✨ Text of Loan Legislation
Her Majesty may ap-
point agents to raise
and manage a loan.
Such agent or agents
shall have power to
raise any sums not
exceeding £500,000.
Bonds, &c., to be for
sums and in form, and
to be negotiable as
prescribed by agents.
Interest payable in
London.
Principal and interest
charged on the Gene-
ral Revenue of the Co-
lony of New Zealand.
Money raised to be
applied to purposes
set forth in Schedule.
Principal to be repaid
at the expiration of
30 years.
6 per cent. to be
paid annually to pay
interest and provide a
sinking fund.
192
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It shall be lawful for Her Majesty, her heirs and suc-
cessors to appoint one or more person or persons to be an agent
or agents in England for the purpose of raising and managing
the loan or loans proposed to be raised under and by virtue
of this Act. -
Such agent or agents shall have full power and authority
to borrow and raise in Great Britain by bonds, debentures, or
otherwise, such sums not exceeding in the whole the sum of
£500,000 sterling, as the Lords Commissioners of Her Majesty's
Treasury or any three of them shall at the request of the Gover-
nor, or Officer administering the Government, of the Colony of
New Zealand, from time to time determine and direct. -
Every Bond, debenture, or other security granted under
this Act shall bear interest after a rate not exceeding £4 for
every £100 by the year, shall be for such sum and in such
form, shall be signed on behalf of the said Colony, and shall
be transferable and negotiable in such manner as such agent or
agents shall prescribe. -
The interest on every such bond, debenture, or other se-
curity shall be payable at such times and place in London as
shall be fixed and named for that purpose in such bond, deben-
ture, or other security. -
All sums of money borrowed and raised under the au-
thority of this Act and interest thereon, shall be made a
first charge upon the General Revenue of the Colony of New
Zealand. -
The money to be borrowed under the authority of this
Act, shall be applied in such manner as the Lords Commis-
sioners of her Majesty's Treasury, or any three of them, shall
from time to time direct and appoint, to the several purposes
specified and set forth in the Schedule to this Act. -
The principal sums so to be borrowed and raised as afore-
said shall be made payable and repaid at the expiration of 30
years from the several days on which they shall respectively
be borrowed and raised as aforesaid. -
For the purpose of paying the said interest, and pro-
viding a sinking fund for the liquidation of the principal, there
shall be paid yearly out of the General Revenue of
the Colony, to such persons as her Majesty shall appoint
such sum as shall be equal to 6 per cent. per annum on the total
of the principal from time to time borrowed and after paying
the interest thereout as the same shall from time to time
become due, the balance thereof shall be set apart as a sinking
fund, and shall be invested by such person or persons in the pur-
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NZ Gazette 1856, No 30
✨ LLM interpretation of page content
💰
Sections 1-8 of the New Zealand Loan Act, 1856 detailing loan management and repayment.
(continued from previous page)
💰 Finance & Revenue7 August 1856
Loan, Agent appointment, Sinking fund, General Revenue, Legislation, Interest, Repayment