44
In forceWhere money advanced not applied to proper purpose
Part 6Advances for houses, other buildings and land
Division 1Advances for houses to individuals
44 Where money advanced not applied to proper purpose
(1)
If at any time, in the opinion of the Corporation, any money advanced under this Division has not been applied to the purpose for which it was advanced, or has not been carefully and economically expended, the Corporation—
(a)
may refuse to pay any further instalments of the proposed advance, and
(b)
may at once call in the whole amount already advanced, together with costs and expenses incurred in connection with the advance.
(2)
Any amount referred to in subsection (1) (b) must immediately be repaid by the person to whom the advance in question was made.
This Act’s bill:Explanatory memorandumSecond reading speech
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