Land Bank Amendment Act 31 of 1954

Land Bank Amendment Act, 1954 (No. 31 of 1954)

Act

to amend the Land Bank Act, 1944 [repealed in 2002].

(English text signed by the Govemor-General.)
(Assented to 15th June, 1954.)

Be it enacted by the Queen's Most Excellent Majesty, the Senate and the House of Assembly of the Union of South Africa, as follows:--

Amendment of section 15 of Act 13 of 1944, as amended by section 5 of Act 42 of 1951 and section 6 of Act 13 of 1953.

1. Section fifteen of the Land Bank Act, 1944 (hereinafter referred to as the principal Act), is hereby amended by the addition thereto of the following sub-section, the existing section becoming sub-section (1):
"(2) The board may out of the funds of the bank pay such allowances as it may deem fit, to a pensioner of a pension fund established under any regulation made under section sixty-nine, or to a seconded or retired public servant who occupies or who has retired from a post in the bank, or to the wife, widow, child, or such other dependant as the board may determine, of such a pensioner, or such a seconded or retired public servant, as the case may be."

Insertion of section 24bis in Act 13 of 1944.

2. The following section is hereby inserted in the principal Act after section twenty-four:
"Substitution of debtors.

24bis. Notwithstanding anything to the contrary contained in this Act, any person who acquires the whole of any land hypothecated to the bank under a registered mortgage bond may, with the consent of the board granted upon an application in the form prescribed by the board, take over all the obligations of the debtor under that mortgage bond and be substituted as debtor in respect of that bond, and upon that person being so substituted the advance secured by that mortgage bond shall for the purposes of this Act be deemed to have been made to that person by the bank.".

Short title.

3. This Act shall be called the Land Bank Amendment Act, 1954 .

Commencement

16 June 1954