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1.(1) A [district council] for any [district] may, subject to the provisions of this Act, advance money to a resident in any house within the [district] for the purpose of enabling him to acquire the ownership of that house; provided that any advance shall not exceed (a)[ninety-five per centum] of that which in the opinion of the [district council] is the market value of the ownership; nor Para.(b) rep. by 1919 c.45 s.34 (2) Every such advance shall be repaid with interest within such period not exceeding [fifty years] from the date of the advance as may be agreed upon. Subs.(3) rep. by 1921 c.19 s.11(4) sch. (4) The repayment may be made either by equal instalments of principal or by an annuity of principal and interest combined, and all payments on account of principal or interest shall be made either weekly or at any periods not exceeding a half year, according as may be agreed. (5) The proprietor of a house in respect of which an advance has been made may at any of the usual quarter days, after one month's written notice, and on paying all sums due on account of interest, repay to the [district council] the whole of the outstanding principal of the advance, or any part thereof being ten pounds or a multiple of ten pounds, and where the repayment is made by an annuity of principal and interest combined, the amount so outstanding and the amount by which the annuity will be reduced where a part of the advance is paid off, shall be determined by a table annexed to the instrument securing the repayment of the advance.
© 1899 Crown Copyright
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