FINANCE ACT
LOCAL AUTHORITY' AND BANK. NO FORCED LOANS. (Per United Press Association) WELLINGTON, March 30. The Chief Justice had before him the question of a declaratory order interpreting Section 35 of the Finance Act 1920. The point was whether a local body could call on the bank to honour the Kiwitea County Council's cheque drawn to replace monies in the loan account notwithstanding the fact that overdraft In ordinary account will thereby be in excess of the legal limit. Sir R. Stout said there was nothing in the statute forcing the bank to give credit to a local authority. The latter could not compel the bank to find them money. The era of forced loans expired with the Stuarts. His judgment was that the bank was not bound to make the advances.
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https://paperspast.natlib.govt.nz/newspapers/ST19220331.2.35
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Southland Times, Issue 19479, 31 March 1922, Page 5
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133FINANCE ACT Southland Times, Issue 19479, 31 March 1922, Page 5
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