Capitalization.

Any selector who has complied with the conditions of his purchase for a period of three years may apply to have the value of the unpaid instalments capitalized at the present value of an annuity of the same amount as the payments required to be made by the selector and payable for the same period. Interest shall thereafter be paid at the rate of 5 per cent, per annum by the selector instead of the half-yearly instalments. The interest is payable on the 1st January and 1st July in each year. After the capitalized value has been ascertained any selector may immediately pay off the whole, or he may, on the 1st January or 1st July, pay any portion of such capitalized value in sums of not less than £10, and thereafter the interest payable shall be proportionately reduced. At any time between six and fourteen years of the date of his licence the selector shall be entitled to his Crown grant, if he has paid the whole of the capitalized value, with interest at the due dates.