Modes of borrowing.
s.196
Local Loans Act 1896
Security for borrowing and priority of securities.
8.197
Period for repayment of
moneys borrowed.
8.198
(b) for erecting any building which the Council
have power to erect;
(c) ́ for the execution of any permanent work, the
provision of any plant, or the doing of any
other thing which the Council have power to
execute, provide, or do, if, in the opinion of
the Governor, the cost of carrying out that
49
PART VIII
purpose ought to be spread over a term of years;
(a) for any other purpose for which the Council are
78.
G
authorized under any enactment, including any
enactment in this Ordinance.
(1) Where the Council are authorized to borrow
money they may, subject to the provisions of this Part of
this Ordinance, raise the money either
(a) by mortgage; or
(b) with the consent of the Governor, by stock
issued under this Part of this Ordinance; or
(c) by debentures; or
(a) by such other mode as may be authorized by the
Governor.
(2) A debenture issued by the Council may be for any
amount not less than one hundred dollars.
79. (1) All moneys borrowed by the Council shall be
charged indifferently on all the revenues of the Council.
(2) Subject to the provisions of this section, all
securities created by the Council, whether under this Ordinance
or under any other enactment ɛhall rank equally without any
priority.
(3) Nothing in this section shall apply to any money
borrowed by way of temporary loan or overdraft without security.
80.
**
General Provisions as to Borrowing.
(1) Every sum borrowed under this Part of this
Ordinance shall be repaid within such period as the Council, with
the consent of the Governor, may determine.
A guide to the appropriate periods will be found in s.198(1) and the 8th Schedule to the Local Government Act, 1933, and see 21 Halsbury p.210 note (e).
(46)