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(Prepared and brought in by Mr. Greene, Mr. Chancellor of the Exchequer,

and Mr. Cardwell.)

Ordered, by The House of Commons, to be Printed,

24 June 1846.

435.

Under 1 oz.

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To amend an Act of the present Session for authorizing a

Loan from the Consolidated Fund to the New Zealand
Company.

[Note.—The Words printed in Italics are proposed to be inserted

in the Committee.]

HEREAS by an Act passed in the present Session of Par

liament, intituled, “An Act to authorize a Loan from the Consolidated Fund to the New Zealand Company,” it was enacted,

that it should be lawful for the Lord High Treasurer, or any Three or 5 more Commissioners of Her Majesty's Treasury of the United King

dom of Great Britain and Ireland, from time to time, to advance and lend to the New Zealand Company, in manner therein mentioned, any sum or sums of money not exceeding in the whole the sum of One

hundred thousand Pounds, to be applied by the said Company in the 10 proportions and for the purposes therein also mentioned ; and it was

by the said Act provided, that no part of the said sums should be applied to the payment of any principal sum of money for which any Debenture had been or should be issued under the seal of the said

Company: And whereas it is expedient that so much of the said pro15 viso as relates to Debentures already issued by the said Company

should be repealed, and that the said Company should be authorized and empowered to apply a certain portion of the said Loan of One hundred thousand Pounds, not exceeding Thirty-two thousand five

hundred Pounds, to the payment of certain sums of money, for which 20 such Debentures as last aforesaid have been issued under the seal of

the said Company; BE it therefore Enacted, by The QUEEN's most Excellent MAJESTY, by and with the Advice and Consent of

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1. Repeal of Proviso in recited Act regarding Debentures.

the Lords Spiritual and Temporal, and Commons, in this present Par-
liament assembled, and by the Authority of the same, THAT the said
proviso, so far as regards any Debentures which shall have been
already issued by the said Company, shall be and the same is hereby
repealed.

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2. Repayment of Loan.

And be it Enacted, That notwithstanding any thing in the said Act
contained, whereby it is enacted that the said loan of One hundred
thousand Pounds shall be applied by the said Company in the propor-
tions and for the purposes therein mentioned, it shall be lawful, never-
theless, for the said Company to apply any portion thereof, not exceeding 10
the sum of Thirty-two thousand five hundred Pounds, to the payment of
the principal sums due on certain Debentures which have been issued
by the said Company, and are now due or will become due and payable
on or before the Fourth day of January which will be in the

year

One
thousand eight hundred and Forty-seven, which said sum of Thirty- 15
two thousand five hundred Pounds, or so much thereof as shall be so
applied by the said Company, shall be repaid, and they are hereby
required and made liable to repay the saine to the Lord High Trea-
surer or Commissioners of Her Majesty's Treasury, or to such other
persons as the said Lord High Treasurer or Commissioners shall
direct, within the space of Three Years after the passing of this Act;
and if within or at the expiration of such period of Three Years the
Company shall not have repaid the said sum, it shall be lawful for the
Lord High Treasurer, or any Three or more of the Commissioners of
Her Majesty's Treasury, to cause notice in writing to be given to the 25
said Company, by leaving the same at the office of the said Company,
to repay the said sum of Thirty-two thousand five hundred Pounds,
or so much thereof as shall have been applied as aforesaid, and shall
remain due and unpaid, within One calendar Month from the day on
which such notice shall be given or served on the said Company.

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And be it Enacted, That if the said Company, after receipt of such notice, shall refuse, or, for the space of One calendar Month from the day on which such notice shall have been given or served, neglect to repay the said sum, it shall be lawful for the Lord High Treasurer, or any Three or more of the Commissioners of Her Majesty's Trensury, and they are hereby authorized and empowered, by warrant under their hands, to declare and make a call or calls on such portion of the subscribed capital of the said Company as shall not at the time of such call or calls have been called up and paid as shall be sufficient to repay the said sum ; and for the purpose of enforcing payment of any such call or calls, the Lord High Treasurer, or any Three or more of the Commissioners of the Treasury, shall have, use and exercise all such power and authority as the said Company now have or may use

and

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and exercise for enforcing payment of any calls to be made by theni under any Letters Patent or Act of Parliament now in force.

4.

rived from

Provided always, and be it Enacted, That if it shall appear Sums applied to the satisfaction of the Lord High Treasurer, or any Three or more pany to cer5 of the Commissioners of Her Majesty's Treasury, that the said Com- to be reckoned pany, during the said period of Three Years from the passing of this as so much

toward repayAct, have applied any sum or sums of money to any of the purposes ment of Loan. mentioned in the said recited Act, to which the said loan of One hun

dred thousand Pounds was thereby directed to be applied, then and in 10 such case the amount of such sums so applied by the said Company

shall be taken and reckoned towards repayment of the said sum of Thirty-two thousand five bundred Pounds, or so much thereof as shall be due and unpaid.

5. AND whereas by the said recited Act a moiety of the purchase. Monies de15 money of any lands, tenements and hereditaments belonging or here- moiety of after to be acquired by the said Company, and of the rents, issues and lands pledged

as security for profits to be thereafter received by the said Company, is pledged as a Loan not to security for the repayinent from time to time of the said loan of as part of

repayment. One hundred thousand Pounds; It is hereby Declared and Enacted, 30 That if it shall appear that any such sums as are hereinbefore directed

to be taken and reckoned towards repayment of the said sum of Thirtytwo thousand five hundred Pounds, or so much thereof as shall be due and unpaid, shall have been paid out of the said moiety so pledged as

aforesaid, then and in every such case such sums shall not be taken and 25 reckoned as aforesaid, but that such sums only shall be so taken and

reckoned as shall appear to have been paid cut of the moiety of the said lands, tenements and hereditaments, rents, issues and profits remaining at the disposal of the said Company, or out of

any

other sums at their disposal which are not so pledged as aforesaid.

6. 30 And be it Enacted, That until the said sum of Thirty-two thousand Company not

five huvdred Pounds, or so much thereof as shall be due and unpaid, above a cershall be repaid by the said Company as aforesaid, it shall not be law

of call withful for the said Company, without the consent in writing of the Lord out consent

High Treasurer, or any Three or more of the Commissioners of Her High Trea35 Majesty's Treasury, to make any call or calls exceeding in the whole

repayment of the amount of One-half of such portion of the subscribed capital 2.32,500. of the said Company as at the time of the passing of this Act has not been called

up and paid ; and all and every such call or calls as, with the consent aforesaid, shall be made by the said Company, shall be 40 only for the purpose of and shall be applied to the repayment of the

said sum of Thirty-two thousand five hundred Pounds, or so much thereof as shall be due and unpaid.

tain amount

surer until

7. Repayment of And be it Enacted, That whenever the said Company shall repay as part of the sum of

aforesaid the said sum of Thirty-two thousand five hundred Pounds, £.32,500 to be deemed or any part thereof, the same shall be deemed and taken to be a part part repay- of the said loan of One hundred thousand Pounds so authorized to be ment of loan of £.100,000. advanced to the said Company, and may, at the discretion of the

Lord High Treasurer, or any Three or more of the Commissioners of the Treasury, be advanced and lent to the said Company for the purposes and subject to the provisions in the said recited Act contained.

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8. Act may be amended during the present Session.

And be it Enacted, That this Act may be amended or repealed by any Act to be passed in this Session of Parliament.

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