State Advances Act 1895 (SA)

ANNO QUINQUAGESIMO OCTAVO ET QUINQUA-

GESIMO NON0

No. 633.

An Act relating to State Advances and other matters.

[ Asseded to, DeceVZbt?~ zoth, 1895.1

E it Enacted by the Governor of the Province of South Aus-

Council and House of Assembly of the said province, in this present	B tralia, by and with the advice and consent of the Legislative
Parliarnen t assembled, as follows:

PART I. PART 'I.

PRELIMINARY.

1, This Act may be cited as " The State Advances Act, 1895." Bho*titIeana incorporation.

6-633 3. This

2, The chief objects of this Act are t o provide, as follows :-- Objects.

(l) For the establishment of a State Bank for the purposes of this

Act:

(2) For State guarantees for the payment of all mortgage bonds

issued under this Act:

(3) For the raising, by mortgage bonds, of a State Advances Fund,

to be placed a t the disposal of the bank for State advances:

(4) For the making of State advances out of the State Advances

Fund to farmers and other producers, to local authorities,

and in aid of industries, at reasonable rates, on convenient

terms, and upon poper securities:

(5) For the keeping of accounts.

2 58" & 59° VICTORIA, No. 633. -

Tha State Aduames A c t. 1 8 9 5.

PAXT J, 3. This Act shall commence on a day to be appointed by the

~0mmen08m~nt	of	Governor by Proclamation.
Act.

Interpretation. 4, In this Act, unless the context otherwise requires-

" The Bank" means ('The State Bank of South Australia"

established by this Act:

"Board " means the Board of Trustees of the bank:

" Crown lease " means a lease or agreement for sale of lands

of the Crown granted or made by or on beha71f of the Crown:

"Farmers and other producers " includes farmers, graziers, and

persons engaged in agricultural, horticultural, or pastoral

pursuits:

Rural industries " includes the freezing of meat for export, the manufacture of wine, the manufacture of dairy produce, and any other industry which may by Proclamation be declared a rural industry:

" Local authority " means any Municipal Corporation, District Council, Drainage Board, or other corportte body within the province authorised to raise money on the secnrity of its rates:

The State Advances Fund " cornpriscs a11 funds of the bank

raised under Part IV. of this Act:

Mortgage bonds" means mortgage bonds issued pursuant

to this Act:

a Proclamation " means Proclamation by the Governor in the

Government Gazette :

Prescribed " means prescribed by Act or regulations:

cc Permanent improvements " includes houses and other buildings,

fences, dams, reservoirs, underground tanks, and all other

improvements which the Board shall deem to be permanent,

and in connection with any industry includes such buildings,

machinery, and appliances as thc Board shall consider

necessary for the purposes of such industry:

Treasurer " means the Treasurer of the province:

" Trustee " means a member of the Board.

Division of ~ c t. 5, This Act is divided into parts as follows :-

PART 11.-Establishment and Management of the Bank:

PART	1x1.-State	Guarantees;
PABT	IV.-The	State Advances Fund and State Advances:

PART	~.-Acco~nts and Audit:
FABT	vr .Misoellaneoua. PART

58" & 5 9 O VICTORIW, No. 633. 3

The Btate Advances Act.-1 895.

PART 11.

PART 11.

ESTABLISHMENT AND MANAGEMENT OF THE BANK.

(a ) The State Bank.

( b ) Trustees.

( c ) Investmen ts.

(d) Inspector- General and 0 ficers.

(a) THE STATE BANK.

(3, A State Bank, to be called "The State Bank of South Aus- Establishment of the bank.

tralia," is hereby cstablishcd for the purposes of this Act.

7, The Bank shall be a body corporate, with perpetual succession Incorporation.

and a common scal, and the right and liability to sue and be sued.

8. The Rank shall have the following general powers in addi- g~;;;:~:;;:,"~

tion to any othcr powc14s conferred by this Act, that is to say, power-	establish agencies at
post offlcea.

(1) To establish agencies of the Bank at any post offices or else-

where in the province:

(2) To purchase, take on lcase, or otherwise acquire, and to sell,

demise, or otherwise dispose of, for thc purposes of the

Bank, any rcal or personal estate.

