THIS LOAN BILL.

Lyttelton Times, Volume VI, Issue 414, 22 October 1856, Page 5

THIS LOAN BILL.

J3e it enacted by the Superintendent of the Province of Canterbury, with tho advice and

consent of the Provincial Council thereof as follows:—

1. It shall be lawful for the Superintendent to raise by way of loan a sum not exceeding twenty-five thousand'pounds sterling, and to issue debentures, charging the same upon the Province of Canterbury. 2. Every such debentux'e shall be issued for a sum of not leas than one hundred pounds, and shall be in the form set forth in the Schedule A to this Ordinance, and shall be numbered consecutively, and shall be dated on the day on which the same same shall be issued, and shall be signed by the Superintendent, and sealed with the the public seal of the province. 3. Every such debenture shall bear interest at a rate not exceeding eight pounds sterling per centum, per annum, and such interest shall be 'payable at the Provincial Treasury of the said Province, on the 30th day of June, and the 31st day of December in each year, 4. The principal of every, such debenture shall be made made payable and shall be repaid at the said Provincial Treasury upon the expiration of ten years from the day. of the issue thereof.

5. The Superintendent is hereby authorised and required to cause such principal and interest to be paid out of the general revenues of the said province.

6. For the purpose of providing a sinking fund for the liquidation of the principal of the debt which may be incurred under the authority of this ordinance, the Superintendent shail cause during the first three years that shall elapse from the commencement of the issue of sucli debentures one fourth part, and during the nest four years thereafter one-half of the net proceeds arising from the sale, letting, and disposal of the waste lands of the Crown, (after deducting the costs of collection and management, and of surveys/and the sums now payable by law out of the land fund, towards the expenses of the' General Government of !New Zealand, and such interest as may be payable under the authority of this ordinance), to be set aparb as a sinking fund, and to be invested in such securities as the Provincial Council shall by any resolution to be passed in that behalf direct.

7. Every debenture issued under the axithority of this ordinance shall be payable and receivable as cash, for the full amount which shall be then due thereon for principal and interest, in the purchase of waste lands of the Crown within the Province of Canterbury, under any 'regulations for the time being in force for the sale of such lands; and the payment and receipt of such debentures accordingly shall be an effectual discharge ofthe principal and interest due thereon.

1 8. Of the siim of twenty-five thousand pounds to be borrowed under the authority of this ordinance, one moiety shall be expended in the immigration of persons to the province from Great Britain and Ireland, under any regulations for the time being legally in force for"the eoiir duct of such immigration; and the other moiety shall be expended in the execution of the public works within the said province, in accordance with resolutions to be passed in that behalf by the Provincial Council thereof.

10. This ordinance shall be intitled, and may be cited as " The Loan Ordinance, 1556," Session VII, No. 3.