LAND SETTLEMENT.

Dominion, Volume 1, Issue 303, 16 September 1908, Page 7

LAND SETTLEMENT.

FINANCE BILL INTRODUCED;' 1 The Land Settlement Financo'Bill was'introduced in the House of Representatives yesterday by Governor's Message:^'"This is' tho measure foresliiiddw-ed iirtlio' Financial Statement. The purpose of 'tile Bill', is to promote the closer , settlement of land'by enabling of purchasers ta estate for subdivision among them,, the purchasemoney by moans' of .it,,ban guaranteed by the Government. For this purpose any, ten or more persons may by agreement form an incorpo-: rated land settlement, association, and.,may-, purchase in the name of tbat"associatiq>|;any estate consisting of than, six hundred and forty acres. Tli'e' agreeiheni-fif pui'cliaso must comprise a scheme for the subdivision of the estate into allQtinc.l)te_liat..less_than. fifty acres in extent, and for the allocation of each of those nllotScntsTo one of tlio purchasers at a fixe.d,. price. becomes operative only if it is confirmed by ■ Order in Council in pursuance ';o T f rra'recommendation of tho Board of'^Laiid^urchase 1 - Commissioners. ' . , .- On the incorporated association,'' acting tliroiigh. the. public trustee as its agent, is empowered to raige tho total purchase-money'of. ihV estate by tho issue of debentures under the 'guarantee of the Government On-the-comple-tion of the purchase the estate is transferred to tho association, and the several allotments are then trail association to the individual purchasers. • 'Each purchaser gives a mortgage to tho association to secure the purchase-money of his #Ho£" melit, together with,, ir\t-ergst,_g,t.. £ueji...rate. as is to mwlr'tlie* interest debentures and the", 'iiicidefitalexpense's 'of ' '"" M! * VK v " Tho purrhase-money of each allotment so' secured by mortgaged payable-by suoh-i instalments as tho mortgagor chooses, not less than a specified amount in each year,'and' the balance must bo paid in twenty years. All capital and interest tho -association by tho purchasers are expended in meeting the interest accruing due on the debentures,, and -tho'-balance -isaccumulated in the hands of, tho public trusteo as a sinking fund for'the redemption of the debentures. «!

The title to any allotment is subjcct to the following restrictive provisions:—(l) > Every purchaser must possess I tho qualifications required by intending.-lessees under Part 111 of the Land Actj 1908.- .(2)! Until at? least one-third of the purchase-money hat'been paid off, a purohaser must reside onjiis.allotment, and has no power to alienate or charge it. (3) Transfers of .any allotment are subject to tho provisions of Part XIII -if the Laud Aot, 1008, in the same manner as, in the case of land alienated in;,'fee-simple by, the Crown since tho passing of" the LaudLaws Amendment Act, 1907. '