LOCAL BODIES' LOANS.

Dominion, Volume 1, Issue 287, 28 August 1908, Page 4

LOCAL BODIES' LOANS.

NEW . REGULATIONS. Tho regulations under the Local Bodies' Loans Act, 1901, with amendments, made last £oar__are rovoked in this, week's "Gazette',"" anl" tTio following new regulations. ar.o,.substituted: — k'lv iWher'o the whole of any area over which a special has been made as security for a loan is "hereafter merged or included iwilhiii Tdifefiict of a local authority other than the local authority that made tho rato, such last mentioned authority shall, ,-within -three- raonhs after .such merger or inclusion, give, notice to the'local authority in whono district such area has been merged or ■included,'ahd'-also to the Minister of Finance; 'of , all 'Existing ■ special loans in respect 'bfSrhich Spe6ial'rates hare been made over 2. Whqro- pa-rti-Kjnly of any special-rating district is thereafter merged or included as aforesaid tho local authority that mado the rate shall, withiif three months after such •merger or inclusion, give notice to tho local authority in whose district such part-area has been;" merged" or included, and also 'to tho Minister of "Finance, of all existing spe-cial.-loans' in respect of • which special rates have been*.' made' ■ over such ' part-area, together ,with/a plan showing sections of land parts;,of-.sections (if any) contained in ,su,ch part-area,„and of any proposed adjust:mfc'.or XAPDStliipiiment of the liability in .respect thereof among tho respective local authorities affected by such merger or inclusion.'

,3.,Aiiy, local authority that objects to such .proposed: adjustment or apportionment shall forward'-written notico of its objection to thoMinister .ofrSriianeo within twenty-ono days from the;Vrqfcoi'pt" of tho notice referred to in the hijst Such local authority yiall^'£prior w to the expiry of the said twenty-SiioCaays, 1 ' also serve a copy of such naticoi'bfi'.'tljp local authority that made tho the said period of no notice of objection is served ,eitlierVi)iKtho-Minister of Finance or tho that made the rate, then such last-montioHei;! authority may proceed ex parte t-i havd'an apportionment or adjustment of liability effected in respect of the .sjtid..loans, and for thit purpose'.' shall forward to tho Minister of Finance, a statutory declaration of tho facts.. Where an objection; haa been duly lodged by the local authority or authorities affected, then the Governor in Council shall hear or consider such objections, and tho. parties shall receive ' sucli 'notices, and such steps shall be taken as the Governor in Council may consider.. necessary. 'for determining the matter. •4. As soon as any transfer, adjustment, or apportionment of liability in respect of any Special "loan has- been made the-Secretary to tho Treasury.sliall forward to every local authority directly affected thereby a notice, and.such entries shall be mado in'the Register' of Debts of Local Authorities as may be necessary to . comploto such transfer, adjustment, or apportionment respectively,