specified, his right to have the land revested in him shall absolutely cease and determine, and the com­ missioners shall be entitled to exercise in respect of such land all rights and powers and be subject to all obligations which by law arc incident to the ownership of land of the like tenure.

(4) If the commissioners shall upon a sale of such land realise a sum of money which, after reimbursing themselves such sums of money, interest and fees, and also any expenses incurred in connection with such sale, shall leave in their hands any surplus, such surplus shall be paid to the applicant or his legal representatives.
17D. The commissioners may cause to be pre­

pared the plans and specifications of any dwelling

prescribed, or they may accept plans and specifica­	to be erected under this Division at fees to be
tions otherwise prepared for an applicant with such modifications (if any) as they may think fit.
17E. The commissioners shall invite by advertise­ ment tenders for the erection of any dwellings.
The tender recommended by the commissioners shall be subject to approval by the applicant before acceptance by the commissioners.
17F. Upon approval of a tender by the applicant and before an agreement with the contractor is signed by the commissioners, a contract of sale

shall

shall be entered into between the commissioners and the applicant at a price representing the total cost of the said land and dwelling to the commis­ sioners. The commissioners may add to the purchase price interest on any sums expended by them up to the date from which the monthly repayments provided by the contract of sale shall commence, and also any of the prescribed fees payable in connection with the transaction. The said purchase price shall bear interest at a rate to be fixed by the commissioners.

17G. The contract of sale shall inter alia provide that the purchaser shall pay the purchase money together with the interest payable thereon by equal monthly instalments within a period not exceeding twenty years if the dwelling is of wood frame construction, or not exceeding thirty years if of brick, concrete, or stone.
17H. The purchaser shall while any money remains owing to the commissioners under the contract of sale occupy the dwelling as a weekly tenant of the commissioners at a rent payable monthly, and equivalent to the monthly instal­ ments of purchase money and interest hereinbefore mentioned, and such rent shall be applied in or towards such of the said monthly instalments as arc for the time being owing.

17l. After a purchaser has reduced the balance
of purchase money payable to the commissioners

to seventy-five per centum of the commissioners

from the commissioners at his own expense a	valuation of the land and dwelling he may obtain
conveyance or transfer of the land provided :

(a)	he has paid to the commissioners his instal­ ments to date, and
(b)	has complied to the satisfaction of the commissioners with the covenants and conditions in the contract of sale, and
(c)	executes at his own expense a mortgage in favor of the commissioners in such form as they require for the balance of purchase

money

money with interest at the rate charged under the contract of sale and any other indebtedness to them in respect of the property.

17J. The commissioners may enlarge any dwelling erected by them under this Division, or add to the conveniences thereof, or may make an advance to the purchaser thereof up to ninety per centum of the cost of such enlargement or addition if the cost or advance added to the balance of purchase money does not exceed the limits fixed in section 17A :

Provided that if the property has been transferred to the purchaser under the provisions of section I7K any further amount expended or advanced when added to the balance then outstanding shall not exceed seventy-five per centum of the com­ missioners valuation of the land and dwelling.

17K . (1) The commissioners may make advances to an owner of agricultural or pastoral lands for the erection on his property of a dwelling to be occupied by himself and family or of dwellings to be occupied by employees and their families, or share farmers and their families, on such security either by way of mortgage or guarantee or otherwise as may be acceptable to the commissioners, and subject to such other conditions as the commis­ sioners may, notwithstanding the provisions of this Act, see fit to impose.

(2) The limitations of section 17A shall not

be exceeded in respect of any dwelling erected

under the provisions of this section.

17L. Any purchaser not in arrears with instal­ ments of purchase money may at any time deposit with the commissioners in a special account any sum of integral pounds, and such sums may be applied towards future instalments or at the option of the commissioners refunded to the purchaser.

Until so applied interest shall be allowed thereon at the same rate as is payable by the purchaser on the balance of his purchase money.

17M.

17M. If any instalment of purchase money or other money due to the commissioners under a contract of sale is not paid within fourteen days of its due date, the purchaser may be charged interest thereon at one per centum per annum higher than the rate of interest expressed to be payable in the contract of sale.

