DEBENTURES SECURITY BILL.

New Zealander, Volume 3, Issue 134, 11 September 1847, Page 3

DEBENTURES SECURITY BILL.

Title. AN ORDINANCE to secure the payment of certain Government Debenture! out of the General fteveuue ot the Colony.

PrtambU. Whereas certain Debenture! bearing interest at. the rate of £ per centum per annum, have been issued by the Government or New Zealand, and the principal monies, secured by such Debentures, amounting to the sum of £ , still remain unpaid. And whereas, certain other Debentures, bearing interest at the rate of £ per centum per annum, have in like manner been issued, and the principal monies secured by such last mentioned Debentures amounting to, the sum of £ , also remain uu« paid. Add whereas it is expedient that further provision be made for securing to the holders thereof, respectively, the paymeut of the same, together with the interest, from time to time to accrue due thereon, and also for the order iv which the said Debentures shall be ultimately paid off and discharged. Be it therefore enacted by the Lieuteu»ut-Governor of N«w Zealand, with the advice and consent of til* Legislative Council* thereof, at follows :-•

Principal and Interest of Debentures to be charged upon General Reienue. I. All and singular the said Debentures, amounting: t gethcr <o the sum of £ , together with the interest from time to time to accrue due thereon, respectively, shall be charged upon, am) payable out of the pfciieral Revenue of the Colony of New Zealoiui. I > rovi»!c<l always, that in the event of the said colouy being divided into two or more proviuces, the said debentures then leinaining unpaid, and the interest to accrue due thereon, shall be charged upon and be payable out of the general revenue of such provinces, in equal shares.

Debentures to be paid off, out of Surplus Revenue, Order of Payment. 2. It shall be lawful fop the Governor, from time to time, out of the surplus revenue of the said colony, or of such provinces (as the case may he), or out of any other funds at his disposal in that behalf, as, and when such surplus revenue or other funds shall arise, to pay off and discharge the said Debentures. Provided always, that ihe Debentures bearing interestat the rate of £5 per cent, shall be paid off and discharged before the Debentures bearing interest at the rate of £8 per cent. And that as between the Debentures bearing the same rate of interest, such Debentures shall be paid off in order, according to the priority o\ their date.

Holders of Debentures bearing Eight per Cent to have option of receiving new debentures instead of being paid of. 3 It shall also be lawful for the Governor to offer to the holder of any Debenture bearing interest at the rate ol £s per cent , when such holder shall be entitled to receive payment fur the same, as hereinbefore provided, the option of receiving in lieu of such payment, a new Debenture for the amount for ■which he shall then be entitled to receive payment, but bearing interest at the rate of £5 per cent. only; and if the holder of any such Debenture shall elect to receive such new Debenture as afotesaid, then it shall be lawful for the Governor to issue the same accordingly. Provided always, that such new debentures shall not be paid off until the whole of the Debentures bearing interest at the rate of £8 per cent., shall have first been discharged, and satisfied ; and that as between themselves, such new Debentures shall be paid off, in order according to the priori y of their date.

New Debentures also charged upon General Revenue. 4. All and singular, such nevr Debentures as aforesaid, and the interest from time to time 10 accrue due thereon, shall be chargeable upon, and payable out of, aud ultimately discharged from the same funds, aud in the same proportions, as the Debentures, in lieu of which they shall have been so issued as aforesaid.

interpretation. 5. For the purposes of this ordinance, the word 11 Governor" shall he laken to include the " Lieutenant Governor," or the officer administering the Government of the colony for the time being.