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

BLEDISLOE, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 29th day of February, 1932.

Present:

His Excellency the Governor-General in Council.

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 Local Government Loans Board Act, 1926 (hereinafter called “the said Act”), and it is expedient that the precedent consent of the Governor-General in Council under the said Act should be given to the raising of the loans on the terms and conditions hereinafter set forth:

And whereas, in respect of such of the said loans as are intended to be borrowed at a rate of interest not otherwise authorized, the Minister of Finance has in each case given his precedent consent as required by section one hundred and fourteen of the Local Bodies’ Loans Act, 1926, 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, or under such other statutory enactment as may be applicable in any respective case, and shall thereafter make 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.

SCHEDULE.

(T. 40/416/6.)

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

Order in Council consenting to the Raising by the Hastings Fire Board of a Loan of £1,400, repayable by Instalments, and prescribing the Term in respect thereof.

BLEDISLOE, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 29th day of February, 1932.

Present:

His Excellency the Governor-General in Council.

WHEREAS the Hastings Fire Board (hereinafter called “the said local authority”) has been authorized to borrow in respect of a loan to be known as No. 3 Loan, 1931, the sum of one thousand five hundred pounds, and the sum of one thousand four hundred pounds has not yet been borrowed:

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 Local Government Loans Board Act, 1926, 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 said local authority of the said loan up to the amount of one thousand four hundred pounds, for a term of four years and three-quarters, subject to the condition that the said sum shall not be borrowed otherwise than on terms requiring repayment by quarterly instalments of principal of not less than seventy-five pounds during the first four years and a half and the balance during the last three months of the currency of the loan.

F. D. THOMSON,

Clerk of the Executive Council.

(T. 40/562/17.)

Order in Council prescribing the Term in respect of the North Canterbury Electric-power Board’s Loan of £14,000.

BLEDISLOE, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 29th day of February, 1932.

Present:

His Excellency the Governor-General in Council.

WHEREAS the North Canterbury Electric-power Board (hereinafter called “the said local authority”) has been authorized to borrow in respect of a loan to be known as Kowai Electricity Loans Redemption Loan, 1932, the sum of fourteen thousand pounds, and the said sum has not yet been borrowed:

And whereas the Minister of Finance has given his precedent consent as required by section one hundred and fourteen of the Local Bodies’ Loans Act, 1926 (hereinafter called “the said section”), to the borrowing by the said local authority of the said sum of fourteen thousand pounds, for the term hereinafter mentioned:

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 section, and by section eleven of the Local Government Loans Board Act, 1926, and of all other powers and authorities enabling him in this behalf, doth hereby prescribe that the said sum of fourteen thousand pounds, or any part thereof, may be raised in respect of the said loan by the said local authority for a term of ten years, and the said local authority is hereby authorized to borrow the said sum accordingly.

F. D. THOMSON,

Clerk of the Executive Council.

(T. 49/308/2.)