17x. (I) If a purchaser makes default in the payment of any instalment payable under a contract of sale or in the observance or performance of any of the terms or conditions thereof, and such default shall continue for a period of sixty days, the whole of the purchase money and other moneys owing under the contract of sale shall forthwith become due and payable and shall be recoverable by the commissioners with interest at the rate payable under the contract of sale, and without prejudice to any other powers the commissioners may with or without notice cancel the contract, in which event any moneys paid to the commissioners by the purchaser shall become forfeited to the com­ missioners subject to the provisions of section 17P.

(2) At any time after such cancellation the commissioners may require the purchaser or occupant to deliver up possession of the dwelling, and in the event of a refusal so to do the coni- missioners may issue a warrant to the sheriff to deliver possession of the said dwelling to the person appointed in such warrant to receive the same.

(3) Upon the receipt of such warrant the accordingly, and the costs accruing by reason of sheriff shall deliver possession of such dwelling	the issuing and execution of such warrant as settled
by the sheriff shall be paid by the person refusing to give possession.
(1) The amount of such costs if not paid on demand shall be paid by the commissioners, and may be added to the amount due under the contract of sale, and may be recovered as a debt in any court of competent jurisdiction.
17o. The commissioners may resell on such terms as they think Jit any dwelling in respect of which a contract of sale has been cancelled.

17P.

I7P. Any cash surplus realised by the Commis­ sioners on the re-sale of a dwelling shall, after deducting all costs and expenses incurred in connec­ tion therewith, be paid to the purchaser whose contract of sale was cancelled or to his legal representatives.

17Q. A purchaser shall not so long as any money remains owing to the commissioners under the con­ tract of sale assign or transfer a contract of sale nor let or sub-let the land or dwelling or part thereof therein described without the previous written consent of the commissioners.
Any assignment, transfer, letting, or sub-letting, in contravention of this section shall be void and of no effect.
17K. Notwithstanding anything in the Stamp Duties Act, 1920, or in any Act amending, con­ solidating, or repealing the same, stamp duty shall not be payable upon any contract of sale of any land entered into between the Commissioners and a purchaser under this Division, or on the convey­ ance, transfer or assurance made in virtue thereof.

9. (1) The Government Savings Bank Amendment Act, 1913, is further amended by inserting next after section 17n the following new Division :—

DIVISION 3.—Advances from funds obtained from the Commonwealth Savings Bankin pursuance of the Commonwealth Housing Act, 1927-1928.

17s. The Commissioners may obtain advances

from the Housing Fund constituted by the Com­

monwealth Housing Act, 1927-1928, upon such	terms and conditions as to payment of interest and
repayment of principal as are agreed upon between the Commissioners and the Commonwealth Savings Bank Commission.
17T. (1) The Commissioners may make advances from funds obtained from the Housing Fund under section 17s, for the purpose of enabling a person to purchase or erect a dwelling-house or enlarge a dwelling-house of which he is the owner or to dis­ charge a mortgage or mortgages on a dwelling- house of which he is the owner.

(2)

(2) In making an advance under this section, the following conditions shall be observed :—

(a)	The maximum amount which may be advanced to any one person shall be one thousand eight hundred pounds, and shall be ninety per centum of the valuation made by or on behalf of the Commissioners of the property in respect of which the advance is made.
(b)	An advance shall not be made to a person in receipt of an income exceeding twelve pounds per week.
(c)	An advance shall not be made to any person who already owns a house except for the purpose of discharging a mortgage upon one dwelling-house of which he is the owner or for the purpose of enlarging a dwelling- house of which he is the owner.
(d)	An advance shall not be made for the pur­ pose of discharging a mortgage unless the conditions of the mortgage or the conditions of any further advances on the property are in the opinion of the Commissioners unduly disadvantageous to the mortgagor.
(e)	Except for the purpose of enlarging an existing dwelling-house an advance shall not be made to any person who or whose wife or husband has already received an advance from the Commissioners and has not repaid it in full.

