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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.
Under 1 oz.
To amend an Act of the present Session for authorizing a
Loan from the Consolidated Fund to the New Zealand
[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should be repealed, and that the said Company should be authorized and empowered to apply a certain portion of the said Loan of One hundred thousand Pounds, not exceeding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
1. Repeal of Proviso in recited Act regarding Debentures.
the Lords Spiritual and Temporal, and Commons, in this present Par-
2. Repayment of Loan.
And be it Enacted, That notwithstanding any thing in the said Act
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 exercise for enforcing payment of any calls to be made by theni under any Letters Patent or Act of Parliament now in force.
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
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.
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.
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.