TO ASSIST LAND SETTLEMENT.

Dominion, Volume 3, Issue 645, 23 October 1909, Page 10

TO ASSIST LAND SETTLEMENT.

:;. ;GOVEENMENT'S; -NEW- MEASURE/ ' "■ .t,.?, 110 ;??^, 036 of the; Land. Sotttemen't Finance Bill,; introduced yesterday by Governor's Message,: in tho. House of lldpresentatives, is .to promoto: tho closer softlement of land by en-abling-groups of purchasers ,to:buy an estate for subdivision: among theni, and to raiso the purchase money by means of a loan guaranteed by the Government. For this purpose any five or more persons may by agreement form an incorporated land settlement association,'and may purchase in the harao of that association any estate_ consisting of ■ not less than two hundred and . fifty acres. ..The, agreoment of purchase must comprise a schome for tho subdivision of :the cstato iiito; allotments not less than fifty acres in extent, and for the allocation of each : ortheso allotments to one of tho purchasers at a'fixed, .price. The agreement becomes opomtl,yo otily if itis confirmed by Order-in-Council in pursuance of,a recommondatioh of the Board of. Land Purchase On the confirmation of tho agreement the incorporated association, acting through. tho" Public Trustee M-:»ta'aßont,'---is ompowered to raise the'total nurohaso monoy a' the estate by the issue of debentnros under the'guarantee of the Goyovn-.mfnt-;.,,0n the completion of.the purchase tho ostate.is transferred to the association, and tho sovoral.-allotments are then transferred by the associatnn to. the individual purchasers. Each t purchaser.-givcg : n'mortgago'totho association to securo the purchase money of his allotment, ..together with interest at such rate a is sufficient to meet: the interest on tho debentures and the incidental'expenses of tho association. Inenurchaso money of eaoh allotment so secured by mortgage is payable by such instalments ;as the mottgagor chooses, not less than a specified amount in each year, and tho balance must bo paid'in twenty years. All capital and interest moneys so paid, to tho association by .the purchasers aro oxpendod in meeting tho; interest accruing duo on tho debentures •^ d rt hO T. b u» uc Li 3 .neeamulated in the hands M the. Public Trneteo as a sinking fund for tho redemption of tho debentures. .The .title to any-allotment is subject to the following restrictive provisions;—(l.) Everv purchaser must, possess; the Qualifications: requiredby intending leasees under Part 111 of ftp-Lani! Act,,; 1908.', (2.) Until at least onethird of the pnrchaso money has been paid off a parchasermust reside:on his allotment,' auj has no power ;to nlionato or charge it •'• 3 V .Transfers of any allotment. aro subject' to iho provisions of Part: XIII of, tho Land -Act 1008/, in. tho same, manner as in the caso of landalienatcd;.infeo:stmplq by,the': Crown sinco the passing.ofthe'Land Laws Amendment Act :,.:-: vV.V'':.--:' ■-. -..""■7"'.