138

Power to the Superintendent to issue Debentures

1 It shall be lawful for the Superintendent of the Province of Auckland with the advice and consent of the Executive Council from time to time to issue debentures for sums of One Hundred Pounds not exceeding in the whole the sum of Fifteen Thousand Pounds and payable at such time and place as to the said Superintendent may seem expedient and such debentures shall be in the form set forth in Schedule B to this Act annexed and be signed by the said Superintendent and the holder or bearer for the time being of every such debenture shall be entitled to all rights and remedies under and in respect of the same in like manner as though he were named therein.

Debentures to be numbered arithmetically

2 All the said debentures so to be issued shall be respectively numbered arithmetically beginning with the number one and ascending in arithmetical progression.

Debentures to bear interest

3 The said debentures shall bear interest at a rate not exceeding Eight Pounds per centum per annum and the said interest and principal upon such debentures shall be paid and payable to the holder thereof at such place and time as may be specified or provided therein.

Sale of Debentures

4 The said Superintendent may offer or cause to be offered for sale by public auction or tender the said debentures provided that the purchaser of any such debenture shall previous to the delivery thereof pay the full amount of the purchase money into the funds of the Provincial Treasury and obtain the receipt of the Provincial Treasurer whose receipt in writing shall exonerate the person paying the same from all liability in respect of the application or misapplication of the same and such receipt shall be exchanged for such debenture.

Holders of every Debenture to receive full amount of money secured thereby

5 The holder of every such debenture shall receive the full amount of money secured thereby together with the specified rate of interest at the time or times at the place and in the manner respectively mentioned in or endorsed on such debenture or according to the purport thereof and the amount of every such debenture together with interest shall be charged and secured upon the said allotments or parcels of land mentioned and described in the said Schedule A and the holder or bearer for the time being of every such debenture shall also be entitled to all powers vested in mortgagees under and by virtue of the Conveyancing Ordinance of New Zealand number ten of Session two.

Debentures to be payable to bearer

6 Every such debenture shall be made payable to the bearer thereof and shall pass by delivery only and without any conveyance assignment or endorsement.

Superintendent to make arrangements as to place where Debentures are to be made payable

7 The said Superintendent may make all such arrangements for the payment of any debentures at any office or banking establishment in London or elsewhere as to the said Superintendent may seem desirable to secure the due and punctual payment of any such debentures or interest thereon as may be required to be paid in London or elsewhere.

Power to holder of Debenture to alter place of payment on notice

8 The person for the time being entitled to any such debenture may from time to time alter the place of payment of the principal or interest thereof to either Auckland London