New South Wales Consolidated Acts

MURRUMBIDGEE IRRIGATION AREAS OCCUPIERS RELIEF ACT 1934 - SECT 4

4 Reduction of indebtedness

(1)

(a) Subject to this section the current indebtedness to the Crown or to the Commission of each occupier of:

(i) any irrigation farm lease or irrigation farm purchase held by him, or

(ii) any non-irrigable lease or non-irrigable purchase held by him and used for farming purposes,

which is of an area exceeding five acres and is within the Yanco No 1 Irrigation Area or the Mirrool No 1 Irrigation Area is hereby reduced by an amount equal to one-third of such current indebtedness.

(b) Where the current indebtedness of an occupier is reduced by the operation of paragraph (a) of this subsection, and in the case of such occupier there are special circumstances which, in the opinion of the Minister warrant a greater reduction than that provided for by such paragraph, the Minister may reduce the said current indebtedness by an amount greater than that so provided for.

The power conferred by paragraph (b) of this subsection shall be deemed to have become exercisable on the first day of July, one thousand nine hundred and thirty-four, and shall be exercisable for a period of one year from that date.

(2) Subject to this section the current indebtedness to the Crown or to the Commission (other than indebtedness for or in connection with the sinking of a bore) of each holder of one of the parcels of land described in the Schedule to this Act is hereby reduced by an amount equal to one-third of such current indebtedness.

(3) Where the current indebtedness of any occupier or holder is reduced by or under subsection one or subsection two of this section the amount thereof remaining owing after such reduction shall, except as to so much thereof as represents the balance of purchase money on an irrigation farm purchase or a non-irrigable purchase, be paid by fifty-four regular half-yearly instalments (including both principal and interest at the rate of four per centum per annum) calculated on the principle of equalised payments.
The first instalment shall be deemed to have become payable on the thirtieth day of June, one thousand nine hundred and thirty-three:
Provided that the Minister may, in any particular case, determine that the first instalment shall be deemed to have become payable on any later date and thereupon the first instalment shall be deemed to have become payable on the date so determined. The power to make any such determination shall be deemed to have become exercisable on the first day of July, one thousand nine hundred and thirty-four, and shall be exercisable for a period of one year from that date.
If an instalment is not paid on or before the due date for payment interest shall accrue in respect thereof as from such due date at the rate of eight dollars per centum per annum.
As to so much of the current indebtedness remaining owing after such reduction, as represents the balance of purchase money on an irrigation farm purchase or a non-irrigable purchase, the same shall be paid, in accordance with the provisions of the Crown Lands Consolidation Act 1913 , over the balance of the period remaining after the thirty-first day of December, one thousand nine hundred and thirty-two, fixed for payment of such purchase money; and the instalments shall be adjusted in accordance with such reduction.

(4)

(a) Subject to this section the Minister may, in any case where, in his opinion, the circumstances so warrant, reduce the current indebtedness to the Crown or to the Commission of any occupier of any holding or tenure held by him within the Yanco No 1 Irrigation Area or the Mirrool No 1 Irrigation Area (other than a holding or tenure of one of the classes referred to in subsection one of this section), which is of an area exceeding five acres and is used for farming purposes, by an amount equal to or greater than one-third of such current indebtedness.

(b) So much of the current indebtedness as remains owing after such reduction shall be paid by regular half-yearly instalments (including both principal and interest at the rate of four per centum per annum) calculated on the principle of equalised payments payable over a period to be fixed by the Minister.

The first instalment shall become payable on such date as the Minister may determine. The powers conferred by this subsection shall be deemed to have become exercisable on the first day of July, one thousand nine hundred and thirty-four and shall be exercisable for a period of one year from that date.
If any instalment is not paid on the due date for payment, interest shall accrue in respect thereof as from such due date at the rate of eight dollars per centum per annum.