(9) To maintain, repair, and improve any real or personal property

of the Bank.

9, The Bank shall be managed by a board consisting of five Management.

trustees appointed by the Governor.

10, Every trustee shall hold office during good behavior, and Term of oace.

shall not be removable therefrom, unless an address praying for such removal be presented to the Governor from both Houses of the Legislature in one Session, or from one House in each of two consecutive Sessions.

11, The Governor may suspend any trustee from his office for Governor mayremove or auspend trustsea in

incapacity or misbehavior, but in every such case a full statement ,,,& trustee from his ofice, such suspension shall cease; but if an address shall be presented, as mentioned in section 11, the Governor may remove such trustee. . , , , ,

of the cause of such suspension shall be laid before both Houses

of Parliament, if then -sitting, or if they be not sitting, then

within seven days after the commencement of the next Session;

and if an address shall not within one month afterwards during

that Session be presented to the Governor by the Legislative

12. The

58" & 59' VICTORIE, No. 633.

The &ate Advances A c t. 1 8 9 5.

PART XI.

- 12. The trustees shall annually elect one of their number to be

Chairman.

chairman of the Board. The chairman shall preside at all meetings of the Board, but, in his absence from any meeting, the trustees present may select one of their number to be chairman of the meet- ing. The chairman shall have a deliberative vote, and, in case of an equality of votes, an additional or casting vote.

Quorum.

13, Four trustees shall form a quorum, and may execute and

exercise all the powers and discrctions of the Board and of the Bank.

Majority to mle.

14. The decision of a majority of the trustees present at a Board

meeting shall be deemed the decision of the Board and of the Bank.

D i ~ ~ f i ~ a t i o ~ f o r

trusteeship. 15. No person shall 'be a trustee or Inspector-Gcneral if he is

incapacitated from holding a Crown office of profit, or is a director, or V

ma[ager, or member of the managing body o r committee of any banking company carrying on hnsiness in the province; or of any society or company carrying on business within the province, and one of whose objects is the: lending of money on the security of freehold or leasehold lands in the provirlce; or who is am officer or servant of any such company or society. No member of the Legis- lative Council or House of Assembly, until he shall have ceased to be a member for at least twelvc nmnths, shallbe appoiuted a trustee or Inspecto~Gcneral, and any person while a trustee or Inspector- General becoming a candidate for either House of Parliament shall cease to be a trustee or Inspector-General.

L ~ ~ c Y or ineolvenc~ 16. If any trustee shall become a lunatic, or be adjudicated

to disqualify trustee. insolvent, convene a meeting ,of or compound with his creditors, or

otherwise take advantage of any Act for the relief of insolvent debtors, he shall cease to be a trustee, and shall be disqualified for re-appointment.

Bank not to make 17. The Bank shall not lend money to any company or society manager, member, or shareholder.

advances to any

o o p c in which any trustee is directly or indirectly interested as director,

htee illtere8ted*

Moneys may be

depomted in certain 18, Nothing in the last preceding section shall prevent the

balks.	Bank from depositing money with any bank which is proclaimed by the Governor as a bank in which dcposits may be made by trustees
pursuant to The Trustec Act, 1893."
Remuneration to

tnwtees. 19, Every Trustee shall be paid out of the moneys of the Bank,

a prescribed fee not exceeding Two Guineas for each Board meeting

he shall attend; but no trustee shall, during any one year of office,

receive more than Two Hundred and Ten Pounds for such fees.

8 /

Mone 8 owihg to

o h ba& 20. All moneys which shall be owing to the Bank by any other

to be a ftrat oharge on

thek i.geml Bank shall, in the event of such other bank being wound up, be a

h u e and to Crawn	subjaot to their note char@ upon the general assets thereof, in priority to all other
debts.	claims

58" & 59' VICTORIE, No. 633. --

The State Advances A c t. 1 8 9 5.

PUT I*-

claims and charges whatsoevcr, except Crown debts, and except the

d

first charge created by law in respect of the bank notes issued by

such other bank.

