8.—6.

COPY OF PROSPECTUS OF THE MORTGAGE CORPORATION OF NEW ZEALAND. (To be established arid become a body corporate pursuant to the Mortgage Corporation of New Zealand Act, 1934-35.) Capital, £1,000,000. In 1,000,000 shares of £1 each carrying a cumulative Dividend of A\ per cent, on paid-up capital, in terms of section 7 of the Mortgage Corporation of New Zealand Act, 1934—35. Of the 1,000,000 shares to be issued, 500,000 are to be allotted at par to the Minister of Finance and held by him on behalf of the Crown. Offer of 500,000 Shares for Public Subscription. The Minister of Finance, pursuant to section 6 of the Mortgage Corporation _of New Zealand Act, 1934-35, hereby offers for public subscription at par the remaining 500,000 shares, subject to the provisions of the Act and the conditions of this Prospectus. Application for and Allotment of Shares. Application for shares should be made upon the form accompanying this Prospectus and forwarded to the Secretary to the Treasury, Wellington, together with accompanying remittance (plus exchange) or evidence of lodgment of the required amount to the Public Account at the Reserve Bank of New Zealand, or at any branch of the Bank of New Zealand, or to the Post Office, as hereinafter provided. Payments in respect of shares applied for are to be made as follows: — 2s. 6d. per share on application. 2s. 6d. per share on allotment. ss. per share on Ist April, 1936. 10s. per share on Ist June, 1936. Applications will not be accepted if for less than 5 or for more than 5,000 shares, and the Minister reserves the right to allot shares pro rata or otherwise in such manner as he may in his discretion determine. The allotment of shares shall be at the absolute discretion of the Minister. Where no allotment is made the application money will be returned in full, and where the number of shares allotted is less than the number applied for the balance of the application money will be credited in reduction of the amount payable on allotment, and any excess returned to the applicant. Demands for the amounts due on the Ist April, 1936, and Ist June, 1936, respectively, will be made by formal notice from the Mortgage Corporation of New Zealand, and payment of such amounts will require to be made in accordance with the directions to be given in such notice. Applicants for shares must be:— (a) British subjects who are ordinarily resident in New Zealand or who, having been so resident, may at the time of allotment be temporarily out of New Zealand for the purpose of their business or for other sufficient reason; (b) Any company or other corporation incorporated in New Zealand, or any company incorporated outside New Zealand but having a place of business in New Zealand. Not more than 5,000 shares will be allotted to any one person, whether in his own right or on behalf of any other person or persons. Applications will not be accepted from or on behalf of persons under the age of 21 years. Dividends on Shares. Each share will carry a cumulative dividend of 4-| per cent., payable out of the available profits of the Corporation. The dividend for the first year will be computed from, the date of allotment, and thereafter until such time as the share has been fully paid up will be computed monthly on the amount paid up at the beginning of each month of the financial year. Shareholders' Liability. The liability of every shareholder shall be limited to the amount (if any) for the time being unpaid on the shares held by him. Objects of the Mortgage Corporation. The Mortgage Corporation is a national institution which is designed to give a powerful lead in placing mortgage finance in New Zealand on a sounder basis. It is confidently expected that the Corporation will provide improved finance for farms, business premises, and houses for the benefit of the community generally. It will establish in New Zealand a system of mortgage finance that has been proved satisfactory in other countries. ' The principal business of the Mortgage Corporation will be the making of loans secured by first mortgage on land and improvements in accordance with the provisions of the Mortgage Corporation of New Zealand Act, 1934-35, the particular functions and limits of the Corporation being set out in Part 111 of the Act.

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