SECURITY TRANSFER

Ashburton Guardian, Volume 55, Issue 246, 31 July 1935, Page 8

SECURITY TRANSFER

GOVERNMENT AND MORTGAGE CORPORATION. (Per Press Association). CHRISTCHURCH, This Day. The transfer of certain classes of securities from the Crown to the Mortgage Corporation of New Zealand will ibe considered by the Cabinet to-day. The Acting-Minister for Finance (the Hon. Adam Hamilton), who passed through Christchurch on his way to Wellington last evening, had hoped to spend a day longer jn the South Island, but this important business made' him cancel his arrangements and travel north i mme diately. The Mortgage Corporation Act provides for the transference of the following classes of securities: — Mortgages vested in the State Advances Superintendent in respect of advances to settlers or workers a under the act of 1913; mortgages vested in the superintendent in respect of advances made under the Rural Advances Act of 1926; debentures or other securities vested in the superintendent in respect of advances to local authorities made under the Local Bodies Loans Act of 1926; mortgages vested in the Crown in respect of advances to discharged soldiers under the Settlement Act of 1915; and mortgages vested in the Crown in respect of ' advances made out of the Land for Settlements Account by direction of the Lands Development Board. The act provides that these securities, or any from these classes, shall be transferred to the corporation at a time specified by; Order-iu-Council.