(f)	An advance shall not be made in respect of
any dwelling-house unless the person making the application for the advance satisfies the Commissioners that—

vi) if the advance is for the purpcose of

the purchase of a dwelling-house, he will reside in the dwelling-house immediately on its purchase ;

[(ii) if the advance is for the purpose of the erection of a dwelling-house he will reside in the dwelling-house immediately on its completion ; and

(iii)

(iii)   if the advance is for the purpose of the discharge of a mortgage or for the purpose of enlarging a dwelling-house he is residing in the dwelling-house.

(3) For the purposes of this Division, any reference to an amount advanced or to an advance by the Commissioners shall be read as including a reference to an amount used by the Commissioners for the purpose of a rent purchase agreement.

17u. Except as qualified by the preceding section, the provisions of Division 1 and Division 2 of Part I I of this Act shall apply to transactions under this Division.

(2) The Government Savings Bank Amendment Act, 1913, is further amended—

(a) by omitting from section two the reference " ss. 3 - 1 7 " and by inserting in lieu thereof the words :—

DIVISION 1.—Advances to erect, purchase,

or enlarge homes or discharge mort­

gages thereon— ss. 3-16.

DIVISION 2.—Erection of dwellings by the

commissioners— ss. 17-l7it.

DIVISION 3.—Advances from funds obtained

from the Commonwealth Savings Bank in pursuance of the Commonwealth Housing Act, 1927— ss. 17s-17u.

(b) by inserting next after the heading " Advances

for H o m e s " in Part I I the following sub­

heading :—

DIVISION 1.—Advances to erect, purchase or enlarge homes or discharge mortgages

thereon.

(c) hy inserting at the end of section thirteen the following paragraph :—

Eor the purposes of this Division paragraph (f) of section sixty-eight of the Principal Act shall be read as if the words " twen ty -one" were deleted, and the word " fourteen " sub­ stituted therefor.

1 0 . The Government Savings Bank Amendment Act, 1913, is further amended by inserting next after section twenty the following new sections :—

21. (1) The commissioners may make arrange­ ments with any life insurance company or society approved by them for the insurance of the life of a borrower or purchaser under any Division of Part I I of this Act who desires to be insured for the pay­ ment on the death of the insured of the whole or any proportion of the amount of the indebtedness of the borrower or purchaser to the commissioners or any certain amount as may be provided for in the policy.
In a case where the borrower or purchaser is dependent on the earnings- of any other person for support the insurance may be on the life of such other person.

(2) The premiums payable for such insurance may be paid by the commissioners, and shall be repaid to the commissioners by the borrower or purchaser with interest at the rate chargeable on the advance or balance of purchase money in terms of the mortgage or contract of sale, by monthly instalments, and until so repaid shall be a charge on the property the subject of such mortgage or contract of sale.

(3) Such a policy of insurance shall be assigned to the commissioners as collateral security for the advance or purchase money.

22. The commissioners may make advances or this Act on any holding or land of any tenure in	erect dwellings under any Division of Part I I of
the territory of the Commonwealth formerly part of the State.

1 1 .     The Principal Act is amended—

(a) By inserting next after section ninety-six the following new section:—

97. On and from the first day of July, one thousand nine hundred and twenty-nine, all legal work which the Commissioners shall require to be done in connection with the investigation of the title to securities for

advances

advances and the preparation of all security documents for the purposes of this Act or of any amendment thereof, including the Govern­ ment Savings Bank Act of 1913, and the Government Savings Bank (Housing) Amend­ ment Act of 1928, shall be carried out by the said Commissioners with their own staff.

(b) by inserting next after section thirty-live the following new section :—

35A. (1) The commissioners may set apart the sum of ten thousand pounds and such further sums as may be approved by the Governor from time to time to the credit of a fund to be known as " T h e Officers' Relief Fund," and may make loans from such fund or grants from the income thereof to such officers or servants of the bank or their dependents or the dependents of deceased or ex-officers or servants as appear to the com­ missioners to require and deserve assistance or relief.

