The State Advances Further Amendment Act 1901 (SA)

EDWARDI V11 REGIS.

A. . 1901.

No. 767.

An Act to amend the Law relating to State Advances.

r - Assented to, Decetnbev z ~ s t, rpor .]

E it Xnacted by the Gover~~or, with tilt- advice and consent of

B the Parliamen t of South Australia, as follows:

1, This Act may be cited as '' 'l'he State Advances Further Short title and incor-

Amendment Act, 1901," and shall h r itic*orporiltt.d with " The poratio".

State Advances Act, 1895" (hereinafter callt~l the principal L-\ct),

; C The Statc Advances Anlendmcilt Act, 1896,'' and an Act relating

to the deposit of mortgage bonds and to the financial year of the

State Bank, and which same Act is So. 682 of 1897.

such auplicant a registered mortgage bond in which his name shall purchaser from the Bank of any ordinary mortgage bond, issue to ~~$~~~'f~r$+,,.. be

2, Section 44 of the State Advances Act is hereby repealed. Repeal.

3. All valuatio~is for the purposes of obtaining State advances Valuation and determination of

shall be made by a person or persons duly authorised by the Hoard; a,ou,,

of state

and no State advance shall be nmde to any person in excess of the advanre.

limitation set forth in section 42 of the principal Act.

4, The provisions of an Act to regulate the licensing of appraisers Appraisers A C ~ not to

in South Australia, being No. 10 of 1843, shall not apply to any 'pp'y.

appraiser acting or any valuation made in connection with the

business of the Bank, where an advance does not exceed One

Hundred Pounds.

5, The Bank shall, on the written application of the holder or Purchaser'snamemap

I" EDWARDI VII, No. 767.

The State Advances Further Amendment Act.-1901.

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be inscribed as the registered proprietor, and shall, at the request of the registered proprietor or transferee of a registered mortgage bond and in exchange therefor, issue to him an ordinary mortgage bond.

certain mortgnge

bonds to he negotiable 6. The right, property, and interest of and in a registered

only bp t~nnsfrr.	mortgage bond, together with the moneys, funds, and interest pay- able thereunder, shall, notwithstanding section 32 of the principal Act or any regulations made thereunder, belong and be payable only to the registered proprietor or registered transferee thereof, and may be transferred, or in the case of the death, lunacy, or insolvency
of the registered proprietor transmitted to the persons entitled.

Inepector- General 7.

Where any mortgage bond becomes spoiled, defaced, or unfitted purchaser, cause such bo~rd to be cancelled, and such cancelled bond may be filed by the Inspector.Genera1; and he may make out and issue to the holder of' mch bond a new bond bearing the same number, date, currency, principal sum, and rate of interest, in sub- stitution therefor, and such substituted bond shall be signed, sealed, and countersigned as in the case of all other mortgage bonds.

may issue n e w hond

for hond spoiled or	for use the Inspector-General may, on the written application of the
defaced.
Bank exempted from

income and land tax 8, Notwithstanding anything contained to the contrary in any

and ~tarnp duty. *4ct or rules or regulations mahe thereunder, the Bank is hereby exempted and freed at all times from the payment of all income tax; and .all mortgage bonds shall be exempt from stamp duty. This section shall operate retrospectively.

Repenl 9, The figures 11 " in the tenth line of section 11 of the principal

Act are hereby repealed, and the figures " 10" are substituted in lieu and place thereof.

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

this Bill.

TENNY SON, Governor.

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Adelaide : By authority, C. E. RRIBTOW, Government Printer, North Terrace.