Full text: Iceland 1930

provement of rural housing. The fund issues bonds, called Agri- 
cultural Bonds, each series of which must be closed within eight 
vears from the date of issue. 
The means at the disposal of the Agricultural Fund are the 
money realized by the sale of national estates since 1883. Other 
moneys accruing to the fund are: 1) the rents payable by tenants 
of national estates; moneys realized by future sales of national 
estates; and the interest on the fund’s own capital; 2) the reserve 
fund of the first series of the Landsbanki Hypothec-Mortgage De- 
partment bonds, after all claims on this series have been cleared 
off; 3) 1250000 krénur grant from the treasury once for all. 
Lénadeild smébpla vid kaupstadi og kauptin (Loan Office for Small 
Holders in the Compass of Towns and Villages). This department en- 
joys an annual treasury grant of 50 000 krénur for 6 years. The 
government is, moreover, authorized to negotiate a loan of up to 
2 million krénur for the fund, from which loans are advanced to 
small holders in the compass of towns and villages. 
Byggingar- og landnémssjédur (The Building and Colonization 
Fund) was established by law of 1928. The object for which this 
department was formed was to increase the number of farms in 
the land and maintain those already existing. This aim is 40 be 
I. By granting loans (a) to rebuild dwelling houses on rural farms; 
(b) to establish new farms on lands which are either private 
property or owned by (civil) parishes or municipalities; (c) to 
villages and municipalities that are conterminous with (civil) 
parishes, for the erection of necessary buildings to run dairies 
on the cultivated lands belonging to the villages or parishes. 
By applying money according to the direction of the govern- 
ment, to establish new farms on lands owned bv the State or 
bought by it for that purpose. 
This department enjoys a yearly grant of 200000 krénur from 
the State, which is also authorized to take up a loan not exceeding 
5 million krénur for the department. 
The board of directors of BiinaBarbanki consists of three members, 
viz. a manager and two controlling directors, all appointed by the 
minister in charge of agricultural affairs, who also has the supervision 
of the bank. 

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