Reserves and other Lands Disposal and Public Bodies Empowering Act 1914

52 Authorizing Wanganui Borough Council to pay certain moneys out of its District Fund towards repayment of certain special loans
  • Whereas the Wanganui Borough Council (hereinafter called the Council) in the year eighteen hundred and ninety-four raised a special loan of one hundred and ten thousand dollars: And whereas portion of the sinking funds set aside for the repayment of the said loan at its maturity, amounting to the sum of three thousand one hundred dollars, was invested on first mortgage of freehold: And whereas the Council in the year nineteen hundred and one raised a special loan of sixty thousand dollars: And whereas portion of the sinking funds set aside for the repayment of the said loan at its maturity, amounting to the sum of six hundred dollars, was invested on first mortgage of freehold land: And whereas the Council in the year nineteen hundred and four raised a special loan of thirty thousand dollars: And whereas portion of the sinking funds set aside for the repayment of the said loan at its maturity, amounting to the sum of seven hundred dollars, was invested on first mortgage of freehold: And whereas the due date for payment of all the said mortgages has arrived, but the Commissioners of the respective sinking funds established in respect of the said loans are unable, in consequence of the Mortgages Extension Act 1914 [Repealed], to enforce payment thereof or exercise the power of sale in the memoranda or deeds of mortgage given to secure the repayment of the said respective sums of money contained: And whereas the said special loans of one hundred and ten thousand dollars, sixty thousand dollars, and thirty thousand dollars are repayable on the first day of November, nineteen hundred and fourteen: And whereas the Council has arranged a loan for the purpose (together with the accrued sinking funds) of paying off the said loans: And whereas the Council proposes in the meantime and until payment of the said mortgages to pay the said sums advanced out of the sinking funds on mortgage out of the District Fund of the borough, and to take a transfer from the Commissioners of the various sinking funds of the securities representing the said advances: Be it therefore enacted as follows:—

    The Wanganui Borough Council may for the purpose of paying off the above-mentioned special loans pay the amount of the respective mortgages herein mentioned out of the District Fund of the Borough of Wanganui, and may take a transfer or assignment from the Commissioners of the respective sinking funds of the securities held by such Commissioners for the repayment of the said loans.

    The words three thousand one hundred dollars, sixty thousand dollars, six hundred dollars, thirty thousand dollars, seven hundred dollars, and one hundred and ten thousand dollars were substituted, as from 10 July 1967, for the words fifteen hundred and fifty pounds, thirty thousand pounds, three hundred pounds, fifteen thousand pounds, three hundred and fifty pounds, and fifty-five thousand pounds pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).