(d) INSPBCTDR-GENERAL A N D OFFICERS:

21. The Trustees shall, subject to the approval of the Governor, f $ ~ ~ ~ ~ ~ ~ ~ ~ ~ m l,

amoirit an 1nsx)ector-General of the Bank, who. under the Board, o~cera,	$0.
s6d.l be the chi$ executive officer of t.he I3akk. he Trustees shafl also, subject to the like approval, appoint all such officers and servants as may be necessary for efficiently conducting the business
of the Bank.

22, The Inspector-General shall be present at all Board meetings 1 nepector-~enera~ to

attend Board meet-

where practicable, and may take part in such meetings; but he shall ing8.

not vote on any qucstion, and his abscnce shall not invalidate any

meeting.

shall be referred to the Inspector-General, and he shall report in 23. All applications for loans, or renewals or ex tensions thereof, E;z;zf Inspector

writing to tlrc Board on every such application, and on the proposed securities therefor. H e shall also report to the Board on any matter as to which the Board may rcquire his rcport; and, in addition to any other duties which may be prescribed, he shall, under the Board, control the issue of mortgage bonds, the making of State advances, and the general operations of the Bank.

24. The salary to be paid the Inspecto~Geileral shall not exceed ~ ~ $ ~ ~ ~ ~ ' ~ ~ ~ 8 ,

One Thousand Pounds per annum.

PL4RT 111.

STATE GUARANTEES.

25. The Government of the province hereby guaran tces the due

payment by the Bank to the persons entitled thereto of all mortgage

bonds and the interest thereon.

guaranty.

26. The general revenue is hereby appropriated for the payment Appropriation of revenue.

of all sums which shall become payable by the Government under

the preceding section,

PART IV. PART rv.

THE STATE ADVANCES FUND AND STATE

ADVANCES.

27. A State Advances Fund shall be raised by the issue of :%:gof state

mortgage bonds, and shall be at the disposal of the Bank for the purpose of State advances. 28, Mol-tgage

5%" & 59" VICTORI&, No. 633.

The S'tate Advances Ac t. 1895.

Paar rr. 2E). Mortgage bonds may be issued by the Bank, but so that

Linrilbation of iaaue af the total amount thereof current at any time shall never exceed

-%age bonda. either-

(a ) The total amount due to the bank for State advances; or

( b ) Three Million Pounds sterling.

Security for payment

of bonda. 29, The due payment of all mortgage bonds and of the interest

thereon shall be a charge upon the State Advances Fund, and upon all securities held by the Bank in respect of State advances; but so that such charge shall not affect the power of disposition possessed by the bank in respect of such fund and securitics.

Form and mode of

exemtion of bonds.

80, Mortgage bonds shall be in the form in Schedule A to this Act, or in such other form as may be prescribed, and shall be sealed with the common seal of the Hank, and signed by two trus- tees and countersigned by the Treasurer, or, on his behalf, by some person appointed for the purpose by the Governor; and every such bond shall, before issuc, be numbered and registered by the Commissioners of Audit in a re~is ter to be kept by them in that behalf, and shall bear the date of its issuc by the Bank.

Amount of bonds and

rate of interest.

31. Every mortgage bond shall be for the sum of Ten Pounds,

or some multiple thereaf, and shall bear interest at the rate of not

exceeding Four Pounds per centurn per annum, payable half-yearly

du~ ing the currency thereof.

32, Every mortgage bond shall be payable to the bearer thereof, and shall pass by delivery only, and without any assignment or indorsement; and the bearer of every such mortgage bond shall have the same rights and remedies as if he were expressly named therein.

Modeof efbonas.

33. The Bank may cause mortgage bonds to be sold, or offered

for sale, a t such times and places, in such sums, on such conditions,

and in such manner as may be approved by the Governor.

through agent#. 34, The Bank may, with the approval of the Treasurer,

appoint agents to negotiate or contract for the sale of any mortgagc bonds, and may, directly or through such agents, sell, or negotiate for the sale of, any bonds the sale whereof shall have been authorised by the Governor.

wemptionof

g a p bonds. 36. Any mortgage bonds may be redeemed by the Bank at their face value, with any unpaid interest added, at any time after the expiration of five years from the date of the issue thereof.

