DEBENTURE INTEREST.
A.M.P. SOCIETY'S OFFER,
Pending a decision to be given as to whether the loans of New local authorities are subject to the provisions of the New South Wales Interest Reduction Act, 1931, the manager of the New Zealand branch of the Australian Mutual Provident Society has intimated to the Auckland and Suburban Drainage Board that in refereneo to loan No. 4 of £50,000 the society is prepared to accept the interest payments, less the statutory reduction of 22i per cent. The letter containing this decision was received at the meeting of the board last evening at which Mr. A. J. Entncan presided. In his letter the manager states that the society will accept the reduced payment and give a receipt on account of the interest due on the boards debentures held bv the society, without prejudice to the rights of the society to recover the balance. The Contioiler and 4mditor-General has advised that no objection will be raised by the Audit Office to the reduced amount of interest bein- paid under the terms submitted by the society.
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Bibliographic details
Auckland Star, Volume LXIV, Issue 205, 31 August 1933, Page 21
Word Count
179DEBENTURE INTEREST. Auckland Star, Volume LXIV, Issue 205, 31 August 1933, Page 21
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