1952
THE NEW ZEALAND GAZETTE.
[No. 70]

Order in Council varying the Determinations in respect of Portion (£54,000) of the Auckland and Suburban Drainage Board's Loan of £104,000.

GALWAY, Governor-General.

ORDER IN COUNCIL.

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

His Excellency the Governor-General in Council.

WHEREAS by Order in Council made on the fourteenth day of July, 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 by the Auckland and Suburban Drainage Board (hereinafter called “the said local authority”) of the sum of one hundred and four thousand pounds (£104,000) by a loan to be known as “Loan No. 11” (hereinafter called “the said loan”):

And whereas the authority conferred by the said Order in Council has not yet been exercised in respect of portion—fifty-four thousand pounds (£54,000) (hereinafter called “the said sum”)—of the said loan:

And whereas it is expedient to vary the determinations in respect of the said sum:

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-nine (29) years specified in clause one of the said Order in Council the term shall be fifteen (15) years.

(2) In lieu of repayment by the establishing of a sinking fund as specified in clause three of the said Order in Council the said sum shall be repaid as follows :—

(a) By thirty equal payments of one thousand four hundred and eighty-nine pounds eleven shillings and tenpence (£1,489 11s. 10d.), 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. 49/393/3.)

Order in Council varying the Determinations in respect of Portion (£5,000) of the Ashburton Electric-power Board's Loan of £10,000.

GALWAY, Governor-General.

ORDER IN COUNCIL.

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

His Excellency the Governor-General in Council.

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 Ashburton Electric-power Board (hereinafter called “the said local authority”) of an amount of ten thousand pounds (£10,000) being portion of a loan known as “Special Loan, 1929,” of £85,000:

And whereas the authority conferred by the said Order in Council has not been exercised, and it is expedient to vary the determinations aforesaid in respect of the sum of five thousand pounds (£5,000) (hereinafter called “the said sum”) being portion of the aforesaid amount of £10,000:

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 sum by prescribing as follows :—

(1) The said sum of five thousand pounds (£5,000) may be raised by the said local authority upon terms of making the same repayable by four instalments of principal of nine hundred pounds (£900), eleven hundred pounds (£1,100), fourteen hundred pounds (£1,400), and sixteen hundred pounds (£1,600), respectively, with interest thereon at the rate of three pounds ten shillings (£3 10s.) per centum per annum, the first such instalment to be paid on the fifth anniversary of the raising of the said sum and subsequent instalments at intervals of five (5) years thereafter.

(2) In lieu of the sinking fund payments to be made pursuant to the Order in Council aforesaid, the said local authority shall, in respect of the said sum, make to the sinking fund to be established for the repayment thereof an annual contribution of one hundred and eighty pounds (£180), such amount to be increased each year by a sum equivalent to three pounds ten shillings (£3 10s.) per centum of all repayments of principal made as provided for in clause (1) above up to and including the previous repayment.

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

(T. 49/378.)

Order in Council varying the Determinations in respect of the Taranaki Electric-power Board's Loan of £3,800.

GALWAY, Governor-General.

ORDER IN COUNCIL.

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

His Excellency the Governor-General in Council.

WHEREAS by Order in Council made on the fourteenth day of July, 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 by the Taranaki Electric-power Board (hereinafter called “the said local authority”) of the sum of three thousand eight hundred pounds (£3,800) by a loan to be known as “Clifton County Special Area Loan, 1936” (hereinafter called “the said loan”):

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 twenty (20) years, the said local authority shall make provision for the repayment of the said loan from revenue by the annual redemption of debentures in the years set out in the first column of the Schedule hereunder of the amounts set out in the second column of the said Schedule to the extent set out in the third column of the said Schedule.

SCHEDULE.

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

(T. 49/191/1.)