952
THE NEW ZEALAND GAZETTE.
[No. 22

not more than one year at a rate or rates per centum which shall be not less than the respective rates stated in the Seventh Column of the said Schedule, such payments to be made in respect of every part of the said respective loans for the time being so raised and not repaid, the first such payment in each respective case to be made not later than one year after the first day from which interest to the lender or lenders is computed on any loan or part thereof so raised.

4. No amount payable either as interest or as 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 procuration fees in respect of the raising of the said respective loans or any parts 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 loans shall be made in New Zealand.

SCHEDULE.

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

Order in Council consenting to the Raising of a Loan of £28,500 by the Napier Harbour Board and prescribing the Conditions thereof.

BLEDISLOE, Governor-General.

ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 20th day of March, 1934.

Present:

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

WHEREAS the Napier Harbour Board (hereinafter called “the said local authority”) being desirous of raising the sum of twenty-eight thousand five hundred pounds (£28,500) by a loan to be known as “Excess Overdraft Loan, 1934” (hereinafter called “the said loan”), for the purpose of repaying (pursuant to section forty-seven of the Local Legislation Act, 1933) moneys borrowed (pursuant to section sixty-one of the Hawke’s Bay Earthquake Act, 1931) by bank overdraft or otherwise in excess of the limits imposed by subsection two of section three of the Local Bodies’ Finance Act, 1921–22, 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 twenty-eight thousand five hundred pounds (£28,500), 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 five shillings (£4 5s.) 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 two pounds seven shillings and sixpence (£2 7s. 6d.), 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. 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 procuration 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.

(T. 49/206/11.)
F. D. THOMSON,
Clerk of the Executive Council.

Order in Council consenting to the Raising of a Loan of £3,500 by the Lower Hutt Borough Council and prescribing the Conditions thereof.

BLEDISLOE, Governor-General.

ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 26th day of March, 1934.

Present:

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

WHEREAS the Lower Hutt Borough Council (hereinafter called “the said local authority”), being desirous of raising the sum of three thousand five hundred pounds (£3,500) by a loan to be known as “Grandstand Loan, 1934” (hereinafter called “the said loan”), for the purpose of erecting a grandstand on the Lower Hutt Recreation Ground, 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, doth hereby consent to the raising by the said local authority of the said loan up to the amount of £3,500, 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 (20) 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 a period not exceeding the term as determined in (1) above.

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

5. The rate payable for brokerage, underwriting, and procuration 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.

(T. 49/11/20.)
F. D. THOMSON,
Clerk of the Executive Council.