Page:Fair Rents Act, 1915 (nsw).djvu/4

196

(4) If the dwelling-house he subject to any mortgage, the mortgagee shall be entitled to notice of the application and to be a party to the proceedings.

Powers of the court. 7. Upon such hearing the court may receive as evidence statutory declarations made as prescribed, and shall take the oral evidence of the parties and of witnesses called on their behalf. But the magistrate may, if he thinks fit, require the attendance of any declarant for purposes of cross-examination on the contents of his declaration, and failing such attendance the declaration shall not be receivable as evidence.

8. The practice upon the hearing of any application under this Act shall in respect of the examination and cross-examination of witnesses and the right of addressing the magistrate upon the case in reply or otherwise be as nearly as possible in accordance with that of the Supreme Court upon the trial of an issue of fact in an action at law.

9. (1) In determining the fair rent the court shall first ascertain the capital value of the dwelling-house. Such capital value shall be the unimproved value of the land, being the capital sum which the fee simple of the land might be expected to realise if offered for sale on such reasonable terms and conditions as a bona fide seller would require, assuming that the improvements if any thereon or appertaining thereto had not been made plus the estimated cost of erecting a similar dwelling-house thereon at the time of the receipt of such application, less such fair and reasonable sum as may be estimated for any depreciation. (2) The court shall determine the fair rent at a rate of not less than the rate of interest which is for the time being charged upon overdrafts by the Commonwealth Bank of Australia and not more than two and a half per centum above such last mentioned rate, on the capital value of the dwelling-house determined as aforesaid, plus the annual rates and taxes on the same, plus the amount estimated to be required annually for repairs (including painting), maintenance, and renewal, Rh