The Short Title of this Act shall be “The Consolidated Loan Act 1867”

It shall be lawful for the Governor of New Zealand to appoint one or more person or persons to be an agent or agents for the purpose of from time to time raising and managing the loan authorized by this Act.

Such agent or agents shall have full power and authority to borrow in Great Britain or elsewhere by bonds debentures or otherwise a sum not exceeding seven million pounds sterling for such period of time and subject to such terms and conditions as such agent or agents may think expedient.

Such agent or agents shall have full power to prescribe the mode and conditions of repayment of such loan and the time of such repayment and the rate of interest thereon and the time and place or places where such principal and interest shall be made payable.

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

The annual charge to be imposed upon the Consolidated Revenue under the provisions of this Act shall not exceed for interest and for sinking fund if any the sum of six pounds for every one hundred pounds expressed to be borrowed.

All moneys borrowed under the authority of this Act shall be applied towards the conversion redemption and payment of the loans of the Government of New Zealand issued under Acts of the General Assembly and of the several loans of the Provincial Governments of the several Provinces of New Zealand specified in “The Public Debts Act 1867” and to no other purposes Provided that it shall be lawful to defray thereout all charges and expenses incidental to raising the said loan.

Such agent or agents may accept in payment for the bonds debentures or other securities issued under the authority of this Act any debentures of the Government of New Zealand or of the Provincial Governments thereof at such rates and on such terms as may be fixed by such agent or agents and all such rates and terms shall be notified by public advertisement.

All the powers which may be vested in any agent or agents appointed under this Act may by such agent or agents be wholly or partly delegated to another agent or agents subject to conditions in the discretion of the agent or agents delegating such powers.

All debentures converted or purchased under the authority of this Act shall immediately on the receipt thereof be cancelled by such agent or agents and shall by him or them be transmitted to the Colonial Treasurer of New Zealand.

From and after the passing of this Act no Act or Ordinance which may be passed by any Provincial Council of any Province in New Zealand for raising any Provincial Loan or for the guarantee of the payment of any interest or subsidy shall be valid.

Nothing in this Act contained shall be held to prejudice alter or vary any security or securities heretofore charged upon the Revenues of New Zealand or any part of them.