WHEREAS the Church Property Trustees, incorporated by ordinances of the Superintendent and Provincial Council of the late Province of Canterbury intituled the Church Property Trust Ordinance, Session 2, Number 3, and The Church Property Trust Ordinance Amendment Ordinance 1867, in or about the year one thousand eight hundred and seventy-nine, borrowed in London, England, for the purposes of their trust, a sum of one hundred thousand dollars for a term of thirty-one years, secured upon mortgage of certain lands, being part of the lands known as the General Church Estate and the Dean and Chapter Estate, in New Zealand, to Hugh Percy Murray-Aynsley, Henry John Tancred, and Charles Christopher Bowen, as mortgagees of the said lands and as trustees on behalf of the holders of the debentures and coupons hereinafter mentioned, and by the issue of five hundred debentures of two hundred dollars, which were executed by the Church Property Trustees, and made payable by them to the bearers thereof, and bearing interest at the rate of six dollars per centum per annum, payable half-yearly on the fifth day of January and the fifth day of July in every year, according to the coupons annexed thereto: And whereas by inadvertence no statement under The Property Assessment Act 1879, was required by the Property-tax Commissioner or made by the Church Property Trustees, and no tax was therefore paid in respect of the said sum of one hundred thousand dollars under and pursuant to the said Act until after the passing of The Property Assessment Act 1885: And whereas payment of the arrears of tax payable in respect of the said sum of one hundred thousand dollars was thereupon required by the Property-tax Commissioner from the said mortgagees, Hugh Percy Murray-Aynsley, Charles Christopher Bowen, and Richard Westenra (who had previously thereto been appointed a mortgagee and trustee in the place of Henry John Tancred, deceased): And whereas, disputes having arisen between the said mortgagees and the Church Property Trustees as to the liability of the mortgagees to pay the said arrears of tax, the said mortgagees were, by the order of the Court of Appeal of this colony, adjudged to pay, and did pay, the same: And whereas the said mortgagees have since from time to time paid various sums of money for property-tax accrued due in respect of the said sum of one hundred thousand dollars: And whereas the said mortgagees have from time to time incurred law and other costs in connection with their liability to pay the said tax: And whereas the said mortgagees or other the mortgagees for the time being will be liable in future from time to time to pay property-tax on the said sum of one hundred thousand dollars: And whereas by reason that the interest due on the said debentures is payable by the Church Property Trustees direct to the holders thereof, and not by the said mortgagees: And whereas no moneys by way of interest under the said mortgage could have been claimed in the past from the Church Property Trustees by the said mortgagees, or can be so claimed in the future so long as the interest due on the said debentures is duly paid direct to the holders thereof by the Church Property Trustees: And whereas the said mortgagees have had and will have no moneys passing through their hands out of which they can deduct the said tax: And whereas it is doubtful whether the said arrears of tax could be recovered from the holders of the said debentures and coupons, and great difficulties must in the future arise and expense be incurred if the said mortgagees, after payment of the said tax, are compelled to take steps from time to time to recover the amount thereof from the holders of the said debentures and coupons respectively: And whereas the Church Property Trustees are desirous of obtaining the necessary legislative authority to enable them to pay to the said mortgagees all moneys heretofore from time to time paid by them for property-tax on the said sum of one hundred thousand dollars, and interest thereon, and all law-costs heretofore incurred in relation thereto, and from time to time to pay to the said mortgagees or other the mortgagees for the time being all such sums of money as they, the said mortgagees or others the mortgagees for the time being, may from time to time, under any Act for the time being in force, be called upon to pay as property-tax on the said sum of one hundred thousand dollars:
The references to
“one hundred thousand dollars”,
“two hundred dollars”, and
“six dollars” were substituted, as from 10 July 1967, for references to
“fifty thousand pounds”,
“one hundred pounds”, and
“six pounds” pursuant to section 7(1) and (2) Decimal Currency Act 1964 (1964 No 27).