D m d ~ 8 b y bauot* 36. The mortgage bonds to be so redeemed shall bc decided by

ballot in manner p~.escribed, and their numbers and values, and the places appointed for the palyment thereof, shall be forthwith advertised by the Bank in the Government Gazette.

37. Any

58" & 59' VICTORIW, No. 633.

The State Advances Act.-1 895.

37, Any mortgage bonds so advertised shall be redeemed on

presentation at the chief office of the Rank, or such other place	Bonds drawn cease to carry htereet after .
in Adelaide as may be appointed; and from the day fixed by the	certain date.
advertisement, not being earlier than six months after the date of the publication of the Govemzrnetjt Gazette containing such notice, the mortgage bonds therein mentioned shall cease to bear interest.

38, Within six months after receiving any moneys in repay-	to be employed in
Repayment moneys

ment of State advances the Bank shall redeem or purchase mortgage	redemption of b~nds.
bonds, so far as such moneys remaining in their hands will permit.
39, All mortgage bonds, when redeemed or purchased by the Bank, shall be forthwith cancelled by the Bank and the Commisl	redeemed bonda,
Cancollation of

sioners of Audit, and shall not be re-sold or re-issued.

State adva.nces may be made by the Rank out of the State Advances Fund to farnlers and other producers, to local authorities,

State advancee may

be made out of State

Advances Fund.

and in aid of industries.

40,

41. Such advances may be made-	Nature of securities.
I. To farmers and other producers and in aid of industries upon

the security of lands held in fee-simple, or under Crown

lease:

11. To local authorities upon the security of their rates.

42. No State advancc to farmers or othcr producers or in aid	lands held in fee-
Limit of advances on

of industries shall exceed three-fifths of the unimproved value	simple.
of the fee-simple of the land, and of the permanent improvements (if any) thereon; and if the land has acquired a special additional value by reason of cultivation as a vineyard or orchard, then plus one-third of such special additional value.

43, Where the State advance is made on the security of a Crown	Limitation of
advances on Crown

lease, the amount of the advance shall not exceed thc sum which	leues.
might be advanced if the lands were held in fee-simple, less-

(a ) The amount of all unpaid purchase-money where the land is

held under or with an obligation or right to purchase; or

(6) The unimproved value of the land where the land is held with-

out any such obligation or right.

44, In no case shall the unimproved value of any land, for the Unimprovedvcllue.

purpose of any State advance, be taken to exceed the azno~int

determined by the then last previous assessment by the Com-

misssioner of Taxes.

45, State advances to be made to any local authority shall be for Purposes of Btate advances to local

the purpose of purchasing, constructing, or otherwise acquiring bridges, roads, tramways, wharves, jetties, baths, gasworks, electric Lighting works, or permanent improvements, or providing for the redemption or conversion of existing loans. 46, The

5%' & 59' VICTORIW, No. 633.

The Xtate Advances A c t. 1 8 9 5.

PART rv. 46, The amount of all State advances to any local authority shall

Limitation of amount. not exceed either-

( a ) The cost of the works proposed to be constructed or acquired, or the amount of thc loan to be redeemcd or converted; or

( 6 ) Such a sum as an annual rate of Six Pence in the Pound on the assessed annual value of the ratable property of such local authority would be sufficient to repay with interest, pur- suant to this Act,

Limitation of sd-

vancm to in$- 47, No State advance shall be made to any one person, firm. or

viduals.	company in excess of Five Thousand Pounds.
Advanoes may be

made in mortgage 48, State advances may be made in mortgage bonds or other-

bonds.	wise, at the option of the Bank.
Security to be oom-

pleta before advance	49, No State advance shall be actually made-
made.
(a ) Upon the security of any land or permanent improvements until the Board shall be satisfied with the title to such land or improvements, and shall have taken a security by way of first mortgage thcreof:
( b ) Upon the security of any rates until the Board shall be satisfied

that the borrowing of such advance and the raising and appropriation of such rates for the due repayment of such advance and the intercst thereon have been duly authorised by the local authority and the ratepayers concerned, and that a deed charging such rates with the due repayment of such advance and interest has been executed by the local authority in the form and manner prescribed:

(c) Nor unless the Inspector-General shall have certified to the Board that all the requirements of this Act have been duly observed, and that the borrower is entitled to the immediate receipt of the advance proposed to be made:

(d) Nor shall any application for a loan be considered unless the Inspector-General shall have received from the applicant a deposit sufficient to cover the actual cost of any valuation which he may deem necessary in respect of such application.

