THE NEW SEVEN MILLION LOAN.

Lyttelton Times, Volume XXVIII, Issue 2125, 12 October 1867, Page 2

THE NEW SEVEN MILLION LOAN.

The following is the text of an Act intituled " An Act to authorise a Loan of Scren Million Pounds Sterling, for the purpose of convening and consolidating the Public Loans of New Zealand :

Whereas the Colony of New Zealand has declared its liability for loans heretofore authorised by Acts of the Superintendents and Provincial Councils of New Zealand and assented to by the Governor And whereas the General Assembly of New Zealand has resolved so far as it is compatible with existing obligations to convert the public loans of New Zealand including the said Provincial Loans into one loan to be called '' The M*w Zealand Consolidated Loan" He it therefore enacted by the General Assembly of New Zealand iu Parliament assembled and by the authority of the same ns follows— ~,, 1. The short title of this Act shall be "unconsolidated Loan Act 18*57.'* . 2. It shall be lawful for the Governor or New Zealand to appoint one or more newm or persons to be an agent or agents tor nit purpose of from time io time raising ami managing the loan authorised by this Act. 3. Such agent or agents shall have mi power and authority to borrow in Great Uritnin or elsewhere by bonds debentures o otherwise a sum not exceeding seven niillw 1 pounds sterling for such period of time am subject to such terms ami conditions as such agent or agents may think expedient. 4. Mich agent or agents shall have tuu power to prescribe the mode and condition of repayment of such loan andtheUmeoi such repayment and the rate of mt re thereon and the time Mid place or plate*

j ere guch.; principal - : and 'interest', shall be 5 All siims of money borrowed under the utiiority of this ■ -Act and ..interest.'.thereon "hall te " ■ch!»rge:;''«ppii the:,consolidated. s ' enue pf tlie.colony of'NowZealand^. I ;;.■■■'.. 1 C TlH'«».» l ial charge to. be imposed upon ♦l,c'consolid'ated; reybtiuounderthe provisions' { (hit Act shall not exceoljfor interest and for sinking fund if ;nriy the suiii ■(«Vsix : nound* for every one h'iindrcd: pounds exited to be'* r V ■ ■ ■ 1 : All moneys, .borrowed, under the' au-ihot-itv of tins Act shall'be applie&tiiwds (he conversion and::payment of the loans of tlie: Goyerniiient of ; New : ; Zealand. issued under Acts' of tbb : General 'Assembly anf l of the seyeraUloiiiisuif theProviucial' Corernmcnts of. the several provinces of Ner Zealand the liability Tor winch.loans, has. j, ee n undei-lakeh b}f the. colony.pfiNcw ;Zea-:''. lanil under the and to no oilier purposes Provided, that itsimlj ; te lawful to defray, thereout, all charges aiuj expenses ineHentul to raising the said loan,.' S. jiuch agentor agents may accept in payment for the bonds debentures, or:..oilier securities issued under: the"hiiiliprity;:of this, Act any debentures of the.Government'.of jlciv Z'aland or of the Proviiicial Gpvernnicnfs thereof at suell rates and on. such: terms as may be fixed by such agent or scents and all such rates and terms shall be notified by public advert isenient. 9, .All the powers which may be veiled in jdv agent or agents .appointed nnder'this Act may by hi li ajicrit or .figeiits be wholly or Mr'tly'ilelegatcdto another agent or agents.: lulije'ct to conditions in tlte.discretion of the ssent or agents delegatlng;such powers. ? 10. All debeiifuree converted or purchased under the authority of this Act shall ininie-. ' diatclv on the receipt thereof beVcailceiled ;by such agent or agents and shall by him.'or ■ them le transmuted to the Colonial Treasurer of New Zealand. 11, From and after tlie passing of this Act no Act or (irdinitnee \\ Inch may : be pit ssed by any Provincial Council of; any Province: : in XeV Zealand for raising any provincial loan or for the guarantee of the payment of am- interest or subsidy shall be valid.. .