✨ Auckland Harbour Debenture Act
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to the said Bank without forcing a lease or sale of the said Harbour Endowments in exercise of the powers vested in the said Superintendent in that behalf by an Act of the Provincial Council of the Province of Auckland, Sess. XI, No. 2;
And whereas the said Provincial Legislature in its IX Session passed an Act authorising the said Superintendent to raise a sum not exceeding £25,000 by the issue of Debentures to be a charge on the said Harbour Endowments, but which Act was disallowed,
BE IT THEREFORE ENACTED by the General Assembly of New Zealand, in Parliament assembled, and by the authority of the same as follows, that is to say:—
Short Title.
I. The Short Title of this Act shall be “The Auckland Harbour Debenture Act, 1860.”
Superintendent may raise £25,000 upon Debentures.
II. It shall be lawful for the Superintendent of the said Province to raise from time to time, in the manner hereinafter prescribed, by the sale of Debentures, a sum of money, not exceeding the sum of £25,000, for the purpose of paying off the sum due by the Provincial Government of the Province of Auckland to the Oriental Bank Corporation, and of repaying any moneys now due, or hereafter to be found due, to the General Revenue of the said Province, for or on account of such Works and Improvements as aforesaid.
Debentures to be sold by tender, and not to be sold at less than par.
III. The sale of such Debentures by the said Superintendent shall be effected by means of Public Tender, and not otherwise: Provided that it shall not be lawful for the said Superintendent to sell any such Debentures for any sum of money which shall be less than the sum for which such Debenture shall be issued.
Form of Debenture.
IV. Every such Debenture shall be in the form contained in the Schedule to this Act, or to the like effect, and shall bear the respective signatures of the said Superintendent and of the Treasurer of the said Province, and shall be numbered consecutively, and shall have interest coupons attached.
Debentures when payable.
V. Every such Debenture shall be made redeemable on some day to be named in the Debenture, being on or before the 1st day of January, 1876.
Debentures to be payable to bearer.
VI. All such Debentures and Coupons shall be made payable to the bearer thereof, and shall pass by delivery only, and without any conveyance, assignment, or endorsement.
Place of payment.
VII. The said Superintendent may from time to time make all such arrangements for the payment of any Debentures or Coupons at any office or banking establishment in London or elsewhere as to the said Superintendent may seem desirable.
Notice to be given of sale.
VIII. No sale of Debentures shall take place unless due public notice thereof shall have been given.
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Auckland Provincial Gazette 1860, No 21
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Auckland Harbour Debenture Act, 1860
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💰 Finance & RevenueDebenture Act, Harbour Endowments, Auckland, Public Tender, Debentures