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Canterbury Associations Debentures Fund Ordinance 1866

6. The Canterbury Association Debentures Fund Ordinance 1865.

Analysis. Preamble.

1. Surplus Moneys to be part of Ordinary Revenue.

2. Title.

Whereas by an Ordinance passed by the Superintendent of the Province of

Canterbury with the advice and consent of the Provincial Council thereof in the

Fourth Session of the said Council entitled “The Canterbury Association’s Ordinance Session IV. No. 6” it is enacted that from and after the execution of certain deeds therein mentioned all he property whether real or personal then vesed in or belonging to the Canterbury Association or claimed by the said Association as vested in or belonging to them (excepting only certain property therein specially exempted) should be taken and deemed o be duly conveyed and transferred to and vested in the Superintendent of the said Province and his successors And whereas it was also thereby enacted that it should be lawful for the Superintendent of the said Province to issue debentures charging the Public Revenues of the said Province in satisfaction of all claims of the said Association or of any other person or persons whomsoever in respect of a certain debt incurred bythe said Association and out of the proceeds of any personal property lae belonging to the said Association which might be converted into money to

pay off a proportionate part of the said debentures and interest. And whereas

the said Debentures were made a first charge on all the General Revenues of the said Province of what kind soever And whereas it was thereby declared that all the property to be conveyed under the authority of the said Orddinance should be held by the Superintendent in trust for the public uses of the said Province upon the terms and conditions set forth in the Act of the General Assembly entituled

the “Public Reserves Act 1854” and should be managed and disposed of according to the provisions of the said Act and whereas by a certtain other Ordinance passed in the Fifth Session of the said Council the Superintendent was empowered to sell or lease with a covenant for the purchase of the demised

premises certain buildings lans tenements and hereditaments part of the property of the said Asociation and it was thereby enacted that the proceeds of all sales and rents payable under the authority of the said Orddinance should be paid to the Provincial Treasurer and should by him be placed to the creditt of a separate fund to be called “The Canterbury Association’s Debentures Fund” and that the procees of the said rents should be applied after payment of expenses in discharging the interest on the same Debentures and to no other purpose whatsoever and the proceeds of the sales of the said property should after payment of expenses be applied in discharging the principal of the said Debentures and to no other purpose whatsoever And whereas all principal and interest of and upon the said Debentures have been fully paid and satisfied and there is a balance to the credit of the Canterbury Association’s Debentures Fund aforesaid and it is expedient to make provision for the disposal thereof:

Be it therefore enacted by the Superintendent of the said Province, with the advice and consent of the Provincial Council thereof, as follows:

1. Surplus Moneys to be part of Ordinary Revenue.

All moneys to the credit of the said fund after the full payment of all principal an interest now or that may hereafter become and be due upon or in respect of the said Debentures shall become and be appliedd as part of the Ordinary Revenue of the said Province.

2. Title.

This Ordinance shall be entituled and may be cited as "The Canterbury

Associations’s Debentures Fund Ordinance, 1866.