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2. The Superintendent shall issue to the persons contributing to such Loan Debentures for the sums by them paid into the Treasury of the Province, in the form and to the effect prescribed in the Schedule to this Ordinance; and such sums shall bear interest, from the date of the Debentures securing the same, at the rate to be expressed in such debentures, not exceeding the rate of ten per centum per annum, and the principal money and interest secured by the said Debentures shall be charged upon the General Revenue of the Province; and all persons advancing money upon the security of the said Debentures shall be bound as well by the provisions of this Ordinance as by the terms and conditions in the same Debentures set forth.

3. Debentures issued under this Ordinance shall bear date as of the day on which the money thereby secured was actually paid into the Treasury of the Province.

4. Debentures issued under this Ordinance shall have priority, and be discharged in the order of the dates thereof.

5. The Superintendent shall be at liberty at any time to discharge the principal money secured by any of the said debentures, or any part of the same principal money not being less than one-fourth part of the original amount thereof, on giving three calendar months previous notice of his intention so to do in the Government Gazette of the Province; and in the discharge of the said debentures he shall observe their order of priority.

6. No Debenture shall be issued under this Ordinance to secure a greater sum than £500 nor a less sum than £50.

7. All transfers of Debentures issued under this Ordinance shall be absolute, and shall be in the form prescribed in the Schedule to this Ordinance, and no transfer shall take effect until the same shall have been authenticated and registered in the office of the Treasurer of the Province.

8. Nothing in this Ordinance contained shall prejudice or affect the rights of the holders of Debentures issued by the General Government of the Colony nor any other permanent charge upon the Revenue of the Colony heretofore imposed or authorised by any law or ordinance of the Colony.

THE SCHEDULE.

[1.] Form of Debenture.

PROVINCE OF NEW PLYMOUTH.

LANDS PURCHASE LOAN.

Government Debenture. No.___

In consideration of the sum of this day paid by A B of to the Treasurer of the Province of New Plymouth in the colony of New Zealand, I hereby declare, that the same sum, with interest thereon from the date hereof, at the rate of ___ per centum per annum, is charged upon the General Revenue of the said Province, under the authority of an Ordinance entitled "An Ordinance to authorise the raising of a Loan for the purchase of Native Lands within the Province of New Plymouth."

I further declare that the principal sum hereby secured is repayable on the day of , 185 and that the interest thereon is payable half yearly on the __ day of June, and the day of December. In case the said principal sum, or any part thereof, shall be discharged by or on behalf of the Government of the Province on any day other than one of the said half yearly days, a proportionate payment on account of interest will be made in respect of the fractional period.

Given under my hand at New Plymouth this day of one thousand eight hundred and ___

Entered, X.Y. Treasurer.

C.D., Superintendent.

[2.] Form of Transfer.

PROVINCE OF NEW PLYMOUTH.

LANDS PURCHASE LOAN.

**Transfer No. Transfer. Debenture No.___

These presents made this day of one thousand eight hundred and Between A B of and C D of Witness that in consideration of the sum of paid by the said C D to the said A B (the receipt whereof the said A B doth hereby acknowledge) the said A B doth assign to the said C D all that Debenture of the Provincial Government of New Plymouth, No., Lands Purchase Loan for securing the principal sum of pounds—on which Debenture the principal sum of ___ pounds remains owing.

In witness whereof the said A B hath hereunto set his hand, the day and year above written.

A B

Signed by the said A B in the presence of:

[Two witnesses.]

Passed the Provincial Council this fourth day of February, one thousand eight hundred and fifty four.

I. Newton Watt,
Speaker.

Assented to on behalf of the Governor this sixth day of February, one thousand eight hundred and fifty four.

Charles Brown,
Superintendent.