MAR. 7.] THE NEW ZEALAND GAZETTE. 625

(2) The rates of interest that may be paid in respect of the said sums 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 Seventh Column of the said Schedule.
(3) The said local authorities shall, before raising the said respective sums 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 Eighth 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 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
sum or part thereof 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
respective sums 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 sums 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.

(T. 40/416/6.) C. A. JEFFERY, Clerk of the Executive Council.

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 Buildings at Wellington, this 27th day of February, 1935.
Present:
THE RIGHT HON. G. W. FORBES PRESIDING IN COUNCIL.

WHEREAS by Orders in Council made on the respective dates specified in the Third Column of the Schedule
hereto, consent was given to the raising by the respective local authorities enumerated in the First Column
of the said Schedule of the respective loans stated in the Second Column of the said Schedule, and the authority so
conferred has not been exercised to the extent of the respective amounts shown in the Fourth Column of the said
Schedule:

And whereas by section nine of the Local Authorities Interest Reduction and Loans Conversion Amendment
Act, 1934, the authority conferred by the said Orders in Council respectively was revoked in so far as it had not
been exercised, and it is not now lawful or competent for the said local authorities to borrow any moneys to which
the said Orders in Council relate except in accordance with the provisions of an Order in Council that may be made
under section eleven of the Local Government Loans Board Act, 1926:

And whereas it is expedient to authorize the said local authorities to borrow on the conditions hereinafter
mentioned the respective sums stated in the Fifth Column of the said Schedule, being the moneys or part thereof to
which the said Orders in Council relate:

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, and by
section nine of the Local Authorities Interest Reduction and Loans Conversion Amendment Act, 1934, 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 sums stated in the Fifth Column
of the said Schedule (hereinafter called "the said sums"), for the respective purposes for which the said loans were
authorized, and in giving such consent doth hereby determine as follows:—

(1) The terms for which the said sums or any parts thereof may be raised shall be the respective terms (in
years) stated in the Sixth Column of the said Schedule.

(2) The rates of interest that may be paid in respect of the said sums 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 Seventh Column of the said Schedule.

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

(4) The payment of such instalments shall be made in New Zealand, and no such instalment 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 sums or any parts thereof shall not in the aggregate exceed one-half per centum of any amount raised.

(6) No moneys shall be borrowed under this consent after the expiration of two years from the date hereof.

(7) The following condition shall apply to the Waitemata Electric-power Board only:—

"In respect of the works to be undertaken from the sum herein authorized to be raised, guarantees as described
in subclause one of clause twelve of the Electrical Supply Regulations, 1927, shall first be given in favour of the
Power Board for payments amounting in each of not less than five (5) consecutive years from the completion of such
works to at least fourteen and two-thirds (14 2/3) per centum of the estimated capital cost of such works."