New Zealand Acts

LOCAL LEGISLATION ACT 1948 - SECT 3

3 Provision with respect to overdraft and other liabilities of Buller County Council

Whereas the Buller County Council (in this section referred to as the
"Council" ) has from time to time borrowed and owed moneys and incurred liabilities in excess of the limits prescribed by the Local Bodies' Finance Act 1921–22 (in this section referred to as the
"said Act" ):   And whereas the excess liabilities of the Council in terms of the said Act as at 31 March 1948 amounted to 17,937 pounds 2 shillings and 3 pence:     And whereas the aforesaid excess borrowing and owing of moneys and incurring of liabilities were due to exceptional conditions in the County of Buller beyond the control of the Council and it is desirable to make provision in manner hereinafter appearing:     Be it therefore enacted as follows:  

1 Notwithstanding anything to the contrary in the said Act or any other Act, all moneys heretofore borrowed and owed by the Council, and all other liabilities heretofore incurred by the Council, in excess of the limits prescribed by the said Act shall for all purposes be deemed to have been at all times lawfully borrowed and owed and incurred by the Council.

2 For the purpose of partially repaying the said excess liabilities the Council shall borrow from its bankers by way of overdraft, in the manner prescribed by section 3 of the said Act , the sum of 16,000 pounds.

3 The Council shall repay the said sum of 16,000 pounds by 8 equal payments out of the moneys credited to the General Account of the County Fund, one such payment to be made in each year during the period of 8 years commencing on 1 April 1949:   provided that the Council may in any year repay out of the said General Account an amount greater than an eighth part.  

4 The said sum of 16,000 pounds so borrowed shall be carried to a separate account at the bank and all payments made in reduction of the said sum shall be credited to that account.

5 The said sum of 16,000 pounds shall not at any time heretofore be deemed to have been taken into account, nor shall any amount at any time lawfully owing under this section hereafter be taken into account, in determining the amount that may be borrowed or that may be owed by the Council pursuant to the said Act.