RATE EXEMPTION
NEW MORTGAGE LEGISLATION.
'CORPORATION’S LIABILITY. There was a. good deal of misunderstanding in regard to the payment of local body rates by the proposed mortgage corporation, said the Minister of Education, the Hon. S. G. Smith, in an address to the Taranaki Chamber of Commerce yesterday. Generally, said Mr. Smith, the corporation would be liable for ratos, just as if it were a company incorpoiv led under the Companies Act. But in regard to Crown mortgages taken over by the corporation bearing exemption from rates the exemption would remain. To do otherwise' would imperil the finances of the corporation, for it would be manifestly unfair to saddle the new organisation with rhte liabilities, which, as most people knr¥W, were very heavy. In its general business, however, the corporation would be liable for local rate? I
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Bibliographic details
Taranaki Daily News, 19 February 1935, Page 6
Word Count
137RATE EXEMPTION Taranaki Daily News, 19 February 1935, Page 6
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