F O ~ and content6 50, Every mortgage shall be prepared by the bank free of cost, except registration fees, which shall be paid by the borrower, and shall be in such form as may be prescribed, or as may be required by the Board.

of mortgage.

covenanta;mpl~eain

form in Shedule B.	51, In every mortgage made in the form in Schedule B the covenants and conditions mentioned in Schedule C shall be implied as against the mortgagor and in favor of the Bank as fully as <f set out at length therein, subject to any modifications or exceptions and
with any additions which may be set out in such mortgage.

52, Every

58" & 59@ VICTORIW, No. 633* 9

The State Advances A c t. 1 8 9 5.

52, Every State advance shall be repaid to the Rank with in- PART IT.

terest, and the amount of interest accruing between the time of the state advances to be advance and the next first day of April or October, whichever shall repaid with interest* first happen, shall be paid to or d e d k e d by the bank at the time of

the advance.

53, The rate of interest shall be as agreed by the Bank and the Rate of interest.

borrower, and shall not exceed Five Pounds per centum per annurn.

54, After the first day of April or October, as the case may be, first ~alf -year ly instal-

following the making of the advance, the principal and interest shall ~ ~ ~ ~, " ~ ~ ' ' p d

be repaid by equal half-yearly instalments extending over any term

of years rncntioncd in ~ c h e d d e D and agreed by the Dank and the

borrower.

55, The amounts mentioned in Schedule D show the half-yearly Instalments as in

instalments of principal and interest payable in respcct of a loan 6f ~ ~ ~ ~ ~ $ ~ c ~ ~

reduced,

One Hundred Pounds, bearing interest at the rate of five per evenb.

centurn per annum; but if any lower rate shall be agreed by the

58, The balance of the principal money owing in respect of any Repayment of

State advance may be paid, with all interest due thereon, on the day

any time*

appointed for any half- yearly payment, and thereupon the Bank shall discharge the mortgage f'ree of cost, except registration fees; and any portion of such balance may be paid on any such day, and thereafter the interest shall be reduced proportionately.

57. Any repayment in respect of a State advance may be made Repayments may be

in cash or mortgag,e bonds, and all such bonds shall be received by made in cash or bonds.

the Bank at their face value.	Any bonds so received shall be can-
celled, as it' redeemed.

58, No State advarrce shall be rrratle to n trustee nor to any Limitation of state

persou in anywise concerncd in the management of the Bank. advances.

PAlt'L' V. .

ACCOUN'SS AND AUDIT,

59, The Bank shall, within two months after the thirtieth day of Annual ficancial statementi!.

June in every year, lay before the Governor and publish in the

Gouertzment Guzette a financial statement setting forth, under con-

venient headings, the receipts arid 1)aymcnts of the Bank during the twelve months ending on the said thirtieth day of June, and also the assets and liabilities of the R m k as on that day. Every such state- ment shall be sigued as correct by all the trustees, the Tnspector- General, and the auditors of the 13attk, and laid before Parliament

B-633 withir,

58" & 59' VICTORILE, No. 633.

Z4e State Advances Act. -1 8%. -

within twenty-one days if Parliament be then sitting or within

twenty-one days of the next meeting of Parliament.

B a d to keep

prescribed aocounte. 60. In addition to the financial statements mentioned in the pre-

ceding section, the Bank shall keep, render, make, and publish all

such books, accounts, records, returns, declarations, and statements as

they shall think necessary and as shall be required by the Treasurer,

or preecribed,

Audit. 61. The accounts of the Bank shall be audited by two fit and

proper persons, to be appointed by the bank with the approval of the Treasurer. Such accounts shall also once at least in every year, and also whenever so directed by the Governor, be audited by the Com- missioners of Audit, or such other auditors as the Governor may appoint for the purpose.

