This Act may be cited as the State Advances Corporation Amendment Act, 1937, and shall be read together with and deemed part of the State Advances Corporation Act, 1934–35 (hereinafter referred to as the principal Act).

For the purposes of section twenty-eight of the State Advances Corporation Act, 1936, the term “local authority” means any local authority or public body that for the time being is a local authority within the meaning of the Local Government Loans Board Act, 1926, whether by virtue of section two of that Act or of any Order in Council thereunder, or by virtue of the provisions of any other Act.

Subsection one of section twenty-eight of the State Advances Corporation Act, 1936, is hereby consequentially repealed.

Any moneys which by virtue of any Act or other authority may lawfully be invested in New Zealand Government securities may be lawfully invested in any bonds, stock, or other securities issued by the Corporation and guaranteed in terms of section twenty-five of the State Advances Corporation Act, 1936.

Any person approved for the purpose by the Board of Management of the State Advances Corporation shall hereafter be competent to acquire a dwelling in accordance with the provisions of Part I of the Housing Act, 1919.

The enactments mentioned in the Schedule hereto are hereby consequentially amended in the manner indicated in that Schedule.

The powers conferred by section eleven of the Housing Act, 1919, are hereby extended to empower the Board of Management of the Corporation to erect on any land set apart for the purposes of Part I of that Act, any shops, or any libraries, public halls, or public buildings which in its opinion are required for the purpose of affording social amenities for the benefit of persons in occupation of dwellings that have been disposed of under the said Part.

Any shops or other buildings erected in accordance with this section may be leased by the Board on such terms as it thinks fit.

No dwellings or other buildings erected after the thirty-first day of March, nineteen hundred and thirty-seven, and for the time being subject to the Housing Act, 1919, shall hereafter be disposed of by way of lease, except on terms to be approved by the Minister of Finance.

Section forty-five of the Housing Act, 1919, is hereby amended by omitting from the proviso to subsection three the words “seventy-five per centum”, and substituting the words “ninety per centum”.