DEBENTURE ACT.

Colonist, Issue 37, 26 February 1858, Page 3

DEBENTURE ACT.

An Act to authorize the Superintendent of the Produce of Nelson to raise a Loan not exceeding Twenty-nine Thousand Pounds, by the issue of Debentures. Preamble. —Whereas it is expedient to raise a temporary Loan for the Public Service of the Province: Be it therefore enacted by the Superintendent of the Province of Nelson, witlf the advice and consent of the Provincial Council thereof, as follows:—

I.— Superintendent may borrow not exceeding Twenty-nine Thousand Pounds on Debentures.— It shall be lawful for the Superintendent of the Province of Nelson, with the advice and consent of his Executive Council, to borrow any sum or sums of money not exceeding in the whole the sum of Twenty-nine Thousand Pounds, for the purpose of defraying the costs of the several Public Works of the Province, and other purposes specified in, Schedule B hereunto annexed, and to take up the same on Debentures from time to time, as may be deemed expedient. 2.— Debentures to be in form set forth in Schedule. —Such Debentures shall be in form or to the effect set forth in Schedule A hereunto annexed, and shall on the face thereof bear the signatures of the Superintendent, the Provincial Secretary, and the Provincial Treasurer : Provided always, that no Debinture shall be issued for a less sum than Ten Pounds, nor for any fractional part of Ten Pounds. l

3.— To bear Interest not exceeding Ten Pounds per cent, per annum.— •Every Debenture shall be dated on the day on which the same shall be issued, and shall bear interest from that day, not exceeding the rate of ten pounds for every one hundred pounds by the year, payable half-yearly, on the first day of January, and the first day of July in every year, at the Treasury of the Province, or such other place as shall be named therein. 4. —To be charged on Provincial Revenue— rThe principal and interest of such Debentures are hereby charged upon and made payable out of the Public Revenue of the Province, which may be subject to the direction and appropriation of the Superintendent and Provincial Council thereof. 6.—No priority amongst holders.— •The holder of any Debenture issued under the authority of this Act shall not have any preference over any other such holder by reason of the priority of the date of such Debenture or otherwise.

G.— Time of payment,—The principal sum secured by any such Debenture shall be payable ou some day certain to be named in such Debenture, not sooner than the first day of July, one thousand eight hundred and sixty, nor later than the first day of July, one thousand eight hundred and seventy. l

7. — Interest to cease after time fixed for payment of principal. —lnterest shall cease to be payable on any Debenture issued under this Act, on this day next after the day fixed for the payment of such Debenture.

8. — Debentures not to be sold for a less price than the principal sum they bear on the face thereof.-r-The Superintendent shall cause every such Debenture issued under this Act to be sold in the said province or elsewhere, by public competition or otherwise, for the best price that can be obtained for the same,; but no Debenture issued under the authority of this Act shall be sold for a less price than the principal sum which it bears on the face

thereof: Provided always, that it shall be lawful for the Superintendent to pay out of the proceeds of any such Debentures, all costs, charges, and expenses, for commission or agency in negociating such sale, or for the remittance of the proceeds thereof, not exceeding in the whole the sum of five pounds per cent. 9. — Short title. —This Act may be cited as " The Nelson Debenture Act, 1858,