INTEREST REDUCTION.
Question of Payment to N.S.W. Lenders. (Special to the “ Star.”) AUCKLAND, March 17. The report that the Australian Mutual Provident Society intends taking legal action to recover from the Waitemata Electric Power Board interest money allegedly short-paid by the board in terms of the New South Wales Interest Reduction Act, 1931, was referred yesterday to the secretary of the board, who said the board was not aware that any such action was being taken. The board had been paying the society 52 per cent on a loan of £200,000 domiciled in Sydney, payments of £5750 being made to Sydney every half-year. In accordance with legal advice the last half-yearly payment was reduced to £4455, representing a saving of £2590 a year. The Australian Mutual Provident Society has now advised the board that it cannot accept the smaller payment in settlement of the interest instalment due. It has been advised by counsel in Sydney that the Waitemata Electric Power Board debentures domiciled in Sydney are not subject to any interest reduction under the New South Wales law. (The provisions of the Bill are reported on Page 4.)
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https://paperspast.natlib.govt.nz/newspapers/TS19320317.2.47
Bibliographic details
Star (Christchurch), Volume XLIV, Issue 375, 17 March 1932, Page 3
Word Count
188INTEREST REDUCTION. Star (Christchurch), Volume XLIV, Issue 375, 17 March 1932, Page 3
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