1060
THE NEW ZEALAND GAZETTE.
[No. 25

Order in Council consenting to the Raising of a Loan of £5,000 by the Ellerslie Town Board and prescribing the Conditions thereof.

——

MICHAEL MYERS,
Administrator of the Government.

ORDER IN COUNCIL.

At the Government House at Wellington, this 10th day of April, 1935.

Present:

HIS EXCELLENCY THE ADMINISTRATOR OF THE GOVERNMENT IN COUNCIL.

WHEREAS the Ellerslie Town Board (hereinafter called “the said local authority”), being desirous of raising the sum of five thousand pounds (£5,000) by a loan to be known as “Footpaths Construction Loan, 1935” (hereinafter called “the said loan”), for the purpose of constructing footpaths in concrete, 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 Administrator of the Government 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 for the said purpose up to the amount of five thousand pounds (£5,000), 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 be 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 three pounds ten shillings (£3 10s.) 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 which shall be not less than three pounds ten shillings (£3 10s.) per centum, 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 the said loan shall be paid out of loan-money.

(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.

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

A. W. MULLIGAN,
Acting Clerk of the Executive Council.

(T. 49/223/6.)

——

Order in Council consenting to the Raising of a Loan of £800 by the Hokianga County Council and prescribing the Conditions thereof.

——

MICHAEL MYERS,
Administrator of the Government.

ORDER IN COUNCIL.

At the Government House at Wellington, this 10th day of April, 1935.

Present:

HIS EXCELLENCY THE ADMINISTRATOR OF THE GOVERNMENT IN COUNCIL.

WHEREAS the Hokianga County Council (hereinafter called “the said local authority”) proposes, pursuant to the provisions of section three of the Main Highways Amendment Act, 1928, to borrow the sum of eight hundred pounds (£800) by a loan to be known as “Main Highways (Taheke Bridge) Loan, 1935” (hereinafter called “the said loan”), for the purpose of paying its proportion of the cost of the construction of the Taheke River Bridge (including approaches thereto) on the County Division of the Waimakumaku–Ohaeawai Main Highway:

Now, therefore, His Excellency the Administrator of the Government 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 consent to the raising by the said local authority of the said loan for the said purpose up to the amount of eight hundred pounds (£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 be six (6) 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 three pounds ten shillings (£3 10s.) per centum per annum.

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

A. W. MULLIGAN,
Acting Clerk of the Executive Council.

(T. 49/138/4.)

——

Order in Council validating the Proceedings in connection with the Conversion of certain Loans by the Tararua Electric-power Board.

——

MICHAEL MYERS,
Administrator of the Government.

ORDER IN COUNCIL.

At the Government House at Wellington, this 10th day of April, 1935.

Present:

HIS EXCELLENCY THE ADMINISTRATOR OF THE GOVERNMENT IN COUNCIL.

WHEREAS by the Tararua Electric-power Board Loans Conversion Order, 1934, made under the authority of Part II of the Local Authorities Interest Reduction and Loans Conversion Act, 1932–33, on the fourteenth day of December, one thousand nine hundred and thirty-four, and published in the Gazette of the twentieth day of December, one thousand nine hundred and thirty-four, it was provided that the Tararua Electric-power Board, if it so resolved by a resolution passed and confirmed as provided by subsection two of section nine of the said Act, might, subject to and in accordance with the provisions of such Order, issue new securities in conversion of existing securities to which such Order applied:

And whereas the said Tararua Electric-power Board duly passed at a special meeting held on the eighteenth day of January, one thousand nine hundred and thirty-five, and confirmed at a subsequent meeting of the said Board on the fifteenth day of February, one thousand nine hundred and thirty-five, a resolution intended by the said Board to be the resolution required by the said subsection two of section nine:

And whereas the said resolution is defective or irregular for inaccurate and insufficient description of the powers under which it is made and the securities to which it refers:

And whereas it is expedient that the proceedings of the Tararua Electric-power Board be validated in so far as they are affected by the defects or irregularities of such resolution:

And whereas it is provided by clause six, subclause one, of the said Order that the local authority shall cause a notice in the form prescribed by the said Order to be published not later than fourteen days before the date of conversion at least once in the Gazette, and where the address of any holder of existing securities to which the Order applies is known shall forward by registered letter to such holder a copy of such notice accompanied by a copy of the said Order:

And whereas the local authority has duly forwarded by registered letter a copy of such notice accompanied by a copy of the said Order to all the holders of existing securities to which the said Order applies but has omitted to publish such notice not later than fourteen days before the date of conversion at least once in the Gazette as required by the said Order:

And whereas such notice in the form prescribed by the said Order provides that dissent from the conversion of any security may be signified by the holder by notice in writing on or before the date provided in clause nine (a) of the said Order being any time before the expiration of fourteen days from the date of conversion: