APPENDIX A
TO ENCOURAGE SETTLEMENT ON FARM
LANDS IN NOVA SCOTIA
The following interesting measure became law during the 1912 session of the Nova Scotia Legislature. Further particulars respecting its operation may be obtained from Mr. Arthur S. Barnstead, Secretary of Industries and Immigration, 197 Hollis Street, Halifax, and Mr. J. Howard, Agent-General, 57A Pall Mall, London, S.W.
An Act for the Encouragement of Settlement on Farm Lands
Whereas, it is desirable that agricultural settlement should be further promoted in this Province, and that facilities should be afforded whereby settlers will be encouraged to purchase or acquire for themselves farm holdings:
And whereas, there are in the Province farms unoccupied and untilled, arable tracts not yet brought under cultivation, and other lands available for settlement and suitable therefor:
And whereas, it is desirable to settle on those lands selected farmers from the British Isles or elsewhere, who wish to acquire lands of their own, but are unable to do so, and it is further desirable to give assistance in the purchase of farms to those who are already engaged in or desire to engage in agriculture within the Province who possess the necessary qualifications:
And whereas, there are in the British Isles and elsewhere many men with practical experience in farming, who might be induced with advantage both to themselves and to the Province to settle in Nova Scotia, or to return to this Province, if previously resident here, provided facilities are available that will assist them, in the purchase of farm land and buildings by way of loans or mortgages;
Therefore be it enacted by the Governor, Council and Assembly as follows:
Interpretation.
1. In this Chapter, unless the context otherwise requires, the words “loan company” or “trust company” mean any loan company or companies, or loan society, carrying on the business within the Province of Nova Scotia of lending money on mortgages of real estate.
The word “farmer” includes persons who have removed, or who contemplate removing to this Province from other places, to settle in this Province and engage in farming, and other persons who may already be engaged or about to engage in farming in this Province.
The word “inspector” means any inspector or assistant inspector appointed by the Governor-in-Council under the provisions of this Act.
2. Whenever a loan company will agree, upon receiving the guarantee herein mentioned, to advance to a farmer on mortgage of farm lands and buildings thereon on terms approved by the Governor-in-Council, an amount not exceeding eighty per cent. of the value of such farm lands and buildings as appraised by such loan company, the Governor-in-Council upon such appraisement being confirmed by the inspector, and upon receiving a report from the inspector, is empowered from time to time to authorise the Provincial Secretary or Deputy Provincial Secretary to give a guarantee in writing to such loan company against loss on any such mortgage to an amount not exceeding the difference between fifty per cent. of such appraised value and the amount of the loan, together with interest thereon. Such guarantee may be in the form in the Schedule to this Act, or to the like effect.
3. Whenever a loan company will agree to advance to a farmer on a first mortgage of farm lands and buildings thereon, on terms approved by the Governor-in-Council, an amount up to at least fifty per cent. of the value of such farm lands and buildings as appraised by such loan company, the Governor-in-Council upon such appraisement being confirmed by the inspector and upon receiving a report from the inspector, may arrange with such loan company to advance to such persons through such loan company out of funds provided for the purpose an additional amount not exceeding the difference between fifty per cent. and eighty per cent. of such appraised value, provided that this additional amount of advance on any one loan shall not exceed the sum of twenty-five hundred dollars.
4. All repayments of principal made on any mortgage given under the provisions of the next two preceding sections of this Act shall be first applied by the loan company making the same, towards the reduction of any Government guarantee or advance; provided that the Governor-in-Council may agree to defer the repayment by the farmer of the instalments of principal and interest on the additional amount loaned or guaranteed by the Governor-in-Council, under the preceding sections, for a period not to exceed five years from the time of effecting the loan.
5. The Governor-in-Council may appoint an inspector or inspectors to appraise and report on farm lands and buildings thereon, and to perform such other duties as may be delegated by the Governor-in-Council. The Governor-in-Council may also appoint such assistant inspectors and other officers, assistants and persons, as may be necessary for the carrying out of the provisions of this Act, and may prescribe their duties and may fix the salaries, compensation or fees of any person appointed under the provisions of this section.
6. The Governor-in-Council is authorised from time to time to purchase real estate in farming districts, sub-divide it into farms or lots, erect buildings and fences, prepare the land for crops and sell said real estate to farmers in such parcels or lots and on such terms as may be approved by the Governor-in-Council.
7. The Governor-in-Council may make regulations for the carrying out effectively the provisions of this Act.
8. The Governor-in-Council is authorised to borrow on the credit of the Province, a sum not exceeding two hundred thousand dollars, for the purpose of providing a fund for the purposes of this Act.
9. The Provincial Secretary shall make an annual report to the Legislature of all loans effected and the terms thereof.
Schedule.
In the matter of Chapter ...., Acts 1912.
The Province of Nova Scotia hereby guarantees the payment of ...., principal to the extent of $ .... of a mortgage from (name of farmers) to .... (name of Loan Company) on the lands hereinafter described, and interest thereon provided that all repayments of principal on said mortgage shall be first applied towards the reduction of the amount so guaranteed.
The said lands are described as follows, that is to say: (description).
Dated at Halifax, N. S. the .... day of ...., A. D., 19....
.......................
Provincial Secretary.