The Advances for Homes Act Further Amendment Act 1912 (SA)

S-

ANNO TERTIO

GEORGII V REGIS.

A.D. 1912.

No. 1096.

An Act to further amend " The Advances for Homes Act,

1910."

[Assented to, December I&, 1912.1

E it Enacted by the Governor of the State of South Australia,

follows :- B with the advice and consent of the Parliament thereof, as

l. (l) This Act may be cited alone as " The Advances for Homes shod title.

Act Further Amendment Act, 191 2."

(2) " The Advances for Homes Acts, 1910 and 1911," and this No. ioiaor 1910.

Act may be	cited together as '' The Advances for Homes Acts, 19 10 N,	lorr of lgll.
to 1912."

and may, in the same manner, annul any rate or table so fixed.

(3) The Advances for Homes Act, 1910," is hereinafter referred

to as the principal Act."

2. This Act is incorporated with the other Acts mentioned in I n c o ~ m t i o n yith

section 1, and those Acts and this Act shall be read as one Act. other Acta.

3. (1) The Treasurer may, from time to time, by notice published The Traanuer m y from time to time fix

in the Government Gazette, fix-	the rate of interest
and tables of inetal-

I. The annual rate of interest to be paid on loans under the , . , ,

principal Act, and

11. Tables of the amounts of the quarterly and monthly instal- ments to be paid by borrowers in respect of such loans, showing the amounts for the various terms for which such loans may be made,

3' GEORGII V, No. 1096.

The Advances for Homes Act Further Amendment Act.-1912.

What rate and tablee

to be in force.

(2) Any rate or table so fixed shall come into force on the fourteenth day after the date of the Government Gazet te in which the same is published, and shall continue in force until the fourteenth day after the date of the Government Gazette in which the notice annulling the same is published.

M k i n g of

'' fixed rate " and

(3) In this Act the expression "the fixed rate " means the rate

fixed as aforesaid which is in force at the time when the loan in

'' fixed table."

question is made; and the expression "	fixed table " means table
fixed as aforesaid.

Amendments of

section 16 of principal 4. Section 16 of the principal Act is amended by substituting for

Aot-	paragraphs (c), (d), (e), (g), and ( i ) thereof respectively the fol-
Provisions relating to	lowing paragraphs, nzr~nely :-
mortgages.

(c) Interest at the fixed rate per annum (but subject to a rebate, as provided by section 17) shall be paid on the loan or each instalment thereof, computed from the date when the loan or instalment is made:

(d) If the loan is made in one sum, interest at the fixed rate per annum, less the rebate mentioned in section 17, computed from the date when the same is made to the first day of the next following month, shall be paid to, or may be deducted by, the Board at the time when the loan is made:

( e ) If the loan is made by instalments, then, until and including the first day of the month following next after that in which the final instalment is made, interest at the fixed rate per annum (less the rebate mentioned in section 17) shall be paid to the Board on the first day of each month on all instalments theretofore made, computed from the dates of making the same respectively; or such interest may be

deducted by the Board from any instalment of the loan:

Every such instalment shall consist partly of principal and

partly of interest, and every such instalment shall, in

respect of each One Hundred Pounds thereof be of the amount set forth opposite to the term for which the loan is made in the fixed table which is in force at the time when the loan is made and is applicable to the case, and in respect of any part of One Hundred Pounds shall be of an amount proportionate to the amount so set forth:

Notwithstanding anything in this section, where it has been agreed to repay by quarterly instalments, the loan, or any part thereof, may be repaid by monthly instalments; and in that case the instalments shall be as set forth opposite to the term for which the loan was made in the fixed table which was in force a t the time when the loan was made, and is applicable to monthly instalments.

Amendment of	5, Section 17 of	the principal Act is amended by substituting for
section 17-

Bate of rebate on paragraph (a) thereof the following paragraph, namely :-

punctual payment. (a) If

3 O GEORGII V, No. 1096. -

The A d v a m for Homes Act Further Amend- Act.-1912.

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(a) If the mortgagor (not being in arrear with any previous instal- ment or other payment under the mortgage) pays the instalment not later than the seventh day after the due date thereof, he shall be entitled to such a rebate of so much thereof' as consists of interest as will reduce the annual rate of interest by one-half per centum.

6. Subdivision (6) of subsection (2) of section 21 of the principal m ~ n t Coflaequent of section amend- 21.

Act is amended by substituting. the words " same annual rate as that

which is payable on the loanY" for the words 'l	rate of Five Pounds
per centum per annum."

7. Section 24 is amended by substituting the words " same annual 2;x;; :e; ; - : i

rate as that which is payable on the loan" for the words " rate of

Five Pounds per cent;& per annum."

8. The Schedule to the principal Act is repealed.	Repeal of the
Schedule.

9. Nothing in this amending Act shall applv to or in respect of Existing loans and

any loan received or mortgage executed before th;? passing of this Act, apeementa therefor mortgages and

or any loan made in fulfilment of any agreement for an advance not

entered into by the Board before the fi&t day of November, nineteen

hundred and twelve, or any mortgage to secure the repayment of

such loan.

10. Subsection (2) of section 8 of the principal Act (as amended Amendment of

by section 3 of The Advances for Homes Act Amendment Act, Home,

1911,") is further amended by substituting the words "Four Hun- Funds

dred Thousand Pounds " for the words '' Three Hundred Thousand

Pounds. "

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

this Bill.

1 DAY H. BOSANQUET, Governor.

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Adelaide : By authority, R. E. E. Rocr~ae, Government Printer, North Terrace.