7. When the prescribed improvements are made, a lease will be issued to the selector, and the selection may then be mortgaged, or, with the permission of the Minister, may be subdivided or transferred, or, with the approval of the Land Court, may be sublet, except in the case of a selection on which the selector has undertaken to reside personally during the first five years of the term, in which case neither the lease nor the selector's right, title, or interest thereunder can be mortgaged, except to the trustees of the Agricultural Bank, assigned, or transferred during such period. 8. A selection must be occupied by the residence thereon of the selector in person, or by his duly appointed agent, as the case may require or permit, during the whole term or until the leasehold tenure is determined by freehold. 9. At any time after five years' occupation the leasehold tenure may be converted into freehold by payment of the unpaid balance of the purchasing price. The amount payable in any year, after payment of the rent for that year, shall be at the rate specified in the last column of the appended table for every L100 of the purchasing price. TABLE OF THE ANNUAL PAYMENTS TO BE MADE AS INSTALMENTS OF PURCHASE MONEY (SHOWING PRINCIPAL AND INTEREST SEPARATELY), AND THE PAYMENT, EXCLUSIVE OF RENT, TO BE MADE IN ANY YEAR AFTER THE FIFTH TO ACQUIRE THE FREEHOLD OF ANY SELECTION UNDER "THE CLOSER SETTLEMENT ACT OF 1906." ----------+-----------------+----------------+-----------------+--------------- | ANNUAL PAYMENT. | Payment to be | | made in any +-----------------+----------------+-----------------+ Year after the | | | | Fifth to | Principle. | Interest. | Total. | acquire | | | | Freehold. ----------+-----------------+----------------+-----------------+-------------- | L _s._ _d._ | L _s._ _d._ | L _s._ _d._ | L _s._ _d._ | | | | 1st year | 10 0 0 | ... | 10 0 0 | ... 2nd " | ... | ... | ... | ... 3rd " | ... | ... | ... | ... 4th " | ... | ... | ... | ... 5th " | ... | 8 2 7 | 8 2 7 | ... 6th " | ... | 8 2 7 | 8 2 7 | 98 4 2 7th " | ... | 8 2 7 | 8 2 7 | 94 19 10 8th " | ... | 8 2 7 | 8 2 7 | 91 12 3 9th " | 1 18 7 | 6 4 0 | 8 2 7 | 88 1 6 10th " | 3 14 6 | 4 8 2 | 8 2 7 | 84 7 0