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X.—Borrowing Powers.

32. The Directors may from time to time at their discretion borrow from any of the Directors Share-holders or other persons any sum or sums of money for the purposes of the Company but so that the monies at any one time owing shall not exceed the nominal amount of the Capital.

33. The Directors may raise or secure the repayment of such money in such manner and upon such terms and conditions in all respects as they think fit and in particular by making drawing accepting or endorsing on behalf of the Company any Promissory Notes or Bills of Exchange or by Mortgage or charge of all or any part of the property of the Company and of its uncalled Capital for the time being.

34. The Board of Directors may also from time to time issue debentures for such amounts and payable at such times and in such manner and at such rates of interest and generally upon such terms and with such security as the Board of Directors may from time to time think fit And in like manner the Board of Directors may from time to time issue Debenture Stock either redeemable or irredeemable upon such terms and with such security as the Board of Directors may from time to time think fit Such Debentures and Debenture Stock respectively may be made payable to bearer or otherwise as the Board of Directors may direct.

35. The Debentures and Debenture Stock may be designated "Mortgage Debentures" or "Mortgage Debenture Stock" and may be secured by a conveyance and assignment of the lands tenements and hereditaments and other the real and personal property for the time being of the Company or of any part or parts thereof including the unpaid capital for the time being of the Company to the New Zealand Loan and Mercantile Agency Company Limited or to page 14 any other body corporate or persons as Trustees for the holders of such Debentures or Debenture Stock or otherwise as the Board of Directors may deem expedient and with such remuneration (if any) to the said New Zealand Loan and Mercantile Agency Company Limited or other the Trustees for the time being as the Board of Directors may from time to time think fit.

36. Such Mortgage Debentures or Mortgage Debenture Stock may be issued in New Zealand or in the United Kingdom of Great Britain and Ireland by the Directors or by such Agents as the Board of Directors may appoint.

37. Any Debentures Bonds or other Securities may be issued at a discount premium or otherwise.

38. The Directors shall cause a proper Register to be kept of all Mortgages and Charges especially affecting the property of the Company or any part thereof