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).