Sydney Common Improvement Act 30 Vic (NSW)

24 30° VIC. 1866.

Sydney Common Improvement.

Sroxrr Comoy Ar) Act to enable the Mayor Aldermen and Citizens of the City of Sydney to borrow Money for the Improvement of the Sydney Common. [22nd December, 1866.]

Preamble. HEREAS the Mayor Aldermen and Citizens of the City of Sydney are seised of certain land known as the Sydney

Common and whereas it is expedient that the said Mayor Aldermen

and Citizens should have the power of raising money to be expended

on improving the said land Be it therefore enacted by the Queen's

Most Excellent Majesty by and with the advice and consent of the

Legislative Council and Legislative Assembly of New South Wales

in Parliament assembled and by the authority of the same as follows :—

Mayor dc, may bor- 1. It shall be lawful for the Mayor Aldermen and Citizens ow on debentures» of the City of Sydney to borrow from time to time by the sale of debentures chargeable upon the land commonly known as the Sydney £5000. Common any sum or sums of money not exceeding in the whole five « thousand pounds and such debentures shall be issued under the hand

of the Mayor and sealed with the Corporation Seal of the said City

and shall bear interest payable half-yearly at a rate not exceeding

eight per centum per annum and shall be payable or redeemable at

the expiration of three years from the date thereof and the sum so

borrowed as aforesaid shall be expended in improving the said land.

Portion of land may 2. It shall be lawful for the said Mayor Aldermen and Citizens

be sold tomect == Of the City of Sydney to sell at such time as shall appear to them most advantageous such portion of the said land as is described in the Schedule marked A hereto annexed as may be necessary for the purpose of paying off the amount so borrowed as aforesaid when the said debentures shall become redeemable and also the interest payable thereon.