12AAdvances by Board on mortgage

12A Advances by Board on mortgage

12A Advances by Board on mortgage

(1) The Board may, on the application of an Islander, advance moneys to the Islander—

(a) for the whole or part of the consideration for the transfer of a lease under this Act to the Islander pursuant to section 23, or

(b) for the effecting of improvements on land the subject of a lease under section 21 held by the Islander,

on the security of a mortgage of that lease in favour of the Board.

(2) The Treasurer may from time to time make moneys available to the Board for advances under this section.

s 12A: Ins 1967 No 66, sec 5 (a).