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Arrears and revision of instalments of certain loans made by the Congested Districts Board.
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25.—(1) The following provisions shall have effect in relation to proceedings by the Land Commission for recovery of arrears of instalments to which this section applies which were due and owing on the 13th day of October, 1933, that is to say:—
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(a) no such proceedings shall be begun after the passing of this Act;
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(b) any judgment or decree for the payment of any such arrears obtained in any such proceeding but not executed before the passing of this Act, shall, immediately upon such passing, become and be void and unenforceable;
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(c) no such proceeding which was begun before and is pending at the passing of this Act shall be further prosecuted or proceeded with by the Land Commission after such passing unless a defence was filed or entered in such proceeding before such passing.
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(2) As soon as may be after the passing of this Act, the Land Commission shall, in every case in which arrears of instalments to which this section applies were due and owing on the 13th day of October, 1933, ascertain, in respect of each case, the amount of such arrears which were so due and owing, and immediately upon such ascertainment—
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(a) in every case in which the amount so ascertained of such arrears does not exceed three times the yearly amount of such instalments, such arrears shall be payable at such times as the Land Commission shall by regulations prescribe, and
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(b) in every other case, the amount so ascertained of such arrears as is equal to three times the yearly amount of such instalments shall be payable at such times as the Land Commission shall by regulations prescribe, and the residue of such arrears shall not be payable.
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(3) All payments received by the Land Commission after the 13th day of October, 1933, on account of arrears due and owing on that date in respect of any instalments to which this section applies shall be treated as payments on account of the amount payable in respect of such arrears of such instalments ascertained in accordance with the next preceding sub-section of this section, and all sums so received by the Land Commission on account of such arrears in excess of the amount payable as aforesaid shall be repaid or credited as against unpaid instalments accrued due since the said date.
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(4) The amount payable in respect of any instalment to which this section applies accruing after the first gale day in the year 1933 (whether before or after the passing of this Act) shall be and, in the case of any such instalment which accrued before the passing of this Act, be deemed always to have been fifty per cent. and no more of the full amount of such instalment.
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(5) An instalment revised in pursuance of the next preceding sub-section of this section may be redeemed in whole or in part, in like manner in all respects as it could have been redeemed if not revised under this section, save that the sum payable for such redemption shall be reduced by fifty per cent.
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(6) This section applies to instalments in repayment of loans made by the former Congested Districts Board for the purchase of land and the buildings (if any) thereon.
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