2188
THE NEW ZEALAND GAZETTE.
[No. 55

Order in Council consenting to the Raising of Loans by certain Local Authorities, and prescribing Terms and Rates
of Interest.

CHARLES FERGUSSON, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 9th day of July, 1928.

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 :

And whereas by section one hundred and fourteen of the Local Bodies’ Loans Act, 1926, it is provided that, notwithstanding anything to the contrary in any Act or in any rule of law, where a local authority or public body has been
authorized before the passing of this Act or is thereafter authorized to borrow money, whether pursuant to a poll of rate-
payers or otherwise howsoever, whether the rate of interest or the term of years of the loan was or was not specified or
determined, and such money or any part thereof has not been borrowed, the local authority or public body may, with the
precedent consent of the Minister of Finance, borrow such money, or such amount thereof as has not been borrowed, at such
rate of interest or for such term as may be prescribed by the Governor-General by Order in Council :

And whereas the Minister of Finance has in each case given his precedent consent as required by the said section one
hundred and fourteen to the borrowing by the said local authorities of the respective loans aforesaid for the terms set out
in the Fifth Column of the said Schedule at respective rates of interest being such as shall not produce to the lenders rates
exceeding the respective rates specified in the Sixth Column of the said Schedule :

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 by section one hundred and fourteen of the Local Bodies’ Loans Act, 1926, 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, for the
respective terms set out in the Fifth Column of the said Schedule at rates of interest being such as shall not produce to the
lenders rates exceeding the respective rates specified in the Sixth 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 Seventh 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.

Order in Council consenting to the Raising of Loans by certain Local Authorities, and prescribing Terms and Rates
of Interest.

CHARLES FERGUSSON, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 9th day of July, 1928.

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 :