EGMONT COUNTY LOAN

Taranaki Daily News, 28 October 1935, Page 7

EGMONT COUNTY LOAN

CONVERSION MOTION PASSED.

SPECIAL MEETING OF COUNCIL. A special meeting of the Egmont County Council was held on Saturday to transact further formal business in connection with the adoption of the loan conversion proposals. The clerk. Mr. G. W. Rogers, read correspondence from the Local Government Loans Board and the financial brokers relative to the procedure to be adopted, pointing out that it would be necessary to have the county solicitor’s certificate that all formalities had been complied with. It was decided to follow the procedure suggested and a motion was carried that the council issue new securities in conversion of the existing securities in respect of loans totalling £116,000, less the amount of principal repaid. The motion was moved by Cr. Gibson and seconded by Cr. Lilley. Cr. Tosland moved an amendment to the effect that the council did not agree that all special loans be a charge on the whole county. Cr. Collins seconded. Cr. Gibtson questioned whether the amendment was in order, and the chairman said he thought perhaps he should rule it out of order, but he said it gave Cr. Tosland an opportunity of objecting. The amendment was lost. It was decided to request the financial broker in charge of the loan conversion to be present at the next council meeting.

There were present Messrs. W. C. Gren (chairman), J. Young, J. S. Tosland, E. G. Holmes, G. Gibson, E. A. Collins, A. J. Lilley, and R. Cassie.