MAY 18.] THE NEW ZEALAND GAZETTE. 1365

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 Buildings at Wellington, this 15th day of May, 1933.

Present:

RIGHT HON. J. G. COATES PRESIDING 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:

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 section eleven of the said Act (as set out in section twenty-nine of the Finance Act, 1932 (No. 2)), 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 parts 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, and subject to the further conditions that in no case shall any portion of interest or sinking fund be paid out of loan-moneys, and that the respective local authorities shall not enter into any contracts for payment of brokerage at any rate exceeding one-half per centum on any sum borrowed pursuant to this consent.

SCHEDULE.

(T. 40/416/6.) F. D. THOMSON, Clerk of the Executive Council.

Order in Council consenting to the Raising of a Loan by the Christchurch City Council.

BLEDISLOE, Governor-General.
ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 15th day of May, 1933.

Present:

RIGHT HON. J. G. COATES PRESIDING IN COUNCIL.

WHEREAS the Christchurch City Council (hereinafter called “the said local authority”) is desirous of raising a loan to be known as “Electrical Plant Redemption Loan, 1933” (hereinafter called “the renewal loan”), for the purpose of redeeming such of the debentures as are presented for payment in London of a loan (hereinafter called “the maturing loan”) of seventeen thousand pounds (£17,000), which matures on the first day of August, one thousand nine hundred and thirty-three:

And whereas the said local authority has 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 renewal loan 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 section eleven of the said Act, as set out in section twenty-nine of the Finance Act, 1932 (No. 2), 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 renewal loan, subject to the following conditions:—

1. The renewal loan shall be raised in London.
2. The amount thereof shall be such sum (not exceeding seventeen thousand pounds (£17,000) as is necessary to redeem such debentures of the maturing loan as are presented for payment in London.
3. The term for which the renewal loan is borrowed shall not exceed five (5) years.
4. The rate of interest payable in respect of the renewal loan shall be such rate or rates as shall not produce to the lenders a rate exceeding the rate of five pounds (£5) per centum per annum.

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

(T. 49/268/36.)