§ Mr. Woodnuttasked the Minister of Agriculture, Fisheries and Food by what authority the Agricultural Mortgage Corporation Limited charge a redemption fee of one guinea per cent. when a mortgage to the Corporation is redeemed.
§ Mr. John MackieA borrower has no legal right to repay a loan from the Agricultural Mortgage Corporation Limited other than in terms of the mortgage agreement, which provides for repayment only by half-yearly instalments. Nevertheless the Corporation will always consider earlier repayment on terms to be arranged with him at the time. Such78W terms may include a redemption fee as a contribution towards the cost of reinvestment and, if the rate of interest on the repaid loan was higher than can be obtained on relending, towards compensation in respect of the loss sustained.