LOCAL BODIES' SINKING FUND.
It 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 guar* anteed by the State or not, the sink-
ing fund should be handed over to the Public Trustee, and by the Public Trustee invested in Govenment 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 on Thursday evening, when the State Guarantee Advances Bill was being considered in Committee, JVJr Sidey moved an amendment to the effact that the provision should be repealed so far as loans not guaranteed by the Government are concerned. He had the satisfaction of carrying the amendment by 23 to 3D, the members of the Opposition voting with him.
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https://paperspast.natlib.govt.nz/newspapers/WAG19091127.2.9.2
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Wairarapa Age, Volume XXXII, Issue 9661, 27 November 1909, Page 4
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163LOCAL BODIES' SINKING FUND. Wairarapa Age, Volume XXXII, Issue 9661, 27 November 1909, Page 4
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