Otago Boys' and Girls' High Schools Board Empowering Act 1906

Otago Boys' and Girls' High Schools Board Empowering Act 1906

Local Act1906 No 9
Date of assent8 October 1906

An Act to empower the Otago Boys' and Girls' High Schools Board to borrow a Sum of Six Thousand Six Hundred Dollars.

  • Preamble

    WHEREAS the Otago Boys' and Girls' High Schools Board (hereinafter referred to as the Board) borrowed, under the provisions of The Otago Boys' and Girls' High Schools Board Empowering Act 1896 (hereinafter referred to as the said Act), the sum of seven thousand dollars, and it is expedient to enable the Board to borrow the sum of six thousand six hundred dollars for the purpose of paying off the balance of the said sum remaining unpaid:

    The words Six Thousand Six Hundred Dollars and seven thousand dollars were substituted, as from 10 July 1967, for the words Three Thousand Three Hundred Pounds and three thousand five hundred pounds respectively pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

BE IT THEREFORE ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—

1 Short Title
  • The Short Title of this Act is The Otago Boys' and Girls' High Schools Board Empowering Act 1906.

2 Power to borrow $6,600
  • (1) It shall be lawful for the Board to borrow, upon the security of the rents, proceeds, and profits of all or any of the lands vested in the Board, any sum or sums of money not exceeding in the whole the sum of six thousand six hundred dollars, at a rate of interest not exceeding ten dollars per centum per annum, for the purpose of paying off the balance still remaining unpaid of the said sum of seven thousand dollars, and for the purpose of such security either to renew the existing debentures or any of them, or to issue new debentures for the whole or any part of the said sum, such debentures to be in such form and for such term not exceeding twenty years as the said Board shall think proper.

    (2) In case of such renewal or issue of debentures being made for a period less than twenty years, debentures may be renewed or issued from time to time for terms not exceeding in the whole the period of twenty years from the date of the first renewal or issue.

    The words six thousand six hundred dollars, ten dollars, seven thousand dollars and the reference to $6,600 were substituted, as from 10 July 1967, for the words three thousand three hundred pounds, five pounds, three thousand five hundred pounds and a reference to £3,300 respectively pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

3 Sinking fund
  • There shall be created a sinking fund for the redemption of the loan under this Act, which shall consist of a sum of not less than one dollar per centum per annum of the amount of the loan.

    The words one dollar were substituted, as from 10 July 1967, for the words ten shillings pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).