New Zealand Gazette – 1856 – No. 26

Page 175

✨ Text of Legislation



175

  1. Such debentures shall be in the form or to the effect set Debentures to be in
    forth in the Schedule to this Act annexed, and shall on the face the form set forth in
    thereof bear the signatures of the Governor, the Colonial Sece- the Schedule.
    tary, and the Colonial Treasurer: Provided always that no de-
    benture shall be issued for a sum less than ten pounds, nor for
    any fractional part of ten pounds.

  2. Every such debenture shall be dated on the day on which To bear interest not
    the same shall be issued, and shall bear interest from that day not exceeding £10 per
    exceeding the rate of ten pounds for every one hundred cent. per annum.
    pounds by the year payable half yearly on the first Coupons may be ap-
    days of January and July in every year at such place in pended.
    New Zealand or elsewhere as shall be therein named. Pro-
    vided always that it shall be lawful for the Governor if he shall
    think fit to direct, that coupons in such form as he shall ap-
    prove shall be appended to all or any of such Debentures, and such
    coupons shall be sufficient warrants or authorities for the payment
    of the interest therein specified as the same shall from time to time
    become due.

  3. The principal and interest of such debentures are hereby Principal and interest
    charged upon and made payable out of the revenue arising in from Customs, &c.
    the Colony of New Zealand from the duties of import and ex-
    port and from all taxes, duties, rates, and imposts levied or to be
    levied under any Act or Acts of the said General Assembly.

  4. The holder of any debenture issued under this Act shall No priority amongst
    not have any preference over any other such holder by reason of debenture holders.
    priority of date of such debenture or otherwise.

  5. The principal sum secured by any such debenture shall Principal sums pay-
    be payable on some day certain to be named in such debentures not able
    sooner than the 1st day of July, 1858, or later than the 1st day 1858, or later than the
    of July, 1861.
    1st July, 1861.

  6. Interest shall cease to be payable on any debenture issued Interest to cease to be
    under this Act on the day next after the day fixed for the pay- payable after day
    ment thereof.
    fixed for payment of
    principal.

  7. The Governor shall cause every such debenture issued Governor to cause de-
    under the authority of this Act to be sold either in New Zealand bentures to be sold
    or elsewhere, by public competition or otherwise, for the best for best prices to be
    price that can be obtained for the same.
    obtained for same.

  8. In the interpretation of this Act, the word "Governor" Interpretation of the
    shall be deemed to include the Officer administering for the time word "Governor."
    being the Government of the Colony of New Zealand.

  9. This Act may be cited for all purposes as the "Deben- Short Title.
    ture Act, 1856."



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VUW Te Waharoa — PDF NZ Gazette 1856, No 26




✨ LLM interpretation of page content

🏛️ Sections 2 to 10 of the Debenture Act, 1856, detailing debenture terms and payment provisions. (continued from previous page)

🏛️ Governance & Central Administration
29 July 1856
Debentures, Interest, Revenue, Principal, Governor, Short Title, Legislation