Page:United States Statutes at Large Volume 55 Part 1.djvu/811

 [55 STAT. lessee, the successor or successors to the tract shall assume any out- standing loan or loans thereon, if any, without limitation as to the above maximum amounts but subject to the provisions of paragraph (3) of this section." 48U.S .C . 709(2). 2. By amending the first sentence of paragraph (2) thereof to Amortization. read as follows: "The loans shall be repaid upon an amortization plan by means of a fixed number of installments, such installments to be monthly, quarterly, semiannual, or annual as may be determined by the Commission in each case, sufficient to cover (a) interest on the unpaid principal at the rate of 3 per centum per annum, and (b) such amount of the principal as will extinguish the debt within an agreed period not exceeding thirty years." Deletion. Amend last sentence of paragraph (2) by deleting the words "and interest". 42Stat. 113 . 3. By amending paragraph (3) thereof to read as follows: PrUisions in casef "(3) In case of the death of a lessee the Commission shall, in any isiosi'n case ofdeath lessee'sdeath, case, permit the successor or successors to the tract to assume the contract of loan subject to the provisions of paragraph (1) of this Cancelation or sur- section. In case of the cancelation of a lease by the Commission, or render of lese the surrender of a lease by the lessee, the Commission may, at its option, declare all installments upon the loan immediately due and payable, or permit the successor or successors to the tract to assume the contract of loan subject to the provisions of paragraph (1) of this Interest payments. section. The Commission may, with the concurrence therein of at least three of the five members, in such cases where the successor or successors to the tract assume the contract of loan, waive the payment, wholly or in part, of interest already due and delinquent upon said loan, or postpone the payment of any installment thereon, wholly or in part, until such later date as it deems advisable. Such postponed payments shall, however, continue to bear interest at the rate of 3 per Write-off and can- centum on the unpaid principal. Further, the Commission may, with celation o contract. the concurrence therein of at least three of the five members, if it deems it advisable and for the best interests of the lessees, write off and cancel, wholly or in part, the contract of loan of the deceased lessee, or previous lessee, as the case may be, where such loans are delinquent and deemed uncollectible. Suchl write-off and cancelation shall be made only after an appraisal of all improvements and grow- ing crops on the tract involved, such appraisal to be made in the Ante,p. 783. manner and as provided for by section 209 (1). In every such case the amount of such appraisal, or any part thereof, shall be considered as part or all, as the case may be, of any loan to such successor or successors, subject to the provisions of paragraph (1) of this section." 4. By adding a new paragraph thereto, to be designated and num- bered (7) and to read as follows: AssignmenttoCom- "(7) Whenever the Commission shall determine that a lessee is dmiiuenhen lessee delinquent in the payment of his indebtedness to the Commission it may require such lessee to execute an assignment to it, not to exceed, however, the amount of the total indebtedness of such lessee, including the indebtedness to others the payment of which has been assured by the Commission, of all moneys due or to become due to such lessee by reason of any agreement or contract, collective or otherwise, to which the lessee is a party by virtue of his interest in the tract. Failure to execute such an assignment when requested by the Commission shall be sufficient ground for cancelation of the lessee's lease or interest therein." 48 U.SS. ' . T. SEO. 6 . Section 220 of the Hawaiian Homes Commission Act, 1920, is hereby amended to read as follows: "SEc. 220. DEVELOPMENT PROJECrs; APPROPRIATIONS BY TERRITORIAL LEGISLATURE; BONDS ISSUED BY LEGISA.TUiRE. -The Commission is PUBLIC LAWS-CH. 544-NOV. 26, 1941 786

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