Powerwr of auditors. 62. The Commissioners of Audit, and all auditors so appointed,

shall, in respect of such accounts, have all the powers conferred on the Commissioners of Audit by any law in force relating to the audit of the public account^.

PART VI.

MISCELLANEOUS,

;Spoiled or defaced 63.

If any mortgage bond becomes spoiled or defaced the Bank may destroy the same, and issue a new bond in its place. Such substituted bond shall bear the same number and date as the original, and shall be executed and issued in manner prescribed.

bonds may be

replaced.

Mortg~ge bonds a

proper invcstmont	64. Thc investment in mortgagc bonds of any moneys held for investment shall be deemed a due investmcnt thereof, unless such investment is expressly prohibited by the Act or instrument pur- suant to which such moneys arc hold for investmcnt.
for trust monoys.

Penalty for forging

or altering bonds. 65. Any person who shall forge or alter, or shall offer, utter, or dispose of, or put off, knowing the same to be forged or altered, any mortgage bond made out and issued, or purporting to be made out and issued, under this Act shall be guilty of felony, and being thereof convicted, shall be imprisoned for ally term not exceeding fourteen years.

Regulations. 66. The Hank may make regulations for the purpose of

regulating--

(a) The meetings and proceedings of the Board:

( 6 ) The duties of officers, valuators, agents, and other persons employed by the Bank:

(c) The management of the Bank and its agencies:

(d ) The

58" & 59: VICTORIE, No. 633

The &ate Advames A c t. 1 8 9 5.

(d ) The mode of balloting for the withdrawal of bonds: PART vr,

(e) The' modc of cancellation and destruction of mortgage bonds:

(f) Forms:

(g) Procedure in all cases where no procedure is otherwise

provided:

( h ) The penalties to be imposed for any breach of regulations, not

exceeding for any one offence Twenty Pounds, and which

penal ties may be summ srily recovered:

(i) All matters and things arising under and consistent with this Act not herein expressly provided for, and for otherwise fully and effectually carrying out and giving effect to the various objects, purposes, powers, and authorities of this Act, and guarding against evasions and violations thereof.

67. All such regulations shall be subject to the approval of the Regulations to be

Governor, and when so approved shall be laid before Parliament andlaidbafOm approved by Governor

for thirty days, and, except in so far as the same may be dis- Parfiamnt.

approved by resolution of either House of Parliament, shall be

published in the Government Gnxette, and when so published shall

have the force of law: Provided that no regulation shall be

repugnant to this Act, or to the general ~pi r i t and intendment of

the laws in force within the province.

68, <'The Banking Companies Act," No. 25 of 1863, shall not NO. 26 1863 not

apply to the Bank. apply.

In the name and on behalf of Her Majesty, I hereby assent to

this Bill.

T. FOWELL BUXTON, Governor.

THE

5%" & 59" VICTORIW, No. 633.

The State Advances A c t. 1 8 9 5.

THE SCHEDULES.

SCHEDULE A.

Form of Mortgage Bond.

South [Royal Arms. J Australia.

No.

Mortgage Bond pursuant to the State Advances Act, 1895.

The State Bank of South Australia hereby acknowledges that the holder of this bond is the owner of funds in the said bank to the amount of Pounds; and, until the redemption of this bond pursuant to the above-mentioned Act, the said bank will, on every day of and day of pay to the

bearer of this bond the sum of E , being interest at the rate of per centum

per annum. The principal amount of this bond and interest as aforesaid are secured bythe State Advance8 Fund, and on all the securities held by the bank in respect of the State Advances Fund under the said Act, and are also guaranteed by the Govern- ment of South Australia.

Given under the common seal of the State Bank of South Australia this

day of , 18 .

Trustees of the

State Bank of

, Inspec tor -General. South Australia.

SCHEDULE B.

THE STATE ADVANCES ACT, 1895.

Mortgage.

