1730
THE NEW ZEALAND GAZETTE.
[No. 46

to the raising by the said local authority of the said loan for
the said purpose up to the amount of nine hundred pounds
(£900), and in giving such consent doth thereby determine
as follows :—

(1) The term for which the said loan or any part thereof
may be raised shall be five (5) 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.

(4) 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. 49/216/5.)

Order in Council varying the Determinations in respect of the
Kaihohe Town Board’s Loan of £575.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 13th day
of June, 1935.

Present:

THE HON. SIR ALEXANDER YOUNG PRESIDING IN COUNCIL.

WHEREAS by Order in Council made on the twenty-
ninth day of April, one thousand nine hundred and
thirty-five, and subject to the determinations as to borrowing
and repayment therein set out, consent was given to the
raising by the Kaihohe Town Board (hereinafter called “the
said local authority”) of the sum of five hundred and twenty-
five pounds (£575) by a loan to be known as “Water
Supplementary Loan, 1935” (hereinafter called “the said
loan”):

And whereas the said loan has not yet been raised, and it is
expedient to vary certain of the determinations aforesaid in
respect thereof:

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
certain of the determinations aforesaid in respect of the said
loan by prescribing as follows :—

(1) In lieu of making payments to the sinking fund to be
established for the repayment of the said loan at a rate of
three pounds ten shillings (£3 10s.) per centum per annum,
the said local authority shall on the first anniversary of the
date on which the said loan or any part thereof was first
raised and on every anniversary date thereafter until the
said loan has been repaid, pay to the said sinking fund an
annual contribution of twenty-two pounds two shillings and
sixpence (£22 2s. 6d.), increased in respect of each contri-
bution by a sum equal to three and one-half per centum of
the aggregate amount of all debentures redeemable as specified
in the Schedule of Redemptions hereunder, prior to the date
of payment of such annual contribution.

(2) The said loan shall be redeemed by six instalments of
principal of the amounts specified in the Schedule hereunder,
such payments to be made at the end of the particular years
(after the raising of the said loan) as stated in the said
Schedule.

SCHEDULE OF REDEMPTIONS.

Date of Payment. At
the end of the Year as
stated, after raising
Loan.

Amount of
Loan to be
redeemed.
£

4th year .. .. .. .. 75
8th year .. .. .. .. 100
12th year .. .. .. .. 100
15th year .. .. .. .. 100
19th year .. .. .. .. 100
20th year .. .. .. .. 100

Total .. .. .. .. £575

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

(T. 49/392.)

Order in Council varying the Determinations in respect of the
South Canterbury Electric-power Board’s Loans totalling
£31,920.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 13th day
of June, 1935.

Present:

THE HON. SIR ALEXANDER YOUNG PRESIDING IN COUNCIL.

WHEREAS by Order in Council made on the fourteenth
day of December, one thousand nine hundred and
thirty-four, and subject to the determinations as to borrowing
and repayment therein set out, consent was given to the
raising by the South Canterbury Electric-power Board
(hereinafter called “the said local authority”) of five sums
totalling thirty-one thousand nine hundred and twenty
pounds (£31,920) by loans as therein set out:

And whereas one of the determinations aforesaid—namely,
that numbered (7)—provides that in respect of the works
to be undertaken from the said loans certain guarantees
shall be given in favour of the said local authority for payments
amounting in each of not less than ten (10) consecutive
years from the commencement of such works, to at least
seventeen (17) per centum of the estimated capital cost
of such works; and whereas it is expedient to reduce the
amount so to be guaranteed from seventeen (17) per centum
to fifteen (15) per centum of such capital cost:

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 the
said determination numbered (7) by prescribing that ten (10)
years shall be fifteen (15) per centum of the capital cost of
the said works in lieu of seventeen (17) per centum.

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

(T. 49/181/2.)

Validation of Proceedings in connection with the Balclutha
Borough Council’s Loan of £2,500.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 13th day
of June, 1935.

Present:

THE HON. SIR ALEXANDER YOUNG PRESIDING IN COUNCIL.

WHEREAS the Balclutha Borough Council, with the
precedent consent of the Governor-General in
Council given under the Local Government Loans Board
Act, 1926, lately proceeded to raise a loan of two thousand
five hundred pounds (£2,500) under the Local Bodies’ Loans
Act, 1926 (hereinafter referred to as “the said Act”), for the
purpose of effecting improvements in the quality of the borough
water-supply and providing more economical facilities for
pumping:

And whereas the proceedings in connection with the said
loan were irregular or defective in that the notice published
pursuant to the provisions of section ten of the said Act in
setting forth that the proposed security would be a special
rate did not state the amount of such special rate:

And whereas it appears that the ratepayers have not been
misled by such irregularity or defect as aforesaid, and that
it is expedient to validate the same:

Now, therefore, His Excellency the Governor-General of
the Dominion of New Zealand, in pursuance and exercise of
the powers and authorities conferred on him by section
one hundred and twenty-two of the said Act, and of all
other powers and authorities enabling him in this behalf,
and acting by and with the advice and consent of the Executive
Council of the said Dominion, doth hereby order and declare
that the proceedings in connection with the said loan shall
be valid to all intents and purposes as though the said notice
had set forth the amount of the special rate proposed as
security for the loan, and that the validity of the proceedings
or of the security for the loan shall not be called in question
only by reason of the irregularity or defect aforesaid.

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

(T. 49/560/3.)