AUCKLAND LOAN ACT, 1863.
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Province of Auckland.
AUCKLAND LOAN ACT, 1863.
IN THE TWENTY-SIXTH YEAR OF THE REIGN OF HER MAJESTY QUEEN VICTORIA.
1863; SESSION XV., No. 8.
1. Power given to the Superintendent to raise £500,000 by way of Loan.
2. Form of Debenture.
3. Debenture to be Dated and bear Interest.
4. Principal and Interest charged on Revenue.
5. How to be Issued.
6. Principal how to be Paid.
7. Sinking Fund.
8. Money raised how to be Expended.
9. The sum of £185,000, part of the said Loan, to be advanced by way of loan for the execution of Public Works.
10. No such Loan to be so made without an Act of the Superintendent and Provincial Council.
12. Short Title.
AN ACT to enable the Superintendent of the Province of Auckland to raise a Loan not exceeding Five Hundred Thousand Pounds, for the Purpose of paying off certain existing liabilities, and for other purposes.
WHEREAS it is expedient to raise a Loan for the purpose of repaying outstanding loans, purchase of native lands, promoting Immigration, the erection of Public Buildings, and for other purposes.
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Be it therefore enacted by the Superintendent of the Province of Auckland, with the advice and consent of the Provincial Council thereof, as follows:--
Power given to the Superintendent to raise £500,000 by way of loan.
1. It shall be lawful for the Superintendent of the Province of Auckland to raise by way of loan a sum not exceeding Five Hundred Thousand Pounds and to take up the same on Debentures from time to time as he may deem expedient: Provided always that no money shall be borrowed under the provisions of this Act, after the expiration of six years from the passing hereof.
Form of Debenture.
2. Every such Debenture shall be in the form contained in the Schedule to this Act annexed, marked A, or to the like effect, and shall bear the respective signatures of the said Superintendent and of the Treasurer of the said Province, and shall be numbered consecutively, and shall have interest coupons attached.
Debenture to be dated and bear Interest.
3. Every such Debenture shall be dated on the day on which the same shall be issued, and shall bear interest from that day not exceeding six per cent, per annum, payable half-yearly on the first day of April and the first day of October in every year, at such places in New Zealand or elsewhere as shall be therein named.
Principal and Interest charged on Revenue.
4. The Principal and Interest payable upon such Debentures are hereby charged upon and made payable out of all Revenues of the said Province subject to be appropriated by the Superintendent and Provincial Council thereof.
How to be Issued.
5. Such Debentures shall be issued from tune to time, and at such times and at such places as the Superintendent shall by warrant under his hand direct: Provided that it shall not be lawful for the said Superintendent to sell any such Debenture for any sum of money which shall be less than the sum for which such Debenture shall be issued.
Principal bow to be paid
6. The Principal of every such Debenture shall be payable and shall be paid on demand on some day to be named therein, being not later than thirty-three years from the day of the issue thereof.
7. The said Superintendent shall in each and every year until
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payment of the Debentures issued under the authority of this Act, invest on security of Debentures issued by the General Government, or upon security of real property within the Province of Auckland, or in the re-purchase of any Auckland Provincial Debentures, a sum of money out of the said Revenues of the said Province equal to Two Pounds per centum per annum on the amount of the said Debentures unpaid at the time of such investment for the purpose of forming a sinking fund to pay off the said Debentures, and the interest to accrue upon all moneys so invested shall, from time to time, be re-invested in like manner for the said purpose.
Money raised how to he Expended.
8. No portion of the said sum of Five Hundred Thousand Pounds shall be expended in any other way than for the purpose of promoting and assisting immigration, the redemption of outstanding debts contracted in pursuance of any Loan or Debenture Acts passed by the Provincial Council of the Province of Auckland, the purchase of native lands, the erection of public buildings, the erection, maintenance, and repair of works in the Harbour and City of Auckland, and for the execution, maintenance, and repair of the public works in the Province of Auckland: Provided always, that no larger sum shall be expended for the said respective purposes than the respective sums mentioned in the Schedule to this Act, to be spent for each particular purpose. Provided also, that no money raised under the provisions of this Act shall be paid or expended without the authority of an Act of the Superintendent of the Province of Auckland and the Provincial Council thereof: Provided further that no person who shall lend or advance any money upon the security of any Debentures issued by the authority of this Act shall be required to investigate into or inquire whether any such Act has been passed or not.
The sum of £185,000 part of the said Loan, to he advanced by way of Loan for the execution of Public Works.
9. Provided also, that not less than the sum of One Hundred and Eighty-five Thousand Pounds, part of the said sum of Five Hundred Thousand Pounds shall be expended by way of Loan to such boards or other bodies as exist, or shall be from time to time established in the said Province, for the purpose of executing and maintaining such public works, for the execution and maintenance of which the Superintendent is authorised to raise the said sum of Five Hundred Thousand Pounds or some part thereof.
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No such Loan to be so made without an act of the Superintendent and Provincial Council.
10. Provided also that no loan shall be made to any such Board or other Bodies in pursuance of this Act, unless the same shall be sanctioned by an Act of the Superintendent and Provincial Council of the Province of Auckland and proper provision shall be made therein for the purpose of paying the interest on such Loan and providing a sinking fund for the payment of any such Loan. Such interest and sinking fund not to be less than the interest and sinking fund provided by this Act for the payment of the said sum of five hundred thousand pounds.
11. In the Interpretation of this Act the word "Treasurer" shall mean the Treasurer of the said Province or the person lawfully acting in that capacity.
12. The Short Title of this Act shall be the "Auckland Loan Act, 1863."
Form of Debenture and Coupon.
COLONY OF NEW ZEALAND.
PROVINCE OF AUCKLAND.
TRANSFERABLE BY DELIVERY.
No. -- in words -- No.
£ -- sterling -- £
Under the authority of the "Auckland Loan Act, 1863."
This Debenture entitles the Bearer at the office of the Superintendent of the Province of Auckland, or at . . . . to payment of the sum of . . . . sterling, on the day . . . . one thousand eight hundred and . . . . which with interest thereon at the rate of . . . . pounds per centum per annum is hereby charged and secured upon all the revenues of the said Province, subject to be appropriated by the Superintendent and Provincial Council thereof, which interest is payable half-yearly on the . . . . day of . . . . and the . . . . day of . . . . in each year. (Dividend coupons for which are annexed.)
Dated this . . . . day of . . . . one thousand eight hundred and . . . . and signed the same day in the City of . . . .
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PROVINCE OF AUCKLAND.
"The Auckland Loan Act, 1863."
Debenture No. . . . . Debenture No. . . . .
£ . . . . £ . . . .
On presentation at the . . . . at . . . . on or after the first day of . . . . 18 . . . . , the bearer will be entitled to receive . . . . pounds . . . . shillings, being the half-year's interest on that Date on Debenture No. . . . . for £ . . . .
Superintendent of the Province of Auckland.
Distribution of Loan.
Distribution of Loan.
WM. POWDITCH, Speaker.
Passed the Provincial Council the eleventh day of March, one thousand eight hundred and sixty-three.
G. MAURICE O'RORKE, Clerk of Council.
I hereby declare that I reserve this Act for the signification of the Governor's pleasure thereon.
ROBERT GRAHAM, Superintendent.
AUCKLAND, this fourteenth day of March, one thousand eight hundred and sixty-three.
I hereby assent to this Ordinance, this second day of April, in the year of our Lord one thousand eight hundred and sixty-three.