This Act may be cited as the Local Legislation Act 1942.
Local Legislation Act 1942
| Jurisdiction | New Zealand |
| Citation | 1942 No 17 |
| Reference | 1942 No 17 |
| Record Number | DLM235643 |
| Act Number | 17 |
| Type of Document | Act |
An Act to confer certain powers on certain public bodies and to validate certain transactions
County Councils
Whereas the Buller County Council (hereinafter called the Council) was by Order in Council dated 18 November 1936, made pursuant to section 11 of the Local Government Loans Board Act 1926 and published in the Gazette of 19 November 1936, authorised to raise a loan of 750 pounds, to be known as the Karamea Doctor's Residence Loan, 1936 (hereinafter referred to as the said loan), subject to certain terms and conditions:
And whereas one of the terms and conditions aforesaid was that the Council should before raising the loan make provision for repayment by establishing a sinking fund:
And whereas the Council, pursuant to the said Order in Council, has raised a loan of 700 pounds from the State Advances Corporation of New Zealand, but has not made specific provision for a sinking fund as required by the said Order in Council:
And whereas the Council has issued a series of 40 debentures numbered 1 to 40 inclusive each for the sum of 24 pounds 9 shillings and 7 pence, being the half-yearly sum required to provide for the repayment of the said sum of 700 pounds with interest thereon at the rate of 3 pounds 10 shillings per centum per annum:
And whereas the said loan of 700 pounds was accordingly unlawfully borrowed, and it is desirable to validate the action of the Council in borrowing the same:
Be it therefore enacted as follows:
The action of the Council in borrowing the said sum of 700 pounds is hereby validated and the said moneys shall be deemed to have been lawfully borrowed and the securities given in respect thereof to have been lawfully issued, and the said debentures shall have full force and effect according to their tenor.
Whereas the Hutt County Council (hereinafter called the Council) has raised certain special loans, known respectively as the Advances to Owners Private Connections Loan, 1938 (relating to the Point Howard Private Sewerage Connections), the Point Howard Water and Sewerage Loan, 1938, and the York Bay Advances to Owners Private Connections Loan, 1939 (hereinafter referred to as the said special loans):
And whereas the sum of 1,970 pounds of the first-mentioned loan, the sum of 1,183 pounds of the second-mentioned loan, and the sum of 1,000 pounds of the third-mentioned loan are not immediately required for the purposes for which the said special loans were authorised:
And whereas, consequent upon the adjustment of boundaries between the County of Hutt and the City of Lower Hutt and the taking of accounts between the Council and the Lower Hutt City Council, the Council has become indebted to the Lower Hutt City Council in the sum of 3,900 pounds:
And whereas the Council is desirous of utilising the said sum of 1,970 pounds of the Advances to Owners Private Connections Loan, 1938, the sum of 970 pounds of the Point Howard Water and Sewerage Loan, 1938, and the sum of 750 pounds of the Lowry Bay Water and Sewerage Loan, 1939, for the purpose of paying in part its indebtedness of 3,900 pounds to the Lower Hutt City Council:
And whereas it is intended that all moneys so utilised shall be repaid by the Council out of its General Revenue Account or out of other moneys now or hereafter authorised to be borrowed for the purposes of paying such indebtedness of 3,900 pounds:
Be it therefore enacted as follows:
The...
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