| 76. | For the purpose of providing funds wherewith to road, survey, and generally open up for sale, lease, or settlement the lands of the corporation, and also to cultivate, improve, and stock the same, it shall be lawful for the Public Trustee, out of any moneys standing to the credit of the Public Trustee's Account or otherwise, to raise from time to time such sums as the Committee, with the consent of a majority of the proprietors in general meeting, may recommend, or such less sums as he may think fit, by way of mortgage over the lands of the corporation, or the present and future rents, issues, and profits of the said lands, and the proceeds of sales thereof. |
| 77. | All such loans shall be raised from such sources, in such manner, and on such terms as to interest sinking fund, and otherwise, as the Public Trustee may think fit. |
| 78. | With the consent of the Public Trustee, but not otherwise, the repayment of the capital sums so raised as aforesaid may be spread over several years, pursuant to clause 69 of these regulations. In such case, the portion repaid in any year shall be determined by the Committee with the consent of the Public Trustee, and, when so determined, shall be treated as an item of expenditure for that year; and the residue of the rents, issues, profits and proceeds aforesaid of that year shall thenceforth be deemed to be released from the aforesaid mortgage, which shall nevertheless continue to bind all future rents, issues, profits, and proceeds according to its tenor until the whole of the sums so raised as aforesaid, with the interest thereon, have been fully repaid. All sinking funds shall be held and invested by the Public Trustee. |
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