RURAL INTERMEDIATE CREDITS.
AMENDMENTS TO ACT.
Some alterations to the Rural Intermediate Credit Act are contained in an amending Bill now before the House. These are of minor importance, with the exception of one clause, which gives local associations the power to lend any shareholder a sum not exceeding £2OOO instead of £IOOO as in the original Act. Another clause provides that all associations shall be exempt from license fees.
All declarations under the Justices of the Peace Act, 1927, and all declarations of trust, conveyances, transfers, assignments, assurances, bonds, securities, guarantees, mortgages, assignments or transfers of mortgages, or other like instruments executed for the purpose of complying! with any requirements of the Board or of an association under this Act in relation to any advance made by the Board or by any such association shall be exempt from stamp duty in consideration of payment by the Board being made of such sums as may .be agreed on with the Minister of Stamps. Provision is also made for the surrender of shares by shareholders in associations incorporated under the Act, if such shareholder gives notice that he does not wish to obtain a loan, or his application for a loan has been declined by the association.
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Bibliographic details
King Country Chronicle, Volume XXIII, Issue 3076, 7 November 1929, Page 5
Word Count
206RURAL INTERMEDIATE CREDITS. King Country Chronicle, Volume XXIII, Issue 3076, 7 November 1929, Page 5
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