Power of Central Authority to make advances to persons for the purpose of improving or increasing housing accommodation

(1) The Central Authority may, subject to the provisions hereinafter contained and subject to the approval of the Minister, in any case where it considers that, having regard to the costs involved and the financial position of the applicant, it is reasonable to give such assistance, advance money for purchasing or constructing one or more houses, or for carrying out alterations or repairs to any house or houses to any person, Provided that such house is situate on land owned or leased by such person for an approved period. (2) In subsection (1) of this section, “an approved period” means a period during which the recipient of assistance can refund any loan which may be made to him. (3) Applications for advances under this section shall be made in writing addressed to the Central Authority and shall contain full particulars of the houses to be purchased, constructed, altered, or repaired, and of the land on which such houses are or shall be situate, the amount of the advances required, the manner in which such advances are to be applied, the proposals for repayment thereof, and such other particulars as may be required by the Central Authority. (4) The Central Authority, before granting any such assistance, shall satisfy itself that the house in respect of which assistance is to be given will, when the building, alteration, or repair has been completed, be in all respects fit for human habitation, and will be used as dwellings. (5) The Central Authority shall consider each application and shall fix the maximum amount to be allowed, the conditions on which, and the times at which, the total amount or any portion thereof shall be advanced, and the terms and conditions of repayment. (6) Every advance made under this Part may, at the discretion of the Minister, carry interest at such rate as may be fixed by the Minister on the amount of every such advance or on so much thereof as may remain unpaid. (7) As soon as practicable after the fixing of the maximum advances to be allowed to any person under subsections (5) and (6) of this section, the Central Authority shall forward to the Registrar General a notification in the form set out in the First Schedule containing the necessary particulars and conditions, and upon receipt thereof the Registrar General shall file it in the register, to be kept for the purpose, and the register shall be open to inspection by the public on payment of the appropriate fee. (8) Every notification duly filed by the Registrar General pursuant to subsection (7) of this section shall from the time of such filing take effect as if it were a deed duly registered under the General Registry Act, Cap. 327 and shall be good and effectual both at law and in equity according to the priority of time of filing of such notification according to the right, title and interest of the person charging such land against every other assurance or disposition of the same land or any part thereof and against all judgment creditors of the person so charging such land. (9) On the repayment of all advances made under this Part and of all interest if any, payable thereon, the Central Authority shall give a certificate to that effect and thereupon the charge created by this Part in respect of such advances and interest shall be released and the Registrar General shall upon the production to him of such certificate endorse on the notification filed by him a memorandum to the effect that such charge has been released, and the Registrar General shall sign such memorandum. (10) If any person who receives an advance fails to pay interest on the capital amount if and when due, or commits any breach of any of the conditions attaching to such advance, the 18 Central Authority may make up an account showing the amount due on the advance together with the interest thereon, if any, and any other charges and deliver to such person either personally or by post a copy of such account, and upon delivery of such account the amount therein stated to be due shall be immediately payable to the Central Authority, and in default of payment it shall be lawful for the Central Authority to exercise any or all of the powers available to mortgagees for enforcing payment of the securities.