Mar. 15.] THE NEW ZEALAND GAZETTE. 587

Order in Council consenting to the Raising of a Loan of £2,500 by the Gisborne Borough Council and prescribing the Conditions thereof.

BLEDISLOE, Governor-General.
ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 21st day of February, 1934.

Present:
THE RIGHT HON. G. W. FORBES PRESIDING IN COUNCIL.

WHEREAS the Gisborne Borough Council (hereinafter called “the said local authority”), being desirous of raising the sum of two thousand five hundred pounds (£2,500) by a loan to be known as “Park Racecourse Loan, 1934” (hereinafter called “the said loan”), for the purpose of providing the balance of purchase-money required in connection with the exchange of the Makaraka Domain for the Park Racecourse, 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 by section thirty-two of the Local Bodies’ Loans Act, 1926, and of all other powers and authorities enabling him in this behalf, including section nine of the Reserves and other Lands Disposal Act, 1933, doth hereby consent to the raising by the said local authority of the said loan up to the amount of two thousand five hundred pounds (£2,500), 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-five (25) 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 two shillings and sixpence (£4 2s. 6d.) per centum per annum.

3. The said loan or any part thereof, together with interest thereon, shall be repaid by equal aggregate annual or half-yearly instalments extending over the term as determined in (1) above.

4. No such instalment shall be paid out of loan-moneys.

5. The rate payable for brokerage, underwriting, and procurement fees in respect of the raising of the said loan or any part thereof shall not in the aggregate exceed one-half per centum of any amount raised.

6. The payment of interest and repayment of principal in respect of the said loan shall be made in New Zealand.

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

(T. 49/117/9.)

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Order in Council consenting to the Raising by the Manawatu County Council of the Sum of £2,500, being Part of a Loan of £60,000, and prescribing the Conditions thereof.

BLEDISLOE, Governor-General.
ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 8th day of March, 1934.

Present:
THE RIGHT HON. G. W. FORBES PRESIDING IN COUNCIL.

WHEREAS by Order in Council made on the third day of September, one thousand nine hundred and twenty-five, consent was given to the raising by the Manawatu County Council (hereinafter called “the said local authority”) of a loan of sixty thousand pounds (£60,000), to be known as “Main Highways Reconstruction Loan, 1925”:

And whereas the sum of two thousand five hundred pounds (£2,500), (hereinafter called “the said sum”), being part of the said loan, has not yet been borrowed, and it is expedient that the said local authority may be authorized to borrow the said sum on the conditions hereinafter set forth for the purpose of meeting the said local authority’s share of the cost of completing the surfacing of the Himatangi–Rangiotu section of the No. 58 Himatangi–Ashhurst Main Highway:

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 the Local Bodies’ Loans Act, 1926, and of all other powers and authorities enabling him in this behalf, doth hereby prescribe that the said local authority may, for the said purpose, raise the said sum of two thousand five hundred pounds (£2,500), or any part thereof, upon the following conditions:—

1. The term for which the said sum or any part thereof may be borrowed shall not exceed twenty-six (26) years.

2. The rate of interest that may be paid in respect of the said sum or any part thereof shall be such as shall not produce to the lender or lenders a rate or rates exceeding four pounds five shillings (£4 5s.) per centum per annum.

3. The said local authority shall, before raising the said sum 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 two pounds five shillings (£2 5s.), such payments to be made in respect of every part of the said sum 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. No amount payable as either interest or sinking fund in respect of any moneys raised pursuant to this consent shall be paid out of such moneys.

5. The rate payable for brokerage, underwriting, and procurement fees in respect of the raising of the said sum or any part thereof shall not in the aggregate exceed one-half per centum of any amount raised.

6. The payment of interest and repayment of principal in respect of the said sum shall be made in New Zealand.

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

(T. 49/353.)

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Order in Council consenting to the Nelson Fire Board borrowing Moneys by way of Bank Overdraft.

BLEDISLOE, Governor-General.
ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 8th day of March, 1934.

Present:
THE RIGHT HON. G. W. FORBES PRESIDING IN COUNCIL.

WHEREAS the Nelson Fire Board (hereinafter called the “said local authority”) is desirous of borrowing moneys by way of bank overdraft under section thirty-two of the Fire Brigades Act, 1926:

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 borrowing as aforesaid 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 borrowing of moneys by the said local authority under the said section thirty-two to the following extent and subject to the following conditions:—

(1) Such borrowing may be from time to time by way of bank overdraft.

(2) The rate of interest payable from time to time shall not exceed current bank overdraft rates to best customers.

(3) The total amount owing of money borrowed under this authority, including unpaid interest (if any), shall not at any time exceed the sum of two hundred and fifty pounds (£250).

(4) The money so borrowed shall be repaid during the financial year ending the thirty-first day of March, one thousand nine hundred and thirty-five.

(5) The borrowing herein authorized is in addition to that for five hundred pounds (£500) contained in the Order in Council issued on the twenty-eighth day of August, one thousand nine hundred and thirty-three.

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

(T. 49/581.)