(2) Loans from the fund may he made on such terms and conditions as to the com­ missioners may seem fit.
(3) The commissioners may also, if they think fit, apply any part of the income of the fund to assist any society or association formed among their officers or servants for their mutual benefit, welfare or education.

(4) The accounts of the fund shall be subject to audit in accordance with section twenty-nine of this Act.

(5) This section shall be deemed to have come into force on the thirtieth day of June, one thousand nine hundred and twenty- five.

(c) by omitting from subsection one of section thirty-nine the words "according to the amount of the deposit" and also the words " not. exceeding one thousand pounds" and all the words from "prov ided" where first appearing to the word " Commissioners " at the end of the second proviso to the subsection.

(d)

(d) by adding a new section 33A after section thirty-three as follows : —

33A. Every officer, servant or valuator of the Commissioners shall on attaining the age of sixty-five years be retired by the Com­ missioners.

This section shall not come into operation until the thirty-first day of December, one thousand nine hundred and thirty.

1 2 .     The Principal Act is further amended—

(a) by inserting in Part V after section forty-four the following new Division :—

DIVISION 1A.—Safe deposit vaults.

44A. The commissioners may provide safe deposit vaults and rent safe deposit boxes therein in terms of this Act and the regula­ tions thereunder.

44B. The obligations of the commissioners in respect of safe deposit boxes shall not extend beyond the exercise of due and reasonable care to prevent the opening of any such box by any person other than the renter thereof or by some person authorised by him or by law.

41c. In any action against the commissioners in respect of any loss arising from the alleged unauthorised opening of any safe deposit box no larger sum than one thousand pounds shall be recoverable, and then only on proof of

negligence on the part of the commissioners.

44D. Evidence tending to prove that

securities, money, valuables, or other articles were left in any safe deposit box upon the last entry by a renter, and that the same or any part thereof were missing upon subsequent entry shall not be sufficient to raise a pre­ sumption that the same were lost through any negligence for which the commissioners are responsible or put upon them the burden of proof that such alleged loss was not their fault.

44E.

44E. The commissioners shall not be affected by notice of any trust upon which the renter of a safe deposit box holds or is alleged to hold the same or the contents thereof.

44F. The commissioners may direct that no safe deposit box shall be rented to any person whom they deem it inexpedient to admit as a renter and may at any time terminate the renting of a box to any person.

44G. The commissioners shall have a lien or charge upon all property deposited in a safe deposit box for rent and expenses due to them from the renter thereof.

44H. The commissioners may at any time suspend access to a safe deposit box by any person whomsoever without being liable for any damages.

44i. If any person being a minor signs a contract for the renting of a safe deposit box, the commissioners shall not incur any liability by reason of the fact that such renter is less than the age of twenty-one years and the commissioners shall have all remedies against such renter as if he were of the full age of twenty-one years.
44J. An authority on a form supplied by the commissioners empowering an attorney, deputy or agent to have access to and control of the contents of a safe deposit box shall be exempt from stamp duty.

44K. Any power of attorney or an authority accepted by the commissioners as sufficient to permit access to a box by an attorney, deputy or agent of the renter shall be valid and effectual until notice of the revocation thereof, or of the bankruptcy, lunacy, unsoundness of mind, or death of the principal has been received in writing by the commissioners.

44L. Any deed, document or article of value
found within the safe deposit vaults shall forth­

with be handed to the commissioners or the

officer

officer in charge of the vaults, and as against all persons other than the rightful owner the property in such articles shall vest in the com­ missioners, and shall be held by the commis­ sioners against the finder and all persons other than the rightful owner.

44M. Should the commissioners be served with any order of the Supreme Court of New South Wales or the High Court of Australia vesting in any person or directing the attach­ ment or disposition of any property deposited in a safe deposit box or commanding them to open the box or to deliver its contents or any part thereof to any person, the commissioners shall be bound to take all steps and do all things in their power to give effect to the order, and they are hereby relieved from any liability for so doing.

