Commonwealth Consolidated Regulations

TREATY OF PEACE REGULATIONS - REG 50

(1)

The terms on which property, other than that specified in subregulation (2) of regulation 48 and in regulation 50A of these Regulations, shall be offered for sale and purchase are as follows:

(1)

Where the intending purchaser is an Australian soldier:

(a)

An amount, or securities approved by the Custodian, representing five per centum of the purchase-money shall be forwarded with the tender by way of deposit;

(b)

An amount representing ten per centum of the purchase-money shall be payable within one month of the date of notification to the purchaser that his tender has been accepted;

(c)

The balance of the purchase money and interest thereon at the rate of Four pounds per centum per annum calculated quarterly, shall be paid in eighty equal quarterly instalments;

(ca)

Interest payable under the last preceding paragraph shall commence to run from the date on which possession is given or from the date on which the Custodian or his duly authorized agent advises the purchaser that the property purchased is available for possession, whichever is the earlier.

(2)

Where the intending purchaser is not an Australian soldier:

(a)

An amount, or securities approved by the Custodian, representing five per centum of the purchase-money shall be forwarded with the tender by way of deposit;

(b)

An amount representing ten per centum of the purchase-money shall be payable within one month of the date of notification to the purchaser that his tender has been accepted;

(c)

A further amount representing fifteen per centum (or, at the discretion of the purchaser, a higher percentage) of the purchase money shall be payable before the purchaser shall be entitled to possession of the property;

(d)

The balance of the purchase money shall be payable in ten equal annual instalments, the first of such instalments to be payable at the expiration of one year from the date on which the purchaser becomes entitled to possession of the property;

(e)

The purchaser may at any time before the date on which any instalment is payable pay the whole or any portion of that instalment together with interest thereon calculated to the date of payment; and

(f)

The purchase money for the time being remaining unpaid shall bear interest at the rate of Five pounds per centum per annum, and such interest shall be payable on the thirtieth day of June and the thirty-first day of December in each year.

(g)

Interest payable under the last preceding paragraph shall commence to run from the date on which possession is given or from the date on which the Custodian or his duly authorized agent advises the purchaser that the property purchased is available for possession, whichever is the earlier.

(2)

Where securities are forwarded with the tender by way of deposit the Custodian may, upon the acceptance of the tender, realize the securities and credit the purchaser with the net proceeds of the realization.

(3)

Notwithstanding anything contained in these Regulations, where any instalment of purchase money payable in respect of any contract of sale whether made before or after the date of this subregulation or any interest thereon is not paid within one month of its due date of payment, interest on that instalment or interest may be charged at the rate of five pounds per centum per annum.

(4)

Where an Australian soldier who is purchasing a property under a contract of sale dies prior to paying the full amount of the purchase money and interest thereon, the person beneficially entitled, under the will or on the administration of the estate of the deceased Australian soldier, to his rights under that contract, shall, with the consent of the Custodian, be permitted to continue the purchase of the plantation on the same terms and conditions as were applicable to the deceased Australian soldier.