Page 2 Advertisements Column 1

Southland Times, Issue 25669, 11 May 1945, Page 2

PUBLIC NOTICES THOS. BORTHWICK & SONS (Australasia) Ltd (INCORPORATED IN ENGLAND) iABBiTS NOTICE TO TRAPPERS FULL COLLECTION EXCEPTING ON VE DAY. MAKE THE NEXT SHIPMENT A RECORD IN RECORD TIME. HARES ALSO REQUIRED. THOS. BORTHWICK & SONS (Australasia) Ltd INVERCARGILL. 930

notice of local bill. PUBLIC NOTICE is hereby given that it is the intention of The Invercargill City Council to introduce in the forthcoming session of Parliament a Local Bill entitled “The Invercargill City Housing Act, 1945.” The objects of the Bill are to extend and enlarge the powers of the Council in respect of housing and for that purpose to provide as follows: — 1. The Act may be cited as “The Invercargill City Housing Act, 1945.” 2. Financial Institution means any Building Society under “The Building Societies Act, 1908” or any company qr body corporate empowered to lend money on mortgage of land and includes The State Advances Corporation of New Zealand and every other State or Government Lending Institution in New Zealand. 3. (1) The Invercargill City Council may out of loan moneys raised as hereinafter mentioned pay to any financial institution a sum not exceeding the limit imposed by the Act conditionally that the sum together with moneys advanced by the financial institution be secured by a first mortgage to the financial institution on the land and house proposed to be erected. (2) The Council and the financial institution may agree as to the applica-' tion and appropriation between them of all payments made and sums received under any mortgage and matters incidental thereto. (3) The City Council shall be satisfied:— (a) That the applicant for a loan has provided or can provide not less than one-tenth of the total estimated value of land and house when erected. (b) That the moneys advanced by tlie financial institution on first mortgage out of its own moneys amount to not less than twothirds of estimated value of land and house when erected. (c) The total principal moneys secured by the mortgage do not exceed nine-tenths of estimated value of land and house when erected. 4. The total principal moneys secured by any mortgage under this section shall not exceed £1515 and the. amount paid by the City Council shall not exceed one-fourth of the principal moneys secured by the mortgage. 4. (1) The Invercargill City Council may guarantee to a financial institution payment of portion of moneys advanced by such financial institution to any person desirous of erecting a house on land in the City. (2) Every such guarantee shall contain such provisions as the City Council and the financial institution may agree upon as to the application and appropriation of payments made and sums recovered under the mortgage. (3) Before exercising powers under this section, the Council shall be satisfied:— (a) That the applicant has provided or can provide not less than onetenth of estimated value of land and proposed house. (b) That the moneys to be advanced by the financial institution amount to not less than twothirds of estimated value of land and house but do not exceed nine-tenths of such estimated value. (4) The principal moneys secured by any mortgage to which this section relates shall not exceed £1515 and the portion guaranteed by the Council shall not exceed one-third of the total principal moneys secured by the mortgage provided that where principal moneys include moneys payable by way of premium the total principal moneys may exceed £1515 by an amount not exceeding the premium. 5. The Council shall not execute any guarantee if the total liability under the guarantee and its liability under all guarantees previously executed exceeds £25,000. 5. (1) Where a mortgagor, who has entered into a guarantee under this Act in respect of his mortgage, applies to a financial institution for an advance free of interest but to include premiums and to be secured by a replacement mortgage over the security in such mortgage, the Council may guarantee the advance under such replacement mortgage or portion thereof subject to subsection (2) hereof. (2) The principal moneys (exclusive of premiums) secured by any replacement mortgage guaranteed by the Council hereunder shall not exceed £1515 and the Council shall not guarantee repayment of any moneys in excess of amount of principal secured by original mortgage at time of repayment. (3) The foregoing section 4 hereof shall apply to any guarantee under this section. 6. Financial institutions are empowered to advance on mortgage on the terms prescribed in this Act an amount which does not exceed nine-tenths of estimated value of land and house proposed to be erected thereon. 7. The Invercargill City Council to provide funds to make advances and to pay any amounts payable under any guarantee under this Act may raise moneys not exceeding in the aggregate MOTOR VEHICLES FOR SALE HUNTERS GARAGE, LTD. CITROEN SEDAN. 1939 Model. In excellent condition. CHEVROLET SEDAN. Well shod and in good order throughout. ESSEX SUPER SIX. O.K. mechanically. Cheap. MODEL A FORD 30Cwt. TRUCK. Well shod. Good mechanical order. CHEVROLET TRUCK. 1937 Model. Good mechanical order. Very tidy. ' 208 Dee Street, Invercargill. For Lawnmower Grinding. ■ id (Pine I balsam I’j Manufactured | « bv Prescription I . MJ Preparations Ltd t - ’l. 2A Upper I . M Queen Street I BwtictnW. g!