This section shall extend to an order made under the powers conferred by the Ptoyal Commissions Act, 1923, in any case in which the provisions of Division 2 of Part I I of that Act have effect.

44x. The commissioners may make regu­ lations prescribing the terms and conditions upon which safe deposit boxes may be rented, regulating the access thereto, and prescribing the method in which the safe deposit vaults shall be controlled and managed.

Sections eighty-four and eighty-five of this Act shall apply to regulations made under this section. 44o. In this Division—

" Safe Deposit Box " means any compartment, safe, box or other receptacle for safe custody of any personal property in the safe deposit vaults of the commissioners.

" Renter " means the renter of a safe deposit box, and shall include his duly authorised attorney, deputy or legal representative.

(b)

(b)	by inserting in section three, Part Y after the words "Division 1.—Deposits—ss 37-44 " the following words " Division 1A.—Safe Deposit
Vaults—ss. 44A -44O."

1 3 .     The Principal Act is further amended—

(a)	by inserting in section five after the words " Irrigation Act, 1912 " the Words " Returned Soldiers Settlement Act, 1916 " ;
(b)	by inserting at the end of paragraph (a) of the first proviso in section thirty-eight the words " o r accounts, in his own name, styled ' Definite Object Savings Accounts ' or words
of similar impor t " ;
(c)	by inserting in section 38A after the word "prof i t " the words "societies registered under the Co-operation Acts, 1923-1928 " ;
(d)	by omitting subsection two of section forty-one and inserting in lieu thereof the following subsection :—

(2) Accounts opened in pursuance of section

38A may be drawn upon by cheque in such

form and subject to such conditions as the

Commissioners may direct.

(e)	by inserting in subparagraph (v) of paragraph (b) of section forty-seven after the word " municipality " the words " or shire " ;
(f) (i) by inserting in section 48A after the words the Seat of Government formerly part of	New South Wales and the territory for " Rural Bank " the words " i n the State of
the said S t a t e " ;

(ii)   by inserting in paragraph (h) of the same section after the words " rural pursuits " the words " or to co-operative societies regis­ tered in accordance with the Co-operation Acts, 1923-1928, of which the principal objects are to acquire, dispose of, or other­ wise deal with products and/or requisites of any rural industry."

(g)

(g) by inserting' in section sixty-two after para­ graph (b) the following new paragraph (c) as follows :—

(c) Any holding or land of any tenure in the territory for the Seat of Government formerly part of the State.

(h) by omitting from subsection one of section sixty-six the words " being five pounds or a multiple of five pounds " and by inserting in lieu thereof the words " being an amount of integral pounds " ;

(i)   by inserting at the end of section sixty-six the following new subsection :—

(5) The commissioners may repay to a borrower any repayments made by him under the provisions of subsection one of this section.
(j)	by inserting in section sixty-nine after the words " Rural Bank Depar tment" in the third line the words " or which is subject to any mortgage, lien, or charge in favour of the
commissioners " ;
(k)	by omitting section eighty-four and by inserting in lieu thereof the following new section :—

84. (1) The regulations may prescribe a penalty not exceeding twenty pounds for any breach thereof.

(2) The regulations shall—

(a) be submitted to the Governor for approval,

and after such approval be published in
the Gazette; and
(b)	shall take effect from the date of publica­ tion thereof, or from a later date to be specified in the regulations; and
(c)	be laid before both Houses of Parliament within fourteen sitting days after publi­ cation if Parliament is then in session, and if not, then within fourteen sitting days after the commencement of the next session.

If

If either House of Parliament passes a resolution of which notice has been given at any time within fifteen sitting days after the regulations have been laid before such House disallowing any regulation 01 part thereof, the regulation or j)art shall thereupon cease to have effect.

(1) by omitting subsection four of section eighty-

five.

(m) by omitting section ninety-six and by inserting in lieu thereof the following new section :—

96. Upon the commissioners being served with an order made by the High Court of Australia or a justice thereof, or the Supreme Court of New South Wales or a judge thereof, vesting in any person or directing the attach­ ment of or the disposition or payment of—

(a) any inscribed stock or interest thereon;

(b)	any moneys at the credit of any depositor or customer;
(c)	any surplus moneys held by the com­ missioners after the sale of property comprised in a security,

the commissioners shall be bound to take all steps and do all things in their power to give effect to the order.

