LOANS FOR RUGBY

Evening Post, Volume CIV, Issue 4, 5 July 1922, Page 9

LOANS FOR RUGBY

APPLICATION BY WELLINGTON. • A motion was carried at. last night's meeting of the .Wellington Rugby Union's Management Committee, that application be made to the New Zealand Rugby Union for a loan of £2500, either for Park • improvements, or the purchase of grounds, the particulars to he .supplied after the committee appointed to go into the question of grounds and improvements had made its report. The terms of loans arrangod with the New Zealand Union provide that the interest is to be 5 per cent., payable quarterly, with a rebate of 1 per cent, upon punctual payment within 14 days of due date1, provided all the conditions: of the nwtgage are duly fulfilled; that 10 per cent., at least, of the principal'sum...be repaid, at the end of twelve months from advance, and thereafter in each year; and that no loan be granted to any union of more than two-thirds of the valuation of any security offered or improvements effected, that was to say, each union deserving a loan must find locally one-third of tho cost of acquiring ground or of improvements.