I, A B, of [residence und descr+tion] being the owner (or if the land is subject to

I'he Real Property Act, 1886," the registered proprietor) of an estate [state nature

of estate], subject howevcr to such encumbrances, liens, and interests as are notificd

by memorandum underwritten or indorsed hereon in [describe the land and refer to

sideration of the sum of € to Le lent to mc by the State Bank of	the registration nurnbw of the certtjicate, lease, or other document of title], in con-
South Australia as a State Advance, pursuant to " The State Adrances Act, 1895," do hereby, in addition to all covenants implied herein by the said Act, covenant with
the said bank that I will repay the said advance, with interest at the rate of per
centum per annum, computed from the day of 18 , a s
follows :-At the time of the payment of the said advance 1 will pay to the bank, or, failing such payment, the bank may deduct from the said advance, the amount of interest accruing at the said rate between the date aforesaid and the first day of April ( o r October) next, and thereafter I will repay the said advances and the
interest accruing thereon by equal half-yearly instalments of di!
each for years from the said first day of April (or October). The first of
such instalments to be paid on the first day of October ( o r April), 18 .
[If the mortgage is of a Crown lease, add the following: -And also that I will punctually exercise my right of purchase and perform and observe all the covenants and conditions on the part of the lessee contained in or implied by the herein referred
to Crown lease.]

And for the better securing to the said bank the repayments in manner aforesaid,

I hereby mortgage to the said bank all my estate and interest in the said land (and

ifao easement) above described.

In witness whereof I have hereunto signed my name (and .If land not under Rent

Property Act, 1886, affixed my seal) this day of 18 .

.. .. .. .. .. .. .. .. .. . .. .. .Mortgagor.

Witness.. .. , . .. ,. .. ,, .. . . .. SCHEDUJ,E

No.

The 8tate Advances A c t. 1 8 9 5.

SCHEDULE C. Section 61.

Covenants atad Powers to be implied in Mortgage,

Covenants by the mortgagor-

(a) To pay the land tax, and all rates, taxes, and outgoings which may be payable by the landlord or tenant in respect of the land or any part thereof:

(b) To keep insured, against loss or damage by fire, in the name and to the satis- faction of the bank, all buildings, erections, and improvements of an insur- able nature on the land, and to deposit with the bank the policies of such insurance, and, within seven days after each premium becomes payable, the receipt for such premium:

( c ) To keep all buildings, erections, and improvements on the land in good repair, order, and condition, to the satisfaction of the bank:

Powers to be implied in favor of the bank, without prejudice, however, to the bank's right of action upon the covenants-

(d) If

any half-yearly instalment shall be in arrear, wholly or in part, for twenty- onc days after the due date thereof, then, and in every such case, power to to enter into and distrain on the mortgaged land, or any part thereof, and dispose according to law of any distress found belonging to the mortgagor (except the tools and implements of his occupation and the necessary wearing apparel and bedding for himself and family, to a value of not exceeding Twenty Pounds in the whole), to the intent that the moneys in arrear, and all costs and expenses occasioned by the non-payment thereof, may be fully paid:

( a ) If

any half-yearly instalment, or any other moneys payable by the mortgagor to the bank, shall be in arrear, wholly or in part, for forty days after the due date thereof, or if the mortgagor shall become insolvent, or execute any statutory assignment for the benefit of his creditors, then, and in every such case-

I. Power to enter into possession of and hold the mortgaged land, or any part

thereof, and take and receive the rents, profits, and income thereof until the moneys in arrear, or accruing due during the period of such possession, and all costs and expenses of or incidental to the entry or possession, or occasioned by the non-payment of such moneys, hare been fully paid; and any such possession by the bank shall be without impeachment of waste:

11. Power to sell, or lease for any term of years, the mortgaged land, or any

part thereof, by public auction or private contract, at such price or rental, and subject to such conditions, as the bank may think expedient, with power to convey, transfer, or lease to the purchaser or lessee in like manner in all respects as if the land were vested in the bank; and	so that any such sale or demise may be subject or not to the existing	mortgage, and to the payment by the purchaser or lessee of the moneys
secured thereby:

