Page 2 Advertisements Column 2

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

£25,000 under the Local Bodies Loans Act, 1926, by way of special loan by special order and without taking steps prescribed by section 9 to 13 of that Act. 8. (1) The following provisions shall apply to every mortgage under this Act:— (a) The term of the mortgage shall not exceed thirty years. (b) The mortgage shall contain a covenant that on any sale of the mortgaged property, the moytgagor will reduce the principal sum to seven-tenths of amount originally secured or to such less extent as the Council and the financial institution may approve. (c) Any person, firm or company may guarantee any mortgage. (d) Collateral security may be taken by any financial institution and in particular over' any life insurance policy of the mortgagor or any other person. (e) If default is made under any mortgage, the Councill shall have the right to call upon the financial institution to transfer the mortgage to the Corporation. (f) If default is made for three months or more under a mort- ■ gage the financial institution may call upon the Council to elect whether or not it desires to call upon the financial institution to transfer the mortgage to the Corporation and the Council shall make such election within two months. (g) Where the Council calls upon or elects to call upon a financial institution to transfer a mortgage to the Corporation, the Council shall within one month pay to the financial institution all principal interest and other moneys secured by the mortgage and on such payment being made, the financial institution shall transfer to the Corporation the mortgage and all guarantees and securities collateral therewith. (h) If default is made under the mortgage and continues for more than six months, the Council may require the financial institution to conduct a sale of the mortgaged property through the Registrar of the Supreme Court under section 110 of “The Land Transfer Act, 1915” and the Council shall pay to the financial institution all costs of such sale. (2) Every guarantee or agreement entered into under this Act shall be under the seal of the Mayor, Councillors and Citizens of the City of Invercargill (herein referred to as the Corporation). (3) Every resolution of the Council to advance moneys shall be conclusive evidence of the authority of the Council to make such advance. 9. To provide an Insurance Fund against losses arising out of mortgages under this Act, the Council may require the financial institution to deduct from the principal moneys advanced under any mortgage one-hundredth of the remainder of such principal moneys after such deduction and to pay the amount so deducted to the Council. Every sum so deducted and paid to the Council shall form part of a special fund to be invested and held by the Council to insure the Corporation against losses arising out of mortgages to which this Act relates. 10. (1) The Council may ‘ lease to any person any land (other than Public Reserves) on which no buildings are erected, if there is a covenant to erect one or more dwelling houses thereon not later than two years after the commencement of the lease. (2) The rental shall be not less than 4% of the unimproved value of the land as fixed by the City valuer. (3) The rental for renewed terms shall be fixed as provided by section 158 of “The Municipal Corporations Act, 1933” but in no case shall be less than 4% of the unimproved value of such land according to the Government Valuation Roll for the time being. (4) Any such lease may contain a provision whereby the Lessee shall have the right at any time to purchase the fee simple of the land at a price equal to twenty-five times the annual rental. (5) Any financial institution may advance by way of mortgage on the security of any lease any sum not exceeding ninety per centum of the value of any house erected on the land so leased. 11. The Council in exercising the powers conferred by Part 27 of “The Municipal Corporations Act, 1933” may expend any special loan or portion thereof raised under section 331 of the said Act in providing sewerage drainage electricity gas water-supply or other services required for dwellings erected pursuant to the said Part 27. A copy of the Said Bill has been deposited in the office of the Magistrate’s Court at Invercargill and another copy in the Public Office of the Invercargill City Council in the Town Hall, Tay Street, Invercargill and such copies are open to public inspection during office hours for a period of three complete weeks from the 11th day of May, 1945, being the date of the first publication of this Notice. Dated the 11th day of May, 1945 W. F. STURMAN, Town Clerk.

TO INVESTORS IF you have Money to Invest consult the INVERCARGILL STOCK EXCHANGE MEMBERS for sound advice, in regard to safe investments, giving good returns. Ml2B

A. W. JONES STOCK AND SHAREBROKER Member of li.vercargili Stock Exchange Ltd. 7 Tay Street, Invercargill. Telephone 317. P.O. Box 205.