2904
THE NEW ZEALAND GAZETTE.
[No. 65

Order in Council consenting to the Raising of Loans by certain Local Authorities.

CHARLES FERGUSSON, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 19th day of September, 1927.

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by section three of the Local Government Loans Board Act, 1926 (hereinafter called “the said Act”), it is provided that, notwithstanding anything to the contrary in any Act, it shall not be lawful or competent for any local authority to borrow or contract to borrow any money (otherwise than in anticipation of its revenue within the limits of its powers, if any, in that behalf), whether from the State Advances Office or from any other source whatever, and whether in pursuance of a special Act or under any authority whatever, without the precedent consent of the Governor-General in Council given after compliance with the provisions of the said Act:

And whereas section eleven of the said Act provides that the Governor-General in Council, in giving his consent to the borrowing of moneys by the local authority, may impose such conditions with respect to the time at which such moneys may be borrowed, the rate of interest that may be paid in respect thereto, the term for which they may be borrowed, and provisions for repayment thereof as he thinks fit, and that it shall not be lawful for the local authority to borrow such moneys save in accordance with the conditions so imposed:

And whereas the several local authorities mentioned in the Schedule hereto are desirous of raising the respective amounts set out opposite their names therein:

And whereas the said local authorities have complied with the provisions of the said Act, and it is expedient that the aforesaid precedent consent should be given to the raising of the loans on the terms and conditions hereinafter set forth:

Now, therefore, His Excellency the Governor-General of the Dominion of New Zealand, acting by and with the advice and consent of the Executive Council of the said Dominion, and in pursuance and exercise of the powers and authorities conferred on him by the said Act, and of all other powers and authorities enabling him in this behalf, doth hereby consent to the raising by the respective local authorities whose names are set out in the Second Column of the said Schedule of the loans referred to in the Third Column of the said Schedule up to the respective amounts set out in the Fourth Column of the said Schedule, subject to the condition that the respective local authorities shall before borrowing the said respective sums or any part thereof make provision for the repayment thereof by establishing a sinking fund under the Local Bodies’ Loans Act, 1926, and by making to such sinking fund payments at intervals of not more than one year at a rate or rates which shall be not less than the respective rates per centum set out in the Fifth Column of the said Schedule, such payments to be made in respect of every part of the said respective sums for the time being so borrowed and not repaid, and the first payment to be made not later than one year after the first day from which interest to the lender is computed on any moneys so borrowed, and subject to the further condition that in no case shall any portion of interest or sinking fund be paid out of loan moneys.

SCHEDULE.

F. D. THOMSON, Clerk of the Executive Council.

Consenting to Bodies Corporate borrowing Money, and authorizing Payment to Committee of Management.

CHARLES FERGUSSON, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 19th day of September, 1927.

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by section three hundred and thirty-five of the Native Land Act, 1909, it is provided that, with the precedent consent of the Governor-General in Council, a body corporate constituted under Part XVII of the said Act may, on the security of a mortgage or charge of the land vested in it, borrow money for any of the purposes therein mentioned:

And whereas the bodies corporate constituted as aforesaid described in the Schedule hereto have applied for the precedent consent of the Governor-General in Council accordingly, and also that consent be given to any money so borrowed being paid to the committees of management of such bodies corporate:

And whereas the Tairawhiti District Native Land Court has recommended that such consent be granted, and it seems expedient so to do:

Now, therefore, His Excellency the Governor-General of the Dominion of New Zealand, acting by and with the advice and consent of the Executive Council of the said Dominion, doth hereby, pursuant to section three hundred and thirty-five of the Native Land Act, 1909, and all other powers him enabling, grant precedent consent to the said bodies corporate, on the security of a mortgage or charge of the land vested in them, borrowing money from a State Loan Department or from any person or body corporate, whether by cash credit in current account with a bank or otherwise, for the purpose of enabling the said bodies corporate to liquidate existing liabilities in respect of, and to further improve and more efficiently farm the lands of the said bodies corporate, the sums set out hereunder opposite the name of each such body corporate; and doth authorize the payment of any money so borrowed to the respective committees of management of the said bodies corporate; and doth consent to any instrument of alienation by way of mortgage of the lands of the said bodies corporate given in pursuance of this Order in Council being confirmed by the Tairawhiti District Maori Land Board.

SCHEDULE.

| “The Proprietors of the Ahiateatua A 2c Block” | £1,250 |
| “The Proprietors of the Ahiateatua A3 Block” | 800 |

F. D. THOMSON,
Clerk of the Executive Council.