The Feilding Star, Oroua & Kiwitea Counties Gazette. Published Daily. TUESDAY, JULY 3, 1894. THE BANK GUARANTEE ACT, 1894.

Feilding Star, Volume XVI, Issue 2, 3 July 1894, Page 2

The Feilding Star, Oroua & Kiwitea Counties Gazette. Published Daily. TUESDAY, JULY 3, 1894. THE BANK GUARANTEE ACT, 1894.

In order to show how thoroughly the Colony is protected in the matter of "The Bank of New Zealand Share Guarantee Act, 1894," we quote clause 9, which provides that "If at any time or times any money shall be pay* able under the guarantee hereinbefore mentioned, then and in that case all the assets and real and personal property of the Bank shall be deemed to be and shall be security for the repayment of the moneys so advanced ; and if such moneys, together with interest thereon at the rate of four per centum per annum, shall not be paid bythe Bank to the Colonial Treasurer, then" " the Colonial Treasurer may appoint a Receiver, who shall thereupon have and exercise all the powers and authorities which might be exercised by a liquidator appointed by the Supreme Court under * The Companies Act, 1882,' without the necessity of applying to the said Court for such appointment or for any such powers. Provided always that the right of the Crown in respect of moneys other than the payments guaranteed under this Act, and the claims of all other creditors of the Bank, shall be a first charge on the proceeds of such liquidation." From this it is safe to deduce that the tax-payers of the Colony do not run the slightest risk of being made to pay one iarthing. either directly or indirectly, for the guarantee. As we anticipated would be the case, the Gov-ernment-have received intimations of approval from the other colonies and London for their plucky conduct in averting what would have been a fatal catastrophe to the Colony.