8.—16

9

Section 4. The Governor in Council shall have and may exercise the following powers and authorities or any of them. (1.) He may from time to time declare all or any of tho New Zealand loans, whether existing in the form of stock or not, to be convertible into stock, of such denominations, with such conditions and with such dividends and redeemable at par at such times and on such conditions, as he may before the creation thereof from time to time determine : (2.) He may authorize the creation and issue of such an amount of such stock in exchange for the securities held for such loans as may be necessary : (3.) He may authorize the creation and sale of any such stock for the purpose of raising money for redeeming any outstanding stock or securities and of paying any expenses in the creation of stock and otherwise carrying out the provisions of this Act on such conditions as he may determine : (4.) Any conversion so authorized may bo effected either by arrangement with the holders of existing securities or by purchase thereof out of moneys raised by sale of now stock, or partly in one way and partly in the other. Section 7. The Governor in Council may from time to time enter into any such agreement with the Bank of England as to the Governor in Council seems fit, providing for all or any of the following things {inter alia) :—• (1.) For inscribing in tho books of tho bank any stock : (2.) For managing the creation, inscription, and issue of stock : (3.) For effecting the conversion of loans into stock and managing transfers of stock: (5.) For issuing stock certificates to bearer, and as often as occasion shall require reissuing or reinscribing stock and reissuing stock certificates : (10.) Generally conducting all business connectedwith stock or loans. For the purposes of this Act the expression " Bank of England " moans the Governor and Company of the Bank of England, and includes their successors. Section 8. Every agreement made with the Bank of England in pursuance of this Act shall be as valid and effectual as if the terms thereof had been set forth in and enacted by this Act. Section 9. The Governor in Council shall have the powers and duties, and may do the following things (inter alia) for the purposes of this Act:— (1.) He may from time to time appoint three or more persons in England to be Agents for the purposes of this Act (which Agents for the time being are in this Act referred to as "the Agents"), and may empower such Agents or any three or more of them to exercise all or any of the powers by this Act exercisable by the Governor in Council. Section 14. This Act shall not come into operation nor be of any force or effect whatever until it shall be declared to be so in operation by a Proclamation issued by the Governor in Council and published in the New Zealand Government Gazette: And it is hereby further declared that by a Proclamation made and issued by the Governor in Council on the 9th day of February, 1878, and published in a Supplement to the New Zealand Government Gazette of the same date, it was declared that the said Act should bo and come into operation on and after the said 9th day of February, 1878: And it is hereby further declared that under and by virtue of tho said Act, New Zealand Consolidated Stock was created and issued to the amount of £5,371,200, which was duly inscribed in the books of the Bank of England in the names of the several persons respectively entitled thereto on the terms and conditions mentioned in a certain deedpoll bearing date the Ist day of December, 1879, under the hands and seals of Sir Penrose Goodchild Julyan, K.C.M.G., C.8., Sir Julius Vogol, K.C.M.G., and Montagu Frederick Ommanney, Esquire, who had been duly appointed Agents in England for the purposes of the said Act, and had been duly empowered to exorcise all the powers by the said Act exercisable by the Governor in Council, such stock bearing interest at the rate of 4 per cent, per annum, payable half-yearly at the Bank of England on tho Ist day of May and the Ist day of November in each year until the Ist day of November, 1929, on which day the capital is to be repaid at par at the same place : And it is hereby further declared that by " Tho New Zealand Consolidated Stock Act 1577 Amendment Act, 1881," being Act 45 Vict., No. 44, of the said Legislature, it was enacted that notwithstanding anything in " Tho New Zealand Consolidated Stock Act, 1877," contained, the Governor in Council might appoint only two persons to be the Agents for the purposes of such Act, who should have, exercise, and perform all the powers, authorities, or duties by such Act given to, vested in, or imposed upon the Agents appointed under the ninth section of such Act ; and that throughout such Act the words "the Agents " should be deemed to refer to and include the two persons authorized by the Act now in recital to he appointed to be the Agents for the purpose of " The New Zealand Consolidated Stock Act, 1877 :" And it is hereby further declared that in pursuance of the power andauthority vested in him by the said Acts (all previous appointments of Agents having been revoked), the Governor of New Zealand did, by an order in Council hearing date the sth day of November, 1881, appoint Sir Francis Dillon Bell, of No. 7, Westminster Chambers, Victoria Street, Westminster, K.C.M.G., the Agent-General for tho Colony of New Zealand, and the said Sir Penrose Goochild Julyan, to be Agents in England for the purposes of tho said Acts of 1877 and 1881, with full power and authority to them as such Agents to exercise all the powers by such Acts exercisable by the Governor in Council : \ And it is hereby further declared that the Governor of New Zealand did, by another Order in Council also bearing date the sth day of November, 1881, and issued under the seal of the said colony, empower the said Sir Francis Dillon Bell and Sir Penrose Goodchild Julyan as and to be the Agents to make the declaration required by the provisions of of " The Colonial Stock Act, 1877," and in and about such declaration, and the leaving and record thereof with the Commissioners of Inland Revenue, to do all such necessary acts as might or could have been done by or on behalf of the Government of the said colony to give effect to the provisions of the last-mentioned Act: And it is hereby further declared that various further amounts of New Zealand Consolidated Stock have from time to time been duly created by the said Sir Francis Dillon Bell and Sir Penrose Goodchild Julyan, acting as such Agents, and duly empowered as aforesaid upon the terms and conditions respectively mentioned in certain deeds-poll under their hands and seals, and bearing date respectively the Ist day of January, 1883, the 30th day of October, 1883, the Ist day of January, 1884, the 30th day of December, 1834, the Ist day of January, 1885, and the Ist day of June, 1885, such amounts of stock being in addition to and ranking pari passu with the said amount of £5,371,200 of New Zealand Consolidated Stock so created and issued as aforesaid, and bearing interest at the rate and payable half-yearly at the Bank of England as aforesaid until the Ist day of November, 1929, on which day the capital is to be repaid at par at the same place, but the whole amount of New Zealand Consolidated Stock thus created by them has not yet been issued : And it is hereby further declared that of New Zealand Consolidated Stock so created as aforesaid there has been issued the total amount of £16,239,011 of such stock and no more, and it is now intended that unless authorized by some Act, to be passed by the said Legislature, no further amounts of New Zealand Consolidated Stock shall be issued under the authority of the several deeds-poll hereinbefore mentioned, or any or either of them : And it is hereby further declared that by another Act of the said Legislature, the Short Title of which is " The New Zealand Consolidated Stock Act, 1884 " (hereinafter called " tho Act of 1884 "), it was enacted that the Agents from time to time appointed under " The New Zealand Consolidated Stock Act, 1877," aforesaid should be the Agents for the new reciting Act; that so much of all the loans set forth in the schedule to the same Act as were outstanding on the 31st day of March, 1884, should be convertible into stock; and that, pending the operations for converting loans and creating the stock authorized to be created under the provisions of the said Acts, the Colonial Treasurer might, when so authorized by an Order in Council in that behalf, create debentures to an amount not exceeding in the whole the amount of such stock, and might exchange the same for securities convertible under the now reciting Act, and that the said Agents, when so authorized by the Colonial Treasurer, might exercise all the vested in the Colonial Treasurer by the same Act;

powers 2—B. 16.