1920.] 



Official Notices and Circulars. 



1031 



6. The period for the repayment of an advance shall be determined 

 by the County Council at the time of sanctioning the advance, and must 

 not be extended subsequently except with the specific approval of the 

 Board of Agriculture and Fisheries. The period shall be determined in 

 accordance with the following rules ■ 



(a) The period of each advance shall not exceed the period during 

 which in the opinion of the Council the applicant may reason- 

 ably expect to recoup the expenditure proposed ; and 

 . [b) In the case of advances for the purchase of live stock, fruit trees 

 and implements, the period shall not exceed three years, 

 provided that in exceptional cases it may, with the special 

 sanction of the Board of Agriculture and Fisheries, be extended 

 to the maximum of five years from the date of the advance, 

 and in the case of advances for the purchase of seeds or 

 fertilisers the period shall not exceed two years. 



7. On approval of an application instructions given by or on behalf 

 of the Council will be sent to the applicant's Bank by which the money 

 will be advanced to the applicant as he requires it, and such instructions 

 will cover the Bank's advances up to the amount authorised by the 

 Council on the amount and for the period which the Council authorise 

 the advance to be made with interest at a rate not exceeding five per 

 cent. The Council will give to the Bank a guarantee for such advances 

 and interest in such form as they may agree. An advance shall not 

 be made by a County Council otherwise than through the applicant's 

 Bank except with the sanction of the Board of Agriculture and Fisheries. 



8. At the time of approving an application for an advance the 

 Council shall determine within what period the applicant shall be 

 required to satisfy them by the production of receipted invoices, or 

 otherwise, that the advance has actually been expended for the purpose 

 for which it was sanctioned. If an applicant fails to comply with any 

 such requirement the Council may by notice to the applicant and the 

 Bank reduce the amount of the advance authorised and require repay- 

 ment by the applicant forthwith of any amount expended for a purpose 

 for which it was not sanctioned. 



9. The interest payable to a Bank in respect of an advance made 

 under these Regulations shall be paid quarterly, or at such other 

 intervals as the Bank shall determine. 



10. In any case of default in regard to the repa^Tiient of any ad^•ance 

 reported by the Bank to the County Council, the Council will repay to 

 the^Bank the amount due under their guarantee and take all possible 

 steps to secure repayment. If any amount proves irrecoverable it 

 should be reported by the County Council to the Board of Agriculture 

 and Fisheries. 



1 1 . A Bank advancing money on a guarantee under these Regulations 

 shall not be responsible for the application of the money advanced. 



12. Advances under these Regulations shall only be approved where 

 in the opinion of the County Council the facilities for obtaining advances 

 from a society on a co-operative basis are inadequate. 



13. These Regulations apply to tenants of Holdings provided by a 

 Council of a County Borough with the following modifications : — 



(a) For " County Council " there shall be substituted " Council of 



a County Borough," and 



[b] For " Clerk of the County Council " there shall be substituted 



" Town Clerk,' ' 



