Preamble

WHEREAS by The Wellington College Act, 1872, a Board of Governors is created for the management of the Wellington College, and power is given to them to expend moneys in erecting suitable buildings and premises for use as a College: And whereas the moneys which have come to their hands for the erection of such buildings and premises are insufficient, and they are desirous of being empowered to borrow a sum not exceeding ten thousand dollars for the purpose of completing the same:

The expression “ten thousand dollars” was substituted, as from 10 July 1967, for the expression “five thousand pounds” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

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

The Short Title of this Act shall be The Wellington College Loan Act, 1873.

2 Power to borrow sum not exceeding £5,000, to be applied in building

The Governors of the Wellington College, hereinafter called the Governors, may, for the purpose of completing the erection of suitable buildings and premises for use as a college, borrow at interest any sum of money not exceeding in the whole the sum of ten thousand dollars, and may expend and apply the same accordingly, in addition to the moneys which they are authorized to expend for that purpose by section twelve of The Wellington College Act, 1872. [Repealed]

The expression “ten thousand dollars” was substituted, as from 10 July 1967, for the expression “five thousand pounds” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

3 Moneys borrowed to be secured by mortgage

In respect of the moneys to be borrowed or taken up under this Act, the Governors may grant to the person or persons lending the same one or more mortgages upon all or any part of the lands described in the Schedule hereto, in such form and subject to such conditions, and with such powers and provisions, as the said Governors may think fit and expedient.

4 Power to borrow to redeem loan at date fixed for repayment

If at the time appointed by any mortgage for the payment of the principal money secured thereby the Governors are unable to pay off the same, they may, if they shall think fit, borrow such sum of money as may be necessary for the purpose of paying off the whole or any part of such principal money, and may secure the repayment of the same and the interest to be paid thereon in manner hereinbefore authorized in regard to the moneys originally borrowed under this Act.

5 Claims for compensation

Nothing in this Act shall be deemed by implication or otherwise to take from any person his right of claiming compensation from the Colony for the deprivation or dispossession of any estate or interest which he may have had, or to which he may claim to have been entitled, in any land which has been granted for the endowment of the College.

Schedule

All that piece or parcel of land situate in the Town of Wellington, in the Province of Wellington, in the Islands of New Zealand, containing 5 acres 1 rood and 32 perches, or thereabouts; bounded towards the North-east by Hobson Street, 1020 links; towards the South by Hospital land; towards the South-west by Molesworth Street, 197 links; towards the North-west by Tinakori Road, 380 links; thence by Hospital lands up to Hobson Street. Also all that piece or parcel of land situate in the Town of Wellington aforesaid, containing 1 rood, more or less; bounded towards the North by Lot 4, 100 feet; towards the South by College Passage, 100 feet; towards the East by Lambton Harbour, 112 feet; and towards the West by Willis Street, 112 feet. Also all that piece or parcel of land situate in the Town of Wellington aforesaid, containing 25 perches, more or less, bounded towards the North by Lot II, 100 feet; towards the South by Lot IV, 100 feet; towards the East by Lambton Harbour, 70 feet; and towards the West by Willis Street, 70 feet. And also all that piece or parcel of land situate in the Town of Wellington aforesaid, containing 5 acres, more or less, and bounded towards the North by Town Sections Nos 273 and 280, 500 links and 500 links respectively; towards the East by Cambridge Terrace and Town Section No 280, 400 links and 200 links respectively; towards the South by Vivian Street, 1000 links; and towards the West by Tory Street, 600 links.

Wellington College Loan Act 1873