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New Zealand: Acts affecting Native Lands, 1886, 1888-91 and 1894-95

Part III — Funds

Part III
Funds.

16.For the purposes of this Act the Colonial Treasurer, uponColonial Treasurer may raise funds for purposes of Act. being authorised by the Governor in Council so to do, may from time to time raise any suras, not exceeding in the whole five hundred thousand pounds, out of any balances in any of the accounts mentioned in Part VIII. of "The Public Revenues Act, 1891," or out of moneys at the credit of the Public Works Fund, or wholly or partly from any bank, monetary institution, or person.
17.The Governor's Order in Council as aforesaid is sufficientAuthority for persons lending funds. authority to the persons having control of any of the aforesaid funds, or the Colonial Treasurer, to lend any of the funds under their control respectively, not exceeding the amount specified herein.
18.As security for any money raised as aforesaid, the ColonialDebentures may be issued as security for money raised. Treasurer may from time to time create and issue debentures for any amount not exceeding five hundred thousand pounds.
19.Debentures shall—
1.Be in such form as may be prescribed by the ColonialNature and currency of debentures. Treasurer, shall be signed by the Colonial Treasurer and by the Controller and Auditor-General, and shall be for not less than one hundred pounds nor more than one thousand pounds;
2.Be payable to bearer at such place or places within the colony as may be named in the debenture, and shall bear interest at a rate not exceeding four pounds per centum per annum, and shall have a currency not exceeding fourteen years;
3.Be numbered consecutively throughout the whole series of debentures issued under this Act.page 4
4.Be not sold or otherwise disposed of at a price which will yield to the purchaser thereof a higher rate of interest by the year than four pounds for every hundred pounds of the purchase-money given for the same.
20.Where interest payable. On presentation of a debenture at the prescribed time when any interest thereon becomes due, such interest is payable at any post-office money-order office within the colony, or at such other place within the colony, and at such time, as the Colonial Treasurer may from time to time prescribe.
21.Debentures to be charged on Consolidated Fund. The sum of money named in any debenture issued under the authority of this Act, and all interest thereon, are a charge upon and shall be paid out of the Consolidated Fund.
22.Debentures may be renewed. When any debentures issued under this Act become due, the Colonial Treasurer, if he think fit, and on being so authorised by an Order in Council in that behalf, may renew such debentures, or any of them, by the creation and issue of new debentures for the like amount, with a currency not exceeding fourteen years from the date of issue.
23.Security to lender or debenture-holder. Every debenture which shall on the face thereof purport to have been issued under the authority of this Act shall, for every purpose necessary for the protection and security of the holder thereof, be deemed to have been duly issued under such authority; and no holder of any such debenture shall be concerned to see or inquire whether or to what extent the power to issue given by this Act has previously been or is intended to be exercised.
24.Debentures may be converted into stock. The Governor in Council may from time to time declare all or any of the debentures issued under this Act to be convertible into stock created or issued under "The New Zealand Consolidated Stock Act, 1877," and "The Consolidated Stock Act, 1884."
25.Regulations. The Governor, by Order in Council, may make regulations for carrying out the purposes of this Act.
26.Securities heretofore charged on Consolidated Fund not affected. Nothing in this Act contained is to be held to prejudice, alter, affect, or vary any securities heretofore charged on the Consolidated Fund.
27.Construction of Act. Parts II. and III. of this Act are to be read with "The Native Land Purchases Act, 1892," and "The Native Land Purchase and Acquisition Act, 1893."