It shall be lawful for the Governor of New Zealand to appoint one or more person or persons to be an Agent or Agents in England, for the purpose of raising arid managing the Loan or Loans proposed to be raised under and by virtue of this Act.

III Such Agent or Agents shall have power to raise any sums not exceeding £ 150,000.

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 One Hundred and Fifty Thousand Pounds sterling, as the Governor of the Colony shall from time to time determine and direct.

IV Bonds, &c., to be for sums and in form, and to be negotiable as prescribed by Agents.

Every Bond, Debenture, or other security granted under this Act shall bear interest after a rate not exceeding Six Pounds for every One Hundred Pounds 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.

V Interest payable in London.

The interest on every such Bond, Debenture, or other security shall be payable at such times and place in London as shall be fixed and named for that purpose in such Bond, Debenture, or other security.

VI Principal and Interest charged on the General Revenue of the Colony of New Zealand

All sums of money borrowed and raised under the authority of this Act and interest thereon, shall be a charge upon the General Revenue of New Zealand.

VII Money raised to be applied to purposes set forth in Schedule.

The money to be borrowed under the authority of this Act shall be applied in such manner as the Governor shall from time to time direct and appoint to the several purposes specified and set forth in the schedule to this Act.

VIII Principal to be repaid at the expiration of thirty years.

The principal sums so to be borrowed and raised as aforesaid shall be made payable and repaid at the expiration of thirty years from the several days on which they shall respectively be borrowed and raised as aforesaid.

IX 8 per cent. to be paid annually, to pay interest and provide a Sinking Fund.

For the purpose of paying the said interest and providing 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 the Governor shall appoint, such sum as shall be equal to eight per centum 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 such manner as the Governor shall from time to time direct, and shall be increased by accumulation in the way of compound interest or otherwise.

X Definition of the General Revenue of New Zealand.

For the purposes of this Act, the General Revenue of the Colony of New Zealand shall be deemed and taken to include all the revenue which shall arise from Duties of Import or Export, from Post Office Receipts and Supreme Court Fees, and from all Taxes, Duties, Rates and Imposts levied or to be levied by virtue of any Act of the General Assembly of New Zealand.

XI This Act not in any way to prejudice, vary or affect “The Loan Act 1856” or “Imperial Guarantee Act.”

Nothing in this Act contained shall prejudice vary or affect any security granted under or by virtue of “The New Zealand Loan Act 1856” and an Act of the Imperial Parliament passed in the twentieth and twenty-first years of the Reign of Her present Majesty intituled “An Act to guarantee a loan for the service of New Zealand” or either of them.

Schedule APPROPRIATION OF LOAN

	£
I. For defraying the past and future expense of providing Arms and Accoutrements for the Militia and Volunteer Forces of the Colony; a sum not exceeding	30,000
II. For the Belief of the Inhabitants of the Province of Taranaki	25,000
III. For defraying the past and future expenditure arising out of the Native Insurrection; a sum not exceeding	40,000
IV. For defraying the expenses of and incident to the holding of Conferences of Native Chiefs with the Governor in 1860 and 1861	6,750
V. Repairs of Barracks and New Barrack Accommodation	5,000
VI. Bonus to Militia and Volunteer Forces called out for actual service, special duty, or extra training, to be expended under Regulations to be made by the Governor in Council; Allowances to Officers and Crews of H.M. Ships on service in the Colony	29,000
VII. Purchase of Ammunition for Rifle practice by Militia and Volunteers	2,000
VIII. Balance open to future appropriation	12,250
	£150,000

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New Zealand Loan Act 1860