CAPITAL ISSUES CONTROL.
Some 34 Australian pastoral finance companies under the National Security (Capital Issues) Regulations have been authorised to transact mortgages for any amount provided they are not for the purpose of acquisition of land. The maximum rate of interest for such mortgages is 5J per cent, per annum unless otherwise approved by the Treasurer. Other types of mortgage loans are exempted. Loans may be made by life assurance companies or associations upon security of life assurance policies up to a maximum of £1000. Members of stock exchanges are exempted for mortgages up to £3000 to secure loans to clients in the ordinary course of business. Exemption is provided for all mortgages executed before March 29, 1940, which contain provisions for further advances. These exemptions are conditional upon the advances constituting financial assistance in the ordinary course of business and upon existing interest rates being retained.
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https://paperspast.natlib.govt.nz/newspapers/EP19401030.2.99.8
Bibliographic details
Evening Post, Volume CXXX, Issue 105, 30 October 1940, Page 10
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147CAPITAL ISSUES CONTROL. Evening Post, Volume CXXX, Issue 105, 30 October 1940, Page 10
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