2968
THE NEW ZEALAND GAZETTE.
[No. 71
Order in Council consenting to the Raising of Loans by certain Local Authorities and prescribing the Conditions thereof.
BLEDISLOE, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 17th day of September, 1934.
Present:
His Excellency THE GOVERNOR-GENERAL IN COUNCIL.
WHEREAS the several local authorities enumerated in the Schedule hereto, being desirous of raising the respective loans stated opposite their names therein, have respectively 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 loans:
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 mentioned in the First Column of the said Schedule of the respective loans set out in the Second Column of the said Schedule, up to the respective amounts specified in the Third Column of the said Schedule, and in giving such consent doth hereby determine as follows:

1. The terms for which the said loans or any parts thereof may be raised shall be the respective terms (in years) stated in the Fourth Column of the said Schedule.
2. The rates of interest that may be paid in respect of the said loans or any parts thereof shall be such as shall not produce to the lender or lenders a rate or rates exceeding the respective rates per centum per annum stated in the Fifth Column of the said Schedule.
3. The said local authorities shall, before raising the said respective loans or any parts thereof, make provision for the repayment thereof by establishing sinking funds 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 payments to such sinking funds at intervals of not more than one year, at a rate or rates per centum which shall be not less than the respective rates stated in the Sixth 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 borrowed 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 as either interest or sinking fund in respect of the said loans shall be paid out of loan-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.
7. No moneys shall be borrowed under this consent after the expiration of two years from the date hereof.
   SCHEDULE.
   | First Column. | Second Column. | Third Column. | Fourth Column. | Fifth Column. | Sixth Column. |
   | --- | --- | --- | --- | --- | --- |
   | Name of Local Authority. | Name of Loan. | Amount of Loan. | Term of Loan (Years). | Rate of Interest. | Rate of Sinking Fund. |
   | 1. Balclutha Borough Council | Clutha Traffic-bridge Pipe Loan, 1934 | £750 | 10 | £3 15 0 | £8 6 8 |
   | 2. Waikato County Council | Fairfield Water-supply Loan, 1934 | £1,500 | 20 | £3 15 0 | £3 7 6 |
   (T. 40/416/6.)
   F. D. THOMSON, Clerk of the Executive Council.
   Revoking Order in Council of the 7th June, 1926, licensing Messrs. McCallum and Company (Limited) to use and occupy a Part of the Foreshore at Kaipipi Bay, Stewart Island, as a Site for a Wharf and Tramway.
   BLEDISLOE, Governor-General.
   ORDER IN COUNCIL.
   At the Government Buildings at Wellington, this 10th day of September, 1934.
   Present:
   THE RIGHT HON. G. W. FORBES PRESIDING IN COUNCIL.
   WHEREAS by Order in Council dated the seventh day of June, one thousand nine hundred and twenty-six, and published in the Gazette of the tenth day of the same month, at page 1594, Messrs. McCallum and Company (Limited), of Invercargill (hereinafter called “the company”), was licensed to use and occupy a part of the foreshore and land below low-water mark at Kaipipi Bay, Stewart Island, as a site for a wharf and tramway, for a term of fourteen years:
   And whereas the company has applied to have the hereinbefore-recited license revoked, and it is desirable to revoke the same:
   Now, therefore, His Excellency the Governor-General of the Dominion of New Zealand, in pursuance and exercise of the power and authority conferred upon him by the Harbours Act, 1923, and of all other powers and authorities enabling him in that behalf, and acting by and with the advice and consent of the Executive Council of the said Dominion, doth hereby revoke the hereinbefore-recited Order in Council of the seventh day of June, one thousand nine hundred and twenty-six, as from the thirty-first day of August, one thousand nine hundred and thirty-four.
   F. D. THOMSON,
   Clerk of the Executive Council.
   Order in Council varying and adding to the Determinations in respect of Part (£10,000) of the Otago Harbour Board’s Loan of £728,800.
   BLEDISLOE, Governor-General.
   ORDER IN COUNCIL.
   At the Government House at Wellington, this 17th day of September, 1934.
   Present:
   His Excellency THE GOVERNOR-GENERAL IN COUNCIL.
   WHEREAS by Order in Council made on the sixth 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 Otago Harbour Board (hereinafter called “the said local authority”) of the sum of seven hundred and twenty-eight thousand eight hundred pounds (£728,800) by a loan to be known as “Redemption Loan, 1934.”
   And whereas it is expedient to vary and add to the determinations aforesaid in respect of the sum of ten thousand pounds (£10,000) (hereinafter called “the said sum”), being part of the said amount not yet raised:
   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 of all other powers and authorities enabling him in this behalf, doth hereby vary and add to the determinations aforesaid in respect of the said sum of ten thousand pounds (£10,000) by prescribing as follows:
   (1) The term for which the said sum or any part thereof may be raised shall be five (5) years.