Closer Settlement Act 1957
41Advances to lessees
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41 Advances to lessees
(1) *[Section 41 Subsection (1) amended by No. 88 of 1983, s. 4 and Sched. 2 ]**[Section 41 Subsection (1) amended by No. 77 of 1995, s. 3 and Sched. 1 ]*TDR, with the consent of the Minister, may make advances by way of loan to a lessee for any purpose approved by TDR.
(2) *[Section 41 Subsection (2) amended by No. 88 of 1983, s. 4 and Sched. 2 ]**[Section 41 Subsection (2) amended by No. 77 of 1995, s. 3 and Sched. 1 ]*The amount of an advance under this section shall be such as TDR, with the consent of the Minister, may consider sufficient for the purpose for which the advance is made.
(3) *[Section 41 Subsection (3) substituted by No. 88 of 1983, s. 3 and Sched. 1 ]**[Section 41 Subsection (3) amended by No. 77 of 1995, s. 3 and Sched. 1 ]*An advance under this section is repayable within such term as TDR may direct, and security for its repayment, or of any part repayment, with interest, may be taken by TDR.
(4) Interest is payable by a lessee half-yearly as prescribed in respect of an advance made to him under this section calculated upon the amount thereof due at the beginning of the half-year in respect of which the payment is made.
(5) *[Section 41 Subsection (5) amended by No. 28 of 1983, s. 12 ][Section 41 Subsection (5) amended by No. 88 of 1983, s. 4 and Sched. 2 ][Section 41 Subsection (5) amended by No. 77 of 1995, s. 3 and Sched. 1 ]*The rate of the interest payable under subsection (4) shall be determined by TDR.
(6) *[Section 41 Subsection (6) amended by No. 88 of 1983, s. 4 and Sched. 2 ]**[Section 41 Subsection (6) amended by No. 77 of 1995, s. 3 and Sched. 1 ]*The repayment with interest of an advance under this section shall, subject to subsection (3) , be secured in such manner as TDR may determine, according to the nature and purpose of the advance.
(7) Except in such cases, and with such approval, as may be prescribed, if any asset or chattel, for the purchase of which an advance has been made, is sold by the lessee, that advance is repayable forthwith with interest up to the date of repayment.
(8) Subject to this section, advances under this section shall be made upon, and subject to, such terms and conditions as may be prescribed according to the nature and object thereof respectively.