The proceeds of any such sale or lease shall be applied-First, in payment of all costs and expenses incidental to the exercise of the powers conferred or to the recovery of the moneys in arrear; secondly, in payment of the moneys in arrear; thirdly, in repayment of the principal moneys advanced, or so much thereof as may be unpaid, unless the land shall be sold sub- ject to the existing mortgage; and, fourthly, t,he surplus (if any) shall be paid over to the mortgagor:

Gf) If the mortgagor shall make default in insuring or keeping insured the receipt, in accordance with his covenant in that behalf, the bank may effect such insurance and pay all premiums necessary for keeping the same on foot: mortgaged premises, or in delivering over any policy of insurance or premium

(g) If the mortgagor shall make default in paying any purchase-money, rates, taxes, or other outgoings payable in respect of the mortgaged land, or any part thereof, in accordance with his corenant in that behalf, the bank may pay the same. All moneys paid by the bank pursuant to this power, or the power conferred by the preceding paragraph (f), shall be a debt due by the mortgagor to the bank, payable on demand, and until repaid shall carry interest at the rate of ten per centum per annum, and shall with such interest be deemed to be secured by the mortgage: (h) No

59" VICTORIA, No. 633.

The State Advances Act.--1895,

( h ) No notice or demand to the mortgagor shall be necessary prior to the exercise

by the bank of any of thc powers conferred in its favox :

(i)The bank may retain all deeds and documents of title to the mortgaged land

until the due repayment of all moneys secured thereby.

Bretionrr 64 and 66. SCHEDULE D.

Table of Half-yearl,y Repaymentsfor every One Nundrad Po?,nds, inckding Irtter~st

at Five per Cmtum per Annum,'for vurivus Periods.

Half -yearly Kslf - yearly Half - pearly

Term. Term. Term.

Pityment~. Payments. Payments.

-- -- -- -- - .--

S S. d. S S. d. g S. d.

7 years. , 8 l1 1 19 years. . 4 2 2 31 years. . 3 3 10

74- ".	8 1 7	19% ".	.	4 0 11	31& ".	.	3 3 5
8 " ..	7 1 3 3	20 ".	.	3 19 8	32 ". .	3 3 0

84- ". . 7 5 11 204 ". . 3 18 7 324 ". . 3 2 7

9 " ..	6 1 9	4	21 ". .	3 l 7 6	33 ". .	3 2 3
94- ". .	6 13 6	219 "	3 16 5	33* ". .	3 l l 0

10 '( .. 6 8 4 22 " .. 3 15 6 34 ". . 3 1 6

104 ". . 6 3 7 22* " .. 3 14 7 34?$ " S 3 1 2

11 b b . . 5 19 4 23 'L . . 3 13 8 35 L' . 3 0 10

11* .. 5 15 5 23+ " ., 3 12 10 35% ". 3 0 6

12 $ c .. 6 11 10 24 ". . 3 12 0 36 ". . 8 0 8

124 " .. 5 8 7 24% ". . 3 11 3 364 ". 2 19 11

13 .. 5 5 7 25 ". . 3 10 6 37 ". . 2 19 7

,13& ". . 5 2 9 254 .. 3 R 10 37* ". . 2 19 4

14 " .. 5 0 2 26 " .. 3 9 2 38 ". . 2 19 1

14+ ". . 4 17 10 264 ". . 3 8 6 384 ". . 2 18 10

15 ". . 4 15 7 27 .. 3 7 11 39 ". . 2 18 7

15+ ,. ' 4 1 3 6 274 g' .. 3 7 4 394" " .. 2 18 4

16	..	4 11 7	28 ". .	3 6 9	40 " ..	2 18 1
IS&	..	4 9 9	28& ". .	3 6 3	409 ". .	2 17 10
17	..	4 8 0	29 ". .	3 5 8	41 ". .	2 17 7

176 '$	.	.	4 6 5	295 ".	.	3 5 2	41& ".	.	'L 17 5
18 ".	.	4 4 11	30 ". .	3 4 9	42 ".	2 17 3
183. ". .	4 3 6	304	..	3 4 3

L.'	'	-	-
Adelaide : By authority, C. E. BTLISTOW, Government Printer, North-terrace.