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Provisions as to deposits by a Society or body of trustees.
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53.—The deposit when lodged with the Land Commission shall be invested by them, and the income from such investments so far as not required to recoup the Land Commission for unpaid instalments of purchase annuities (if any) in respect of the advance made to the Society or body of trustees under this Part of the Act, by whom the deposit, was originally made with the Bank, shall be paid to such Society or body of trustees until the deposit is utilised otherwise by the Land Commission or repaid in whole or in part to the Society or body of trustees under the following provisions, namely:—
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(a) It shall be lawful for the Land Commission at any time before the advance is certified to be repaid, if they are not satisfied with the security for the same, or if the purchase annuities have been allowed to fall into arrear, to utilise the whole or part of the deposit in redemption pro tanto of the advance;
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(c) Such part of the deposit as shall not have been utilised under the foregoing paragraphs shall, when so much of the advance as is equivalent to the value of the deposit remaining with the Land Commission shall be certified to have been repaid, and provided that the Land Commission are satisfied with the security for the unredeemed portion of the advance, be repaid to the Society or body of trustees who originally lodged the same with the Bank or to their lawful successors.
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