288 RURAL DENMARK 



a loan in cash from the State, which loan is to correspond 

 to ^ (nine-tenths) of the value of the property. 



The State loan must not, however, exceed the amount 

 that corresponds to the purchase sum of the land and the 

 cost of building the houses, or the value fixed, according 

 to 7, of buildings already belonging to the petitioner, 

 and the loan may eventually be reduced to this amount. 



If mortgages rest on the said property, in which 

 charges State or local taxes, or tithes are not to be 

 reckoned, the capital value of such ground charges is to 

 be deducted from the State loan. This capital value is 

 found by multiplying the yearly dues by 25. If the dues 

 are paid in corn, it is converted into money according to 

 the average of the last eight years' fixed price for corn, 

 omitting, however, the highest and the lowest year. If 

 the property is encumbered with a ground charge together 

 with another property, and the person entitled to the 

 charge will not apportion the charge, that part of it which 

 corresponds to the size of the property in question(accord- 

 ing to the standard of land tax) is to be commuted by 

 paying out the capital value to the person entitled to the 

 charge, in which case the State loan is raised together 

 with the amount corresponding to that capital value. 



The right to obtain payment of the State loan granted 

 by the Committee lapses if the borrower has not made out 

 the necessary bonds for the loan before the expiration of 

 that financial year for which the grant has been given. 

 Should circumstances justify it, the Agricultural Ministry 

 may, however, deviate from this rule. 



Transfers given by the borrower on the State loan, 

 or any part of the same, may be written on unstamped 

 paper. 







10 



A yearly interest of 3 per cent, is to be paid on the 

 State loan, which is secured upon the property with its 

 buildings, live and dead stock, &c, which charge ranks 

 after that of the prior ground charges. For the first five 