(n)	by omitting from section three the figures " 9 5 " and by inserting in lieu thereof the figures "97."*
(o) by omitting section 48F.

1 4 .     (1) The Principal Act is further amended—

(a) by omitting section sixty ;

(b) by omitting Schedule Two.

(2) The Government Savings Bank Amend­
ment Act, 1913, is amended—

(a)	by omitting so much of the Schedule as amended the following provisions of the
Principal Ac t :—

(i) section twenty-seven;
(ii) subsection two of section thirty-seven;

(hi) subsection one of section thir ty-nine;

(iv)

(iv) subsection one of section forty-one;
(v) section sixty-two ;
(vi) section sixty-three ;
(vii) section sixty-six;

(viii) section sixty-eight

(ix) section sixty-nine

(x) section seventy.

(b)	by omitting so much of the Schedule as
inserted the following provisions in the
Principal Ac t :—

(i) subsection (2A) of section thirty-seven ;
(ii) section 38A ;

(iii) section 75A.

(3) The Savings Banks Amalgamation Act,

1914, is amended by omitting section sixteen.

(4) The Government Savings Bank Amendment

Act, 1916, is hereby repealed.

(5) The Government Savings Bank (Amend­

ment) Act, 1923, is amended—

(a) by omitting section two;
(b) by omitting subsection two of section four;
(c) by omitting paragraph (d) of section five.

1 5 . The Housing Act, 1912, as amended by the Housing (Amendment) Act, 1924, is amended—

(a)	by inserting at the end of section two the following definition:—
" Purchaser " means a person who, pursuant to this Act or any amendment thereof, has entered into an agreement with the Minister
or the Commissioners of the Government
Savings Bank of New South Wales for the purchase of land or land and buildings, and his permitted assigns.
(b)	by omitting subsections one and two of section forty-three, and inserting in lieu thereof the following new subsections :—

(1) If a purchaser makes default in the observance or performance of any of the conditions of a contract of sale, and such default shall continue for a period of sixty

days

days the whole of the purchase money and other moneys owing under the contract of sale shall forthwith become due and payable and shall be recoverable by the Minister with interest at the rate payable under the contract of sale, and without prejudice to any other powers the Minister may, with or without giving notice, cancel the contract.

(2) At any time after such cancellation the Minister may require the purchaser or occupant to deliver up possession of the land and dwelling described in the contract of sale, and in the event of refusal so to do the Minister may issue a warrant to the sheriff to deliver possession of the said land and dwelling to the person appointed in such warrant to receive the same.

(c) by inserting the following new sections :—

45. A certificate under the hand of the Commissioners of the Government Savings Bank of New South Wales or any one of them or any officer authorised under the Corporate Seal of the said Commissioners in that behalf that a contract of sale has been duly cancelled in terms of section forty-three of this Act, shall be conclusive evidence of such cancellation in favour of the Registrar-General or a pur­ chaser or other person dealing with the said Commissioners.

40. Upon cancellation of any contract of sale the said Commissioners may resell the land	therein described by public auction or private
contract upon such terms and conditions as they think fit to any person for cash or on terms and free from any restrictions imposed by this Act or any amendment thereof.

1 6 . The Housing (Amendment) Act, 1924, is

amended—

(a)	by inserting in subsection six of section six
after the words " t h i r t y - t w o " the words

" thirty-three, thirty five, thirty-six " ;

(b)

(b) by inserting at tbe end of the same section the following new subsection :—

(7) The Registrar-General may register any discharge of mortgage or transfer by way of sale and any other dealing by the commis- sioners comprising land subject to the provisions of the Ileal Property Act, 1900, vested in them by a proclamation under this section as if the commissioners were the registered proprietors under the Heal Property Act, 1900, of the said land.

The registrations of anv such discharges heretofore are hereby validated.