New South Wales Consolidated Acts

LORD HOWE ISLAND ACT 1953 - SECT 12A

12A Advances by Board on mortgage

(1) The Board may, on the application of an Islander, advance moneys to the Islander:

(a) for the whole or part of the consideration for the transfer of a lease under this Act to the Islander pursuant to section 23, or

(b) for the effecting of improvements on land the subject of a lease under section 21 held by the Islander,

on the security of a mortgage of that lease in favour of the Board.

(2) The Treasurer may from time to time make moneys available to the Board for advances under this section.