WELLINGTON BILLS.

New Zealand Times, Volume XXX, Issue 4481, 30 July 1875, Page 2

WELLINGTON BILLS.

The Wellington Harbor Reserves Sale Bill gives the Superintendent authority to sell to the City Council certain land (reclaimed land) at a price of £30,00(1, to be paid by two instalments of £15,000 each, within three and six months respectively. li addition to the purchase money, the Corporation is to pay to the Superintendent all moneys which, up to the date of the vesting in them of the said land as hereinafter mentioned, shall have been actually expended by the Superintendent in connection with the land, whether \inder a contract with Edmund O'Malley or otherwise, after deducting from the amount of such monies any sums paid or advanced to the Superintendent by the General Government of New Zealand in respect of land taken by them for the purpose of railway and General Government buildings out of the lands so granted as aforesaid. Immediately on (hese payments being made the land is to vest in the City Council, without conveyance, and (ho Corporation is to be liable to O'Malley in respect to the contract for reclamation in the sune way as the Superintendent was. The purchase-money is to go to the provincial revenue The Corporation may issue debentures to rase the purchase-money in sums not less tlan £SO and not exceeding £SOO, bearing iiterest at 8 per cent, per annum, and transferable in the usual manner. Subject to the nortgage to the Wellington Trust Loan and Investment Company (Limited), and to the power ol sale and of leasing vested in the Corporation and to the rights which may be acquired >y any person under that power, the princhal and interest secured by any debenturesjssued under the provisions of the Act, aid the payment to the Binking fund, shall be a first charge on the land describel in the first schedule hereto, and on the rents and profits thereof. The Corporation shal in every year, so long as any monies securel by debentures issued

under the Act shall remain unpaid after paying thereout all interest and other annual outgoings payable under this Act, set aside the residue of the rents and profits mentioned in the last preceding section, so long as they shall not exceed two pounds per centum on the amount of all debentures issued under the Act; and in case the residue of such rents and profits shall exceed two pounds per centum, then the Corporation shall set aside a sum equal to two pounds per centum on the amount of such debentures ; and shall pay the said sum to trustees to be from time to name named by the Governor of the colony, and it shall be the duty of such trustees from time to time to invest all sums paid to them under the provisions of the Act, and all accumulations of interest arising therefrom, in purchase of bills, bonds, or debentures issued by the General Government of New Zealand, or by the Government of any part of the British dominions, or of debentures issued under the Act; and when the principal money secured by any of the debentures issued under the Act becomes payable, the then existing accumulation of the said sinking fund shall be applied so far as the same will extend in payment of the same, until, by the means of such sinking fund or otherwise, all the debentures issued under the Act shall have been paid off and discharged. Subject to provisions, the interest on debentures issued under the Act shall cease in seven years from the date thereof. Should it be found necessary, a Judge of the Supreme Court may order payment in a summary manner on petition. The principal and interest are to be a debt of the City Council, for which the colony will not be liable. The Wellington Market Reserves Bill provides that the City Council may, at any time after its becoming law, sell the land described as all that parcel of land in the province of Wellington, in the colony of New Zealand, situate in the town of Wellington, containing by admeasurement 3 roods 30 perches, be the same more or less, being part of the public reserve numbered eight on the plan of the said town ; bounded towards the north-east by Manners-street, 67 feet and 543 feet 7 inches ; towards the south by Tara-uaki-place, 588 feet ; and towards the west by Cuba-street, 145 feet 10 inches. This land is to be sold whether the same shall at the time be under lease or not, and that either together or in parcels, and either by public auction or private contract, and the proceeds of every such sale after paying the expenses thereof shall be held and may be applied by the Corporation as part of their ordinary revenue. The City Council may, until sale of the land from time to time grant leases of the unsold' parts thereof to any person or persons for an-v term or terms of years in possession, but not by way of reversion, and either at a yearly rent or with a fine premium or foregift, or benefit in the nature of a fine premium or foregift, as the City Council may think fit, and so that the lessee in every such lease do execute a counterpart thereof, and that every such lease do contain a condition for re-entry on non-payment of rent for a period not less than twenty-eight days after it becomes due ; and all monies received under any such lease or under any existing lease, whether, in the way of annual rent or otherwise, shall be held and may be applied by the Corporation as part of their ordinary revenue. Nothing in the Act contained shall prejudice or affect the rights or interests of any lessee of the said land or any part thereof, and no sale made under the Act shall be held to prejudice or affect the rights or interests of any lessee under the provisions of the Act.