LOCAL BODIES SINKING FUNDS.
Ti’-will-be remembered that in the Local Bodies’ Loans Act, passed last year, a provision was inserted to the effect that whether a loan was guaranteed by the State or not, the sinking fund should be handed over to the Public Trustee, and by the Public Trustee invested in Government securities. To this provision exception was taken by a great many public bodies, It was held that where there was no Government guarantee behind a loan the Government' should have no right to interfere in the matter of the investment of the sinking fund. In the House of Representatives on Thursday evening, when, the State 'Guaranteed Advances Bill was being considered in Committee, Mr Sidey moved an amendment to the effect that the provision should be repealed so far as loans not guaranteed by the State are concerned. He had the satisfaction of carrying the amendment by 32 to 30. the members of the Opposition voted with him.
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Manawatu Herald, Volume XXXI, Issue 602, 27 November 1909, Page 2
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161LOCAL BODIES SINKING FUNDS. Manawatu Herald, Volume XXXI, Issue 602, 27 November 1909, Page 2
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