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Duffus, William M. / Report on agricultural settlement and farm ownership. Part I: state loans to farmers

Chapter III. State loans to farmers in Canada,   pp. 67-79 PDF (3.3 MB)

Page 75

                   STATE LOANS TO FARMERS.                      75
part of each farm lot not exceeding ten acres in each one hundred
acres and (2) the erection on the farm lot of a dwelling house
and outbuildings. Provincial land so improved is to be sold to
settlers upon the same terms as land purchased by the Farm
Settlement Board from private owners.
  In all cases the board retains the title to the farm real estate
sold by it until all payments required by the settler's agreement
to purchase are completed, and if the settler defaults in his
payments the board may, at its discretion take possession of the
premises of the defaulting settler after notice of one month and
may re-sell the property to another settler.
  It should be noted that the board is at liberty to use its own
judgment in exercising the power of eviction. Within certain
taken under said sections, the defaulting purchaser shall have no re-
course at law or in equity against the said Board for so re-possessing
any property, but may lay any claim before the Lieutenant Governor
in Council, whose decision in the matter shall be final.
  8. The said Board shall at all times be subject to the direction of the
Lieuteniant Governor in Council and shall submit to said Council
quarterly reports, giving a complete statement of all the transactions
of the said Board up to the date thereof.
  9. The said Commissioners shall hold office during the pleasure of
the Lieutenant Governor in Council, and any vacancy occurring there-
in by resignation, death or otherwise, shall be filled by the Lieutenant
Governor In Council, and the remuneration to be paid to said Commis-
sioners for their services shall be fixed by the Treasury Board.
  10. In order to raise the moneys necessary to carry out the provi-
sions of this Act, the Lieutenant Governor in Council is hereby au-
thorized to borrow the sum of one hundred thousand dollars ($100,000)
for the period of twenty years, with interest at the rate of four per
centum per annum under the provisions of "The Provincial Loans
Act." Chapter 4 of the Acts of the Legislative Assembly, 9 Edward
VII., which shall apply in respect thereto, and the moneys realized
from the said loan shall be placed in a Chartered Bank doing business
in this Province, to the credit of the said "Farm Settlement Board,"
in a special account, to be paid out only upon the order of the Secre-
tary of the said Board, for the purposes contemplated by this Act, or
if thought more desirable by the Lieutenaut Governor in Council, he
is hereby authorized to issue annual installment bonds to the amount
of $5,000 each year, covering the period of twenty years.
   11. The said loan and Interest shall be repaid in manner following:
 Five thousand dollars ($5,000) shall be annually set aside for the
 period of twenty years, out of the current revenues of the Province.
 to form a fund to meet the principal of the said loan when it falls
 due, and the Interest on said loan shall be paid by the interest accru-
 ing on said sums so annually set aside, which is hereby authorized
 to be used for that purpose, and the balance required to pay such
 interest to be paid out of said current revenues as same falls due.
   12. All sums of money received by the said Board for lands sold
 as aforesaid shall be paid into the account to be kept by the Board
 with a Chartered Bank, as provided by Section 10 of this Act, to be
 again invested in the purchase of lands under this Act, and the erec-
 tiop of buildings and making improvements thereon.

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