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Canterbury Loan Ordinance 1862

20. The Canterbury Loan Ordinance 1862.

Analysis. Preamble.

1. Power given to the Superintendent to raise £500,000 by way of loan.

2. Form of Debenture.

3. How to be issued.

4. To bear interest.

5. The principal, how to be paid.

6. Payment to be made out of the public revenues of the province.

7. Sinking fund to be provided.

8. The money raised, how to be expended.

9. Public revenues defined.

10. Nothing herein contained to affect the Ordinances herein named.

11. Title.

Whereas it is expedient to make provision for raising a Loan of Five Hundred Thousand Pounds, for the purposes of Immigration to the Province of Canterbury, the construction of railways, wharves, bridges, electric telegraphs, and other large public works:

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

1. Power given to the Superintendent to raise £500,000 by way of loan.

It shall be lawful for the Superintendent to raise, by way of loan, a sum not exceeding Five Hundred Thousand Pounds, and to issue Debentures to that amount, and such Debentures, when issued, shall be and are hereby charged upon the Public Revenues of the said Province.

2. Form of Debenture.

Every such Debenture shall be in the form set forth in the Schedule to this Ordinance, and shall be numbered in order, and shall be signed by the Superintendent, and sealed with the public seal of the Province.

3. How to be issued.

Such Debentures shall be issued, from time to time, at such times and at such places as the Superintendent shall, by Warrant, under his hand, direct.

4. To bear interest.

Every such Debenture shall bear interest, commencing from the date of issue, at a rate of not exceeding Six Pounds sterling per annum, and such interest shall be payable half-yearly, upon the Thirtieth day of June and the Thirty-first day of December in each year, at such place or places as the Superintendent shall, by Warrant, under his hand, direct.

5. The principal, how to be paid.

The principal of every such Debenture shall be payable, and shall be paid on demand, at the office in London of the banking Agents of the Province, upon the expiration of fifty years from the day of the issue thereof.

6. Payment to be made out of the public revenues of the province.

The Superintendent is hereby authorised and require to cause the interest and principal of the said loan to be paid out of the public revenues of the said Province.

7. Sinking fund to be provided.

For the purpose of providing a sinking fund for the liquidation of the principal, there shall be paid yearly, out of the said public revenues of the Province, to such person or persons as the Superintendent shall appoint, such sum as shall be equal to One Pound sterling per centum per annum on the total of the principal from time to time borrowed, to be invested by such person or persons in the purchase of such securities as the Superintendent and Provincial Council shall from time to time direct, and shall be increased by accumulation in the way of compound interest or otherwise.

8. The money raised, how to be expended.

No portion of the said sum of Five Hundred Thousand Pounds shall be expended in any other way than in immigration, in the construction of railways, wharves, bridges, electric telegraphs, and other large public works in the said Province: Provided that no portion of the said sum shall be expended without the vote of

the Provincial Council.

9. Public revenues defined.

For the purposes of this Ordinance, the “Public Revenues” shall be deemed and taken to include the revenue only which shall be payable from time to time to the said Province, under two Acts of the General Assembly of New Zealand,

entituled respectively “The Surplus Revenue Act, 1858,” and “The Land Revenue Appropriation Act, 1858,” and all such revenue as shall become payable under any Ordinance of the Superintendent and Provincial Council.

10. Nothing herein contained to affect the Ordinances herein named.

Provided always that nothing in this Ordinance contained shall prejudice, vary, or affect any security granted under or by virtue of “The New Zealand Loan Act,

1856,” an Act of the Imperial Partliament, passed in the Twentieth and Twenty- first years of the reign of her present Majesty, entituled “An Act to Guarantee a Loan for the Service of New Zealand,” an Ordinance passed by the Superintendent and Provincial Council of Canterbury, entituled “The Christchurch and Lyttelton Railway Loan Ordinance, Session XIII., No. 1,” and an Act of the General Assembly of New Zealand, entituled “The Loan Act, 1862.”

Title.

This Ordinance shall be entituled, and may be cited as “The Canterbury Loan

Act, 1862.”

_Schedule

_{New Zealand, Province of Canterbury.}

_{£500,000 Loan—6 Per Cent.}

No. £100

_{No. £100.}

_{Debenture for £100 Sterling.}

To the Provincial Treasurer of the Province of Canterbury.

In pursuance of “The Canterbury Loan Ordinance, 1862,” you are hereby authorized and required, fifty years from the date hereof, to pay to the Bearer, at the Bank ofin London, out of the public revenues of the Province of Canterbury, the sum of One Hundred Pounds sterling, together with interest thereon in the meantime at the rate of Six Pounds Sterling per centum per annum, commencing from the date hereof by equal half-yearly payments on the Thirtieth day of June and the Thirty-first day of December in each year; such payments of interest to

be made as may be directed by Warrant under my hand.

_{Dated and sealed at Christchurch, New Zealand, this day of 18 .}

Canterbury.

Superintendent of

_{Sealed by me}

_Records.

Keeper of

_{In my presence}

_{Executive Council.}

Member of

Copy of Coupon

_{Province of Canterbury, New Zealand.}

£500,000 Loan. Debenture, £100 Sterling.

Three Pounds sterling will be paid to the Bearer of this Coupon at

on the Thirtieth day of June, and the Thirty-first day of December, being six months’ interest on Debenture, No.

_{Superintendent.}

_{of Public Records}

Keeper

of Executive Council.

Member

[Copy.]

Colonial Secretary's Office, Auckland.

5th January, 1863.

Sir,

With reference to my letter of your Honor of the 23rd ultimo, respecting the

“Canterbury Loan Ordinance, 1862,”

I have the honor to inform you that his Excellency the Governor has been pleased to assent to that Ordinance, a copy of which I herewith return to your Honor.

_{&c., to be,}

I have,

Domett.

His Honor

the Superintendent of Canterbury.

(Signed) Alfred

Notes.

This Ordinance was passed on the 11th of November 1862, and reserved for the Governor’s assent which was given and notified to the Superintendent by letter dated 5th January 1863. [see below]

See, also, the “Canterbury Loan Ordinance Amendment Ordinance, 1863, passed during Session XX., No. 10, as to the form of Coupon. This Ordinance repealed the part of this Schedule headed “Copy of Coupon,” except as to coupons issued before the passing of that Ordinance in 1863.