South Australian Repealed Acts South Australian Repealed ActsThis legislation has been repealed.
(1) Subject to
subsection (2) of this section, in the case of a block offered under
section 141, a sum equal to ten per centum of the purchase price fixed by
the board for the block shall be payable by the allottee upon allotment, and
the allottee shall enter into an agreement with the trust in a form to be
approved by the Minister, whereby he shall covenant ( inter alia ) to purchase
the block at the purchase price fixed by the board, and to pay the balance of
the purchase-money, with interest at the rate of four pounds
ten shillings per centum per annum upon the balance for the time being
remaining unpaid, by sixty equal half-yearly instalments, which instalments
shall be paid in advance: Provided that any allottee who has complied with the
terms and conditions of his agreement shall have the option of completing the
purchase of his block at any time after the expiration of six years from the
date of allotment, upon paying the balance of the purchase price, and interest
as aforesaid up to the time of the completion of the purchase.
(2) In the case of an
agreement with the trust referred to in subsection (1) of this section
entered into on or after the commencement of the Renmark Irrigation Trust Act
Amendment Act 1971 the reference to
"four pounds ten shillings per centum" in that subsection shall be read as a
reference to "five dollars per centum".