Oct. 29.] THE NEW ZEALAND GAZETTE. 1951

And whereas the authority conferred by the said Order in Council has not yet been exercised, and it is expedient to vary certain of the determinations aforesaid in respect 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 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 that in lieu of making provision for the repayment of the said loan by equal aggregate annual or half-yearly instalments extending over a period of ten (10) years the said local authority shall make provision for the repayment of the said loan by the annual redemption of debentures in the years and in the amounts as set out in the table hereunder :—

TABLE OF REDEMPTIONS.

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/541/4.)

Order in Council varying the Determinations in respect of the Glen Eden Town Board’s Loan of £3,500, and authorizing the borrowing by Way of Hypothecation of Debentures issued in respect of the Sum of £3,500.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 22nd day of October, 1936.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the sixth day of May, one thousand nine hundred and thirty-six, and subject to the determinations as to the borrowing and repayment therein set out, consent was given to the raising in New Zealand by the Glen Eden Town Board (hereinafter called “the said local authority”) of the sum of three thousand five hundred pounds (£3,500) by a loan to be known as “Town Hall Loan, 1936” (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 in respect of the said loan by prescribing a term of fifteen (15) years in lieu of a term of thirty-five (35) years as prescribed by the said Order in Council :

And whereas the said local authority, pending the raising of the said loan in accordance with the said determinations as varied, is desirous of borrowing the said sum of three thousand five hundred pounds (£3,500) or part thereof by the hypothecation or mortgage pursuant to section thirty-four of the Local Bodies’ Loans Act, 1926, of the debentures issued in respect 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 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 determinations aforesaid in respect of the said loan by prescribing that the term for which the said loan may be raised shall be fifteen (15) years, and in pursuance and exercise of the powers and authorities conferred on him by section seven of the Local Authorities Interest Reduction and Loans Conversion Act, 1932–33, and by section eight of the Local Authorities Interest Reduction and Loans Conversion Amendment Act, 1933, and of all other powers and authorities enabling him in this behalf, doth hereby consent to the said local authority, pending the raising of the said loan in accordance with the said determinations as varied (by which, inter alia, the rate of interest to be inserted in the said debentures is limited to three pounds ten shillings (£3 10s.) per centum), borrowing the said sum of three thousand five hundred pounds (£3,500) or any part thereof by the hypothecation or mortgage of the said debentures at a rate of interest not exceeding four pounds ten shillings (£4 10s.) per centum per annum, and hereby prescribes that the said local authority shall, before the said loan or any portion thereof is borrowed by way of hypothecation pursuant to the authority of this Order in Council, establish a sinking fund and make payments thereto in accordance with the terms of clause three of the aforesaid Order in Council of the sixth day of May, one thousand nine hundred and thirty-six, and in all respects as if such borrowing of the said sum of three thousand five hundred pounds (£3,500) by way of hypothecation were the raising of a loan within the meaning of that clause.

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/130/8.)

Order in Council varying the Determinations in respect of Portions — £7,500 and £2,500 — of the Central Waikato Electric-power Board’s Loans of £20,000 and £12,500 respectively.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 22nd day of October, 1936.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the eighth day of April, one thousand nine hundred and thirty-six, and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising in New Zealand by the Central Waikato Electric-power Board (hereinafter called “the said local authority”) of a portion—twenty thousand pounds (£20,000)—of the “Special Loan, 1936,” of £50,000 :

And whereas the authority conferred by the said Order in Council has not yet been exercised in respect of a portion—seven thousand five hundred pounds (£7,500) :

And whereas by Order in Council made on the twenty-second day of October, one thousand nine hundred and thirty-six, and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising in New Zealand by the said local authority of a further portion—twelve thousand five hundred pounds (£12,500)—of the said “Special Loan, 1936,” of £50,000 :

And whereas it is expedient to vary the determinations in respect of ten thousand pounds (£10,000) (hereinafter called “the said sum”) being the balance—seven thousand five hundred pounds (£7,500)—of the sum of twenty thousand pounds (£20,000) authorized by the said Order in Council made on the eighth day of April, one thousand nine hundred and thirty-six, and portion—two thousand five hundred pounds (£2,500)—of the sum of twelve thousand five hundred pounds (£12,500) authorized by Order in Council made on the twenty-second day of October, one thousand nine hundred and thirty-six :

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 sum by prescribing as follows :—

(1) In lieu of the term of twenty (20) years specified in the said Orders in Council the term shall be fifteen (15) years.

(2) In lieu of repayment as specified in the said Orders in Council the said sum shall be repaid as follows :—

(a) By thirty equal payments of three hundred and forty-nine pounds fourteen shillings and fivepence (£349 14s. 5d.), one of such payments to be made at the end of every half-year commencing from the date on which the said sum was borrowed. Each such half-yearly payment shall be applied firstly in payment of interest computed at the rate of three pounds ten shillings (£3 10s.) per centum per annum on the amount of the principal for the time being outstanding at the beginning of each such half-year and the balance of such half-yearly payment in reduction of such principal.

(b) By a payment at the end of the fifteenth year from the date of the borrowing of the said sum of a sum equal to the amount to which the principal has been reduced in accordance with the preceding paragraph (a) hereof after payment of the aforesaid thirty (30) half-yearly payments.

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/134/8.)