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Loan Ordinance Amendment Ordinance 1859

1. The Loan Ordinance Amendment Ordinance 1859.

Whereas by an Ordinance of the Province of Canterbury, entituled '' The Loan Ordinance, Session VII., No. 3,'' it was enacted that it should be lawful for the Superintendent of the Province 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 were thereby made chargeable upon the public revenue of the Province of Canterbury: And Whereas the said loan has been negotiated by the Union Bank of Australia in London on account of the Province of Canterbury for the full amount authorised by the said Ordinance: And

Whereas, by a notice printed at the foot of each Debenture issued by virtue of the said Ordinance, and also published in the Gazette, the Superintendent has appointed the office of the Union Bank of Australia in London, as the place where all payments of principal and interest on the said Debentures are to be made:

And Whereas doubts have been entertained whether such appointment as to the payment of the principal moneys in the Debentures mentioned is within the terms of an authorised by the said Ordinance, and it is expedient that such doubts be removed:

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

1. The principal and interest moneys mentioned in Debentures issued by virtue of Loan Ordinance, Sess. VIII., No. 3, made payable at the Union Bank of Australia, in London.

The principal and interest moneys mentioned in the Debentures issued by virtue of the "Loan Ordinance, Session VII., No. 3," shall be payable and paid at the Union Bank of Australia in London, as appointed by the Superintendent and stated at the foot of each Debenture, and such mode and place of payment shall be deemed and taken to be as legal, valid, and binding on the Province as if the same had been expressed and contained in the said Ordinance.

2. Title.

This Ordinance shall be entituled and may be cited as the "Loan Ordinance

Amendment Ordinance, Session XI., No. 1."

Notes.

This Ordinance was passed by the Canterbury Provincial Council on 13th

October 1859, and assented to be the Superintendent, on 4th of November.