LAND FINANCE ACT.

Dominion, Volume 3, Issue 773, 23 March 1910, Page 5

LAND FINANCE ACT.

HOW TO ACQUIRE A PROPERTY. QUESTION OF SURVEY PLANS. There still seem to be difficulties in connection with the procedure to be adopted in connection with the acquisition of a property by an association under the Land Settlement Finance Act. One of the ■ properties which has been under consideration by a proposed association is situated at Milford, in the Geraldine district. Writing to the Prime Minister recently, Mr. Buxton, M.P., asked that .the certified survey plan of the property should not be required until after the Lands Department had agreed to purchase the land, urging that it would be a great saving if it happened that the Government did not decide to acquire the property. Sir Joseph has replied, however, that tho survey plan must be sent in each instance before anything further could be done, and that the Department would give every possible assistance, to applicants.

Under the regulations, the purchasers of a property must first of all form themselves into a land settlement association. The next stop to be taken by them is to enter into a memorandum of agreement with the owner of the property to purchase it. Under the agreement it is to ba stated whether the

purchase-money is proposed to'be paid in cash or by State-guaranteed debentures. The distribution of ,the several ■allotments amongst the purchasers imust be clearly shown on a plan. Provision is also to be made with "regard to tho reading of the property. Unless the' agreement is confirmed by an. Or-der-in-Cbuncil within 'six months it becomes null and void. Each of the purchasers has to sign a declaration to the effect that he is seventeen years of age; that he is purchasing tho land solely for his own benefit; that he is not the owner, holder, or ocoupier under , any ..tenure of more than one year's duration, either severally or jointly, in common with any other person or persons, of any land anywhere in New Zealand exceeding in the whole 5000 acres of land, computed as follows:—(a) Every acre of first-class laud is reckoned as 1\ acres; (b) Every acre of second-class land is reckoned as 2J acres; and (c) Every acre of third class land is reckoned as 1 acre;. and that he is qualified to become a lessee of Crown land under the Land Act or a purchaser under the Land Settlement Finance Act. The succeeding step, so far. as the association is concerned is.the application for the Orderj in-Council to which the agreement and declarations aro attached. TJpon visiting.the property the Board of Land Purchase Commissioners have to report in regard to the following matters: — • ■ r

1. Whether the land,included in the agreement is fit for subdivision and settlement in manner contemplated by the agreement '{ ' ■ 2. Whether the price fixed by the agreement is fair and reasonable? 3. Whether the provisions of tl;e agreement as to • subdivision reading, and the distribution of the;total pui-chase-money among the several allotments are fair and reasonable ana conform to the requirements*of the Act, and of the regulations made thereunder? . 4. Whether in all other respects the agreement conforms to the requirements of the Act, and of the regulations made vhereunder? 5. What amount ia, in the opinion of tho board, reasonably required .to be expended by the association as road-ing-money in order to form and metal the roads.dedicated by the association and to construct bridges, culverts, and other requisite appurtenances to-those roads? f 6. Whether, having regard teethe matters hereinbefore specified, and tc all other relevant considerations, tbo agreement is fit and proper to be tonfirmed under-tho said. Act i Among the special covenants and conditions, is one to effect -hat until at least one-third of the prmcipil money has been paid to tho mortgagee the mortgagor or other, person entitled to tho possession of the land shall continuously resido upon it, ev cept in so far as ho is for the tune beim; exempted from such requirements by tue warrant, in writing, of the Minister of Finance, granted on tho recommendation of the Land Board. The purchasers must at their own expense Keep the land free o all noxious weeds and from rabbits. When bush is feUel it must bo done at the proper season, and the cleared land must bo ; sown with good English grasses.