Soldier Settlement Act — S-12.8 59
ent of taxes and insurance, to require that the settler’s indebtedness to the Board in connection with such sale or advance be repaid within one year from the date of the advance, with interest at the rate of five per centum per annum; To consolidate indebtedness of settlers who have not abandoned the land or terminated agreement Interest exemptions Indebtedness to be paid in instalments on standard dates Proviso if default in payment (i) in the case of any settler who has not abandoned the land or whose agreement with the Board has not been terminated or rescinded, to vary the provisions of this Act so that the total indebtedness and liability incurred by such settler prior to the first day of April, one thousand nine hundred and twenty-two, may, on a standard date to be determined by the Board, be consolidated, inclusive of accrued interest, taxes and insurance to date of consolidation, and the consolidated indebtedness made payable in twenty-five or less annual instalments, such indebtedness bearing no interest from the date of consolidation for (i) two years in the case of any settler to whom advances commenced within the twelve months preceding the first day of October, one thousand nine hundred and twenty-one, (ii) three years in the case of any settler to whom advances commenced within the twelve months preceding the first day of October, one thousand nine hundred and twenty, (iii) four years in the case of any settler to whom advances commenced prior to the first day of October, one thousand nine hundred and nineteen; the first instalment, consisting of one twenty-fifth of the consolidated indebtedness, to be paid by the settler on the date of consolidation, and two, three or four further instalments, as the case may be, according to the period of interest exemption, each of the same amount as the first instalment, to be paid on the standard dates next consecutively following, the remainder of the consolidated indebtedness to be paid with interest thereon at the rate of five per centum per annum in equal annual consecutive instalments on the amortization plan during the balance of the term of payment; Provided that if default be made in the payment of any instalment of one twenty-fifth herein referred to, the amount of such instalment or the unpaid portion thereof shall bear interest until paid; To vary terms of payment as to stock and equipment advances (j) to vary the terms of payment as provided in this Act so that stock and equipment advances or sales heretofore or hereafter made to any settler shall be payable within the same period as payment of advances for land purchase, removal or encumbrances, or permanent improvements; To vary terms of payment to settlers whose advances commence after July 1 (k) to vary the terms of payment as provided in this Act so that in the case of any settler whose advances commence between the first day of July and the standard date in any year, the dates on which the settlers’ first and subsequent instalments shall become payable may be fixed as if such advances had not commenced until after the standard date in that year: Provided that interest accruing during the period of this deferment shall be consolidated with the principal indebtedness and amortized therewith; To vary terms of payment in case of unimproved lands (l) in the case of unimproved lands to vary the terms of payment provided by section sixteen of this Act as amended by paragraph (d) of this subsection so that payment shall be made in twenty-five equal annual consecutive instalments with interest on the amortization plan, the first of such instalments commencing not later than two years from the standard date next following the date of sale. Rights and obligations of deceased settler devolve on heirs, etc. 2. When a settler dies indebted to the Board, under an agreement of sale or otherwise, with respect to any property or to any advance charged upon any property, his rights acquired under this or the former Act shall