DECENTRALISATION.

Auckland Star, Volume LXVI, Issue 51, 1 March 1935, Page 3

DECENTRALISATION.

ASSOCIATE DIRECTORS. PROPOSED AMENDMENTS. (By Telegraph.—Parliamentary Reporter.) WELLINGTON', this day. Several Government amendments to the Mortgage Corporation Bill were circulated last night. Under these the board of management is given authority to utilise the services of associate directors, and for this purpose the Dominion will be divided into districts, defined by the board, which may appoint one or more persons as associate directors to each district so created. The functions of the associates are to advise the board on any matters submitted to them by that authority, either in relation to its general policy or with respect to any question particularly affecting the business of the corporation in the relevant district.

The maximum amount the corporation can borrow is raised to include the amount of stock it will issue to the State in consideration of mortgages transferred to it from State Departments.

Redrafting has been necessary of the provision for tho repayment of loans in the securities of the corporation. Where the mortgagor desires to repay principal and interest in the corporation's securities, payment must now be made in the securities of the last issue made to the public before the date of the mortgage, and, in case of transferred mort°a°es, payment is to be made in the securities of the first issue made by the corporation to the public. Other new clauses permit moneys available for investment by building societies to be invested in corporation securities, prevent proxies from playing any part in determining whether resolutions at shareholders' meetings should be determined by a show of hands or by ballot, and retain the right of the commissioner of rural intermediate credit to act through officers of the board.