3190
THE NEW ZEALAND GAZETTE.
[No. 82

Order in Council authorizing the Borrowing of £12,500 by the Central Electric-power Board by way of Hypothecation of Debentures issued in respect of a Loan of £40,000.

—

BLEDISLOE, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 4th day of December, 1933.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the twenty-ninth day of February, one thousand nine hundred and thirty-two, and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising by the Central Electric-power Board (hereinafter called “the said local authority”) of the sum of forty thousand pounds (£40,000) by a loan to be known as “Special Loan, 1931,” of which the sum of twelve thousand five hundred pounds (£12,500), (hereinafter called “the said sum”), has not yet been raised :

And whereas the said local authority, pending the raising of the said sum in accordance with the determinations aforesaid, as modified by section six of the Local Authorities Interest Reduction and Loans Conversion Act, 1932-33, is desirous of borrowing such sum by the hypothecation or mortgage, pursuant to section thirty-four of the Local Bodies’ Loans Act, 1926, of debentures authorized to be issued in respect of the said loan :

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 Local Government Loans Board Act, 1926, as set out in section twenty-nine of the Finance Act, 1932 (No. 2), and by section seven of the Local Authorities Interest Reduction and Loans Conversion Act, 1932-33, and of all other powers and authorities enabling him in this behalf, doth hereby consent to the said local authority, pending the raising of the said sum in accordance with the said determinations (modified as aforesaid), borrowing such sum of twelve thousand five hundred pounds (£12,500) by the hypothecation or mortgage of the said debentures, at a rate of interest not exceeding five pounds (£5) per centum per annum.

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

(T. 49/134/3.)

Order in Council authorizing the Borrowing by the Cook Hospital Board by way of Hypothecation of Debentures issued in respect of a Loan of £4,250.

—

BLEDISLOE, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 4th day of December, 1933.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the fourth day of December, one thousand nine hundred and thirty-three, and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising by the Cook Hospital Board (hereinafter called “the said local authority”) of the sum of four thousand two hundred and fifty pounds (£4,250) by a special loan to be known as “Earthquake Repairs (Overdraft) Loan, 1933” (hereinafter called “the said loan”) :

And whereas the said local authority, pending the raising of the said loan in accordance with the determinations aforesaid, is desirous of borrowing the said sum by the hypothecation or mortgage, pursuant to section thirty-four of the Local Bodies’ Loans Act, 1926, of the debentures authorized to be issued in respect of the said loan :

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 Local Government Loans Board Act, 1926, as set out in section twenty-nine of the Finance Act, 1932 (No. 2), and by section seven of the Local Authorities Interest Reduction and Loans Conversion Act, 1932-33, and of all other powers and authorities enabling him in this behalf, doth hereby consent to the said local authority, pending the raising of the said loan in accordance with the determinations aforesaid (by which, inter alia, the rate of interest to be inserted in the said debentures is limited to four pounds five shillings (£4 5s.) per centum), borrowing such sum of four thousand two hundred and fifty pounds (£4,250) by the hypothecation or mortgage of the said debentures at a rate of interest not exceeding five pounds (£5) per centum per annum.

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

(T. 49/575.)

Order in Council consenting to the Raising of a Loan of £728,800 by the Otago Harbour Board and prescribing the Conditions thereof.

—

BLEDISLOE, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 6th day of December, 1933.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS the Otago Harbour Board (hereinafter called “the said local authority”), being desirous of raising the sum of seven hundred and twenty-eight thousand eight hundred pounds (£728,800) by a loan to be known as “Redemption Loan, 1934” (hereinafter called “the said loan”), for the purpose of redeeming the outstanding liability in respect of three loans of £498,800, £100,000, and £130,000, totalling seven hundred and twenty-eight thousand eight hundred pounds (£728,800), maturing on the first day of January, one thousand nine hundred and thirty-four, 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 as required by the said Act should be given to the raising of the said loan :

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 said loan up to the amount of seven hundred and twenty-eight thousand eight hundred pounds (£728,800), and in giving such consent doth hereby determine as follows :—

1. The term for which the said loan or any part thereof may be raised shall not exceed twenty-four and one half (24½) years.

2. The rate of interest that may be paid in respect of the said loan or any part thereof shall be such as shall not produce to the lender or lenders a rate exceeding four pounds (£4) per centum per annum.

3. The said local authority shall, before raising the said loan 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, and shall thereafter make payments to such sinking fund at intervals of not more than one year, at a rate or rates per centum which shall be not less than one pound (£1), such payments to be made in respect of every part of the said loan for the time being so raised and not repaid, the first such payment to be made not later than one year after the first day from which interest to the lender or lenders is computed on any amount so raised.

4. In addition to any annual sums payable to such sinking fund, the said local authority shall, not later than the thirty-first day of March, one thousand nine hundred and thirty-four, pay to such sinking fund the sum of one hundred and twenty thousand pounds (£120,000) decreased by—

(a) The amount of any debentures maturing on the first day of January, one thousand nine hundred and thirty-four, redeemed in New Zealand out of any funds available for the purpose ; and

(b) The amount of any such debentures which are redeemed in London in New Zealand currency.

5. That the said local authority shall not enter into any contract for payment of brokerage at a rate exceeding one-half per cent. on any sum borrowed in New Zealand pursuant to this consent.

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

(T. 49/18/1.)