bitants thereto; also toward payment of the surveyors and others. employed in surveying land in New Zealand, and all other expenses of such survey, and toward defraying the expenses of establishing settlements of colonists at Otago and Wairarapo: Provided always, 5 That no part of the said sums shall be applied to the payment of any principal sum of money for which any debenture has been or shall be issued under the seal of the said Company.

And be it Enacted, That the said advances and loans, not exceeding in the whole One hundred thousand Pounds, shall be granted and 10 made at such times and in such proportions, and subject to such conditions and undertakings for ensuring the due application and apportionment thereof to the several purposes before mentioned, as the said Lord High Treasurer or Commissioners of the Treasury shall think fit; and the repayment within Seven Years after the passing of this 15 Act, of all sums of money so to be lent under the provisions thereof, with interest on the same after the rate of Three Pounds in the Hundred Pounds by the year, to be computed in each case from the time when each separate sum shall be so lent, shall be secured upon the security and credit of the profits of the undertaking, and upon the security 20 and credit of the lands, tenements and hereditaments in New Zealand now belonging to or hereafter to be acquired by the said Company, by a deed or deeds of assignment and mortgage of the same under their common seal to such persons, in such manner, and under such conditions and regulations as the said Lord High Treasurer or Com25 missioners of Her Majesty's Treasury shall order.

And be it Enacted, That notwithstanding such deed or deeds of assignment and mortgage as aforesaid, or any thing in this Act contained, it shall be lawful for the said Company, with the consent in writing of any person authorized in that behalf, by writing under the hand or hands 30 of the Lord High Treasurer or any Three or more Commissioners of Her Majesty's Treasury of the United Kingdom of Great Britain and Ireland for the time being, enrolled in Her Majesty's High Court of Chancery in England, and whose authority shall not have been revoked by a similar writing so enrolled (full power being hereby given to the 35 said Lord High Treasurer, and also to any Three or more of the said Commissioners for the time being, at any time and from time to time to authorize any person or persons in that behalf, and to revoke any such authorization at pleasure), to hold, enjoy, sell, dispose of, receive, take and deal with the lands, tenements and hereditaments now belonging 40 to or hereafter to be acquired by the said Company, and the issues and profits thereof, in like manner in all respects, both at law and in equity, as if such deed or deeds of assignment and mortgage had not been made, and this Act had not been passed, until default shall be made in payment by the said Company, in such manner as may be expressed in any such deed of assignment or mort

2.

Security for of Loan in

repayment

Seven Years.

3.

435.

A 2

gage

4.

5. Act may be amended, &c.

པ་

5

10

gage in or towards satisfaction of the monies thereby secured, until the
whole be discharged of one-half of the purchase-money from time to
time paid to the said Company for or in respect of any of the
lands, tenements and hereditaments of the said Company that shall
be sold by the said Company, subsequently to the execution of such
deed of assignment and mortgage, after deducting from the money
so paid to the said Company all money that on any such sale may
have been agreed to be expended by the said Company for emigration
or public or general purposes, and also of One-half of the net
rents, if any, that inay have been reserved to the said Company on
any such sale in respect of the lands, tenements and hereditaments
so sold as aforesaid, and of the rents reserved or fixed on any other
lands, tenements and hereditaments of the said Company that may be
demised or may be agreed to be demised by the said Company, sub-
sequently to the execution of such deed of assignment and mortgage, 15
and which respectively shall have been received by the said Company,
or until default shall be made in the repayment by the said Company
of the principal money secured by any such deed of assignment and
mortgage at or before the expiration of Seven Years from the
passing of this Act, with interest thereon after the rate aforesaid, 20
and that no purchaser from or lessee or tenant of a person in any
manner dealing with the said Company, for or in respect to or on
account of the lands, tenements and hereditaments now belonging
to or hereafter to be acquired by the said Company or any of them,
or the rents, issues and profits thereof, or any of them, with such 25
consent as aforesaid, prior to the expiration of the said Seven Years,
shall be affected by any such default as aforesaid, notwithstanding the
same may have been actually made, and he or she may have notice
thereof.

And be it Enacted, That all money to be secured by any such 30 deed or deeds of assignment and mortgage as aforesaid that shall be paid by the said Company, their successors or assigns, shall be carried to the credit of the Consolidated Fund, and shall go in discharge of the principal money so secured and the interest thereof; nevertheless every receipt that shall be given by the persons to whom any such 35 assignment and mortgage shall be made as aforesaid, or the survivors or survivor of them, his executors or administrators, or their or his assigns, or any person for the time being authorized to consent to dispositions and dealings by the said Company as aforesaid, or their or his agent or agents, for any money to be secured by any such assign- 40 ment and mortgage, shall exonerate the said Company, their successors and assigns, from all liability with respect to the application thereof.

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

A

BILL

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.]

5

WHERE as by an Act passed in the present Session of Par- Preamble.

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 more Commissioners of Her Majesty's Treasury of the United Kingdom 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 proviso 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 624.

15

the