Section 29 Payment of local loan before it is due, and transfer of security for all or part of local loan.F5C1

The F1Treasury may, if they think fit, at any time accept payment of the whole of any part of the principal and interest of F2any local loan or other moneys secured by any mortgage under this Act before the time when the same is due; and may release or convey the mortgaged property or rate to the person paying the same or as he may direct, upon such terms and conditions and in such manner and form as F3the Treasury may think expedient.

The person in whose favour any conveyance of the mortgaged property or rate under this section is made shall, subject to any limitations inserted therein, be entitled to the like priorities, powers, and authorities as the Treasury or F4the Public Works Loans Secretary were entitled to, either subject to or with priority over or concurrently with any priorities, powers, and authorities reserved to the Treasury by the conveyance.

The Treasury shall have full power to enter into and concur in all such arrangements as they may deem expedient for the purposes of carrying into effect a release or conveyance under this section.