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Loan Ordinance 1857

3. The Loan Ordinance 1856

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

1. Superintendent may raise any sum not exceeding £30,000, and issue

Debentures.

It shall be lawful for the Superintendent to raise, by way of Loan, a sum not exceeding Thirty Thousand Pounds sterling, and to issue Debentures to that amount, and such Debentures, when issued, shall be and are hereby charged and made chargeable upon the Public Revenues of the Province of Canterbury.

2. Debentures to be in the form set forth in the Schedule.

Every such Debenture shall be issued for a sum of not less than One Hundred Pounds, and shall be in the form set forth in the Schedule A to this Ordinance, and shall be numbered consecutively, and shall be dated on the day on which the same shall be issued, and shall be signed by the Superintendent and sealed with the public seal of the Province.

3. To bear interest not exceeding eight per centum per annum. Interest, where payable.

Every such Debenture shall bear interest at a rate not exceeding Eight Pounds sterling per centum per annum, and such interest shall be payable at the Provincial Treasury of the said Province, or at such other place or places as the Superintendent may direct, on the Thirtieth day of June, and the Thirty-first day of December, in each year.

4. Principal payable at Treasury after fifteen years.

The principal of every such Debenture shall be made payable and shall be repaid at the said Provincial Treasury upon the expiration of fifteen years from the day

of the issue thereof.

5. Principal and interest charged on general revenues of the Province. The Superintendent is hereby authorised and required to cause such principal and interest to be paid out of the General Revenues of the said Province.

6. Provision for a sinking fund.

For the purpose of providing a sinking fund for the liquidation of the principal of the debt which may be incurred under the authority of this Ordinance, the Superintendent shall cause, during the first three years which shall elapse from the issue of such Debentures, to be set apart, annually, out of the general revenues of the Province of Canterbury a sum equal to two per centum of the amount of such Debentures, and during the next twelve years a sum equal to four per centum of such amount, as a sinking fund, to be invested in such securities as the Provincial Council shall, by any Resolution to be passed in that behalf direct.

7. Money to be expended in immigration and public works.

No portion of the sum of Thirty Thousand Pounds to be borrowed under the authority of this Ordinance shall be expended in any other way than in the immigration of persons to the Province from Great Britain and Ireland, under any Regulations for the time being legally in force for the conduct of such immigration, or on the public works within the said Province, in accordance with Resolutions to be passed in that behalf by the Provincial Council thereof.

8. Title.

This Ordinance shall be entituled, and may be cited as the " Loan Ordinance, Session VII., No. 3."

Schedule.

No. Form Of Debenture No.

Debenture For One Hundred Pounds Sterling.

To the Provincial Treasurer of the Province of Canterbury.

In pursuance of the "Loan Ordinance, 1856, Session VII., No. 3," you are hereby authorised and required, fifteen years frorn the date hereof, to pay to the Bearer hereof, out of the general revenues of the Province of Canterbury, the the sum of One Hundred Pounds sterling, together with interest thereon in the meantime, at the rate of 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 to be made at the Provincial Treasury, in the said Province, or such other place as the Superintendent shall appoint.

Dated at Christchurch, this day of 185 . Superintendent.

Sealed by me with the Public Seal of the Province, Keeper of Public Records.

In my presence

Member of Executive Council.

Notes.

This Ordinance was passed by the Canterbury Provincial Council and assented by the Superintendent on 20th November 1856.

These Debentures were made payable at the Union Bank of Australia in London, by the "Loan Ordinance Amendment Ordinance, Session XI., No. 1." It was assented to 6th February, 1857.