Lyttelton Harbour Board Loan Act 1920
Lyttelton Harbour Board Loan Act 1920
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Lyttelton Harbour Board Loan Act 1920
Lyttelton Harbour Board Loan Act 1920
Local Act |
1920 No 5 |
|
Date of assent |
6 October 1920 |
|
Contents
An Act to give Power to the Lyttelton Harbour Board to borrow a Further Sum of One hundred and fifty thousand Pounds.
Preamble.
WHEREAS by the Lyttelton Harbour Board Act Amendment Act, 1878, the Lyttelton Harbour Board (hereinafter called the Board) was empowered to borrow the sum of two hundred thousand pounds for the purpose of constructing the harbour-works within the Port of Lyttelton, and for dredging and deepening the harbour: And whereas the said sum was borrowed and has been expended in and for the purposes aforesaid: And whereas by the Lyttelton Harbour Board Loan Act, 1897, the Board was empowered to borrow the further sum of sixty thousand pounds for the purpose of further dredging and deepening the Harbour of Lyttelton: And whereas the said sum of sixty thousand pounds has been expended in and for the purposes aforesaid: And whereas the Board is desirous of raising further moneys for the purpose of constructing the harbour-works specified in the Schedule hereto, and for such purposes is desirous of borrowing a further sum not exceeding one hundred and fifty thousand pounds:
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.
This Act may be cited as the Lyttelton Harbour Board Loan Act, 1920.
2 Deemed a special Act.
This Act shall be deemed to be a special Act within the meaning of the Harbours Act, 1908, which Act is hereby incorporated with this Act.
3 Interpretation.
In this Act—
“The Board” means the Lyttelton Harbour Board:
“The harbour” means the Harbour of Lyttelton.
4 Power to borrow £150,000.
The Board may, subject to the provisions of the Harbours Act, 1908, borrow for the purposes specified in the Schedule hereto any sum or sums of money, not exceeding in the whole the sum of one hundred and fifty thousand pounds, in addition to the said sums of two hundred thousand pounds and sixty thousand pounds respectively already raised and borrowed as aforesaid.
5 Rate of maximum interest.
No money shall be borrowed under the authority of this Act which shall produce to the lender a higher rate of interest than five and a half per centum per annum, nor shall any debenture be sold at a less price than par.
6 How money to be allocated.
All moneys borrowed under the authority of this Act shall be applied exclusively for the purposes specified in the Schedule hereto:
Provided that the Board may by resolution alter the allocation of the respective amounts among the works specified in the Schedule hereto.
7 Conditions of borrowing.
The power given to the Board to borrow the said sum shall be exercised in the manner and subject to the conditions prescribed by the Harbours Act, 1908.
Schedule
| £ | |
| Electric capstans | 13,000 |
| Additions to wharves | 57,000 |
| Electric cranes | 50,000 |
| Deepening harbour | 30,000 |
| £150,000 |
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Versions
Lyttelton Harbour Board Loan Act 1920
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