THE STATE GUARANTEED ADVANCES ACT.

Manawatu Standard, Volume 9165, Issue 9164, 14 March 1910, Page 5

THE STATE GUARANTEED ADVANCES ACT.

ITS EFFECT UPON LOCAL BODIES. At the meeting of the recently constituted Oroua Drainage Board on Saturday the secretary pro tem, Mr E. J. Armstrong, informed the Board that he had had an interview with Mr Poynton, Superintendent of the New Zealand State Guaranteed Advances Board, relative to the position occupied in the matter of a loan of £400 provisionally granted under the Government Loans to Local Bodies Act, 1908, and for which all the statutory procedure required had been taken. Mr Poynton had stated that under the ruling of the Auditor and Solicitor-General it was held that the passing of the State Guaranteed Advances Act had repealed all grants, provisional or otherwise, made or payable under the Government Loans to Local Bodies Act of 1908 to public bodies immediately oh the coming into operation of the Guaranteed Advances Act even in respect of balances of loans where the total amount granted had not been lifted at that date. Consequently the Board should renew its application for the £400 loan under the Act now in force._ Mr Poynton also said that all applications should be in by the loth inst., otherwise they would be too late for consideration. The Board decided, on the motion of Cr Kendall, seconded by Cr. Tennant, that renewed application be made for the £400 loan to the New Zealand State Guaranteed Advances Board.