New South Wales Consolidated Acts

MURRUMBIDGEE IRRIGATION AREAS OCCUPIERS RELIEF ACT 1934 - SECT 7

7 Postponement of payments

(1) This section shall commence on the day upon which Division 8 of Part 6B of the Government Savings Bank Act 1906 commences.

(2) In respect of arrears of indebtedness (or of such part thereof as remains owing after any reduction thereof is made pursuant to section six of this Act) of any occupier of any holding or tenure of any of the classes referred to in subsection one or subsection four of section four of this Act, if the Rural Bank of New South Wales is satisfied that the occupier is unable to pay the whole of such arrears of indebtedness immediately interest on such arrears of indebtedness shall not be charged until a date to be appointed by such bank not being later than the thirty-first day of December, one thousand nine hundred and forty-seven.

(3) After the date so appointed interest upon such arrears of indebtedness or such part thereof as remains unpaid shall accrue at the rate of eight dollars per centum per annum and shall be paid by the occupier, at the times directed by the Rural Bank of New South Wales.

(4) The arrears of indebtedness so postponed shall be paid in six regular half-yearly instalments, the first of which shall become payable on the thirtieth day of June, one thousand nine hundred and sixty.

(5) If any interest or instalment is not paid on the due date for payment interest shall accrue thereon at the rate of eight dollars per centum per annum.