MASTERTON LANDS
BUILDING LOAN OF £25,000
Power to borrow £25,000 for the purpose of erecting buildings on trust properties is the text of a bill i.itioduced in the House of Representatives on Saturday by Mr. G. R. bykos, M.P. The loan limit \s fixed at £lO,OOO a year. The Bill provides that ihe loan shall be raised by the issue of debentures of not less than £2O and not more than £lOO each, with a currency rot exceeding 21 years, bearing interest of not more than 5| per cent., without the consent of the Minister of 1 inance. A sinking fund will be created fc.i the redemption of the loan, under tic control of two commissioners, to be appointed by the trustees. Hie latter will have power to renew or re-issue the debentures at or before maturity that aib not provided for by the accumulated sinking fund, and to issue in exchange 5J per cent, debentures. The consent of the ratepayers must be obtained by the usual pell before a loan is raised.
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https://paperspast.natlib.govt.nz/newspapers/DOM19230827.2.66
Bibliographic details
Dominion, Volume 17, Issue 292, 27 August 1923, Page 10
Word Count
173MASTERTON LANDS Dominion, Volume 17, Issue 292, 27 August 1923, Page 10
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