Rural and Industries Bank Act Amendment Act 1947 (WA)

RURAL AND INDUSTRIES BANK.

11° GEO. VI., No. XXXVI.

No. 36 of 1947.

AN ACT to amend sections fifty-eight and sixty-five

of the Rural and Industries Bank Act, 1944.

[Assented to 1st December, 1947.]

BE it enacted by the King's Most Excellent Majesty,by and with the advice and consent of the Legis- lative Council and Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

Snort title. 1. (1) This Act may be cited as the Rural and

Industries Bank Act Amendment Act, 1947, and shall be

read as one with the Rural and Industries Bank Act, 1944 (Act No. 51 of 1944), hereinafter referred to as the principal Act.

Citation. (2) The principal Act as amended by this Act may be cited as the Rural and Industries Bank Act, 1944-1947.

No. 36.1 Rural and Industries Bank. [1947.

2. Section fifty-eight of the principal Act is amended °A/Ilse:Ain . n t

as follows :—

(a) By deleting the whole of paragraph (a) and inserting in lieu thereof a paragraph as fol- lows :—

(a) The amount of the loan shall not exceed

the sale value of the security to be

given in respect of the loan as

assessed by the valuers of the Bank and, except for good cause shown to the satisfaction of the Commission- ers, shall not exceed an amount equal to seventy per centum of such sale value.

(b) By deleting paragraph (d).

3. Section sixty-five of the principal Act is amended OWIreat

by deleting paragraph (b) and inserting in lieu thereof

a paragraph as follows :—

(b) The amount of the loan shall not exceed the sale value of the security to be given in respect of the loan as assessed by the valuers of the Bank.