UNPRECEDENTED POSITION
DEBENTURE SIGNATURES LITHOGRAPHED PAYMENT HELD UP [Pee United Press Association.] THAMES, December 19. A unique position was disclosed when the Bank of New Zealand presented debentures for payment by the borough treasurer on a loan issued twenty years ago. The treasurer noticed that the debenture signatures were lithographed and not written as required by the Act. He refused payment, referring the matter to the Public Trustee, who had the money in a sinking fund ready to pay over. The trustee says ho has never hoard of a similar position, and he referred it to Wellington for advice. The Act provides that coupons may bear lithographed signatures, but this is not extended to debentures. The officials, however, evidently assumed that it did. The council has asked the AttorneyGeneral for an opinion.
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Bibliographic details
Evening Star, Issue 19127, 19 December 1925, Page 10
Word Count
132UNPRECEDENTED POSITION Evening Star, Issue 19127, 19 December 1925, Page 10
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