Order in Council consenting to the Raising of a Loan of £200,000
by the Wellington City Council and prescribing the Conditions
thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 18th day of
March, 1937.
Present:
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS the Wellington City Council (hereinafter
called “the said local authority”) being desirous of
raising the sum of two hundred thousand pounds (£200,000)
by a loan to be known as “Sewerage Loan, 1937,” for the
purpose of carrying out alterations and improvements to the
sewerage system, 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 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 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 in New Zealand by
the said local authority of the said loan for the said purpose
up to the amount of two hundred thousand pounds
(£200,000), 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 not exceed 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 per centum which shall be not less than two
pounds (£2), such payments to be made in respect of every
part of the said loan for the time being so borrowed 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 the said loan or any part thereof so
raised.
(4) The payment of interest and the repayment of principal
in respect of the said loan shall be made in New Zealand.
(5) No amount payable as either interest or sinking fund
in respect of the said loan shall be paid out of loan-moneys.
(6) The rate payable for brokerage, underwriting, and
procuration 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.
(7) No moneys shall be borrowed under this consent after
the expiration of two years from the date hereof.
C. A. JEFFERY,
Clerk of the Executive Council.
(T. 49/168/78.)

which guarantees as described in clauses 21–43 of the Electrical Supply Regulations, 1935, 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 fifteen per centum (15 per cent.) of the
estimated capital cost thereof, has complied with the pro-
visions 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
should be given to the raising 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 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 in New Zealand
by the said local authority of the said loan for the said purpose
up to the amount of eight thousand pounds (£8,000), 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 not exceed twenty-five (25) 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 pro-
duce to the lender or lenders a rate exceeding three pounds
ten shillings (£3 10s.) per centum per annum.
(3) The said loan or any part thereof, together with interest
thereon, shall be repaid by equal aggregate annual or half-
yearly instalments extending over the term 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-money.
(5) The rate payable for brokerage, underwriting, and
procuration 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) No moneys shall be borrowed under this consent after
the expiration of two years from the date hereof.
C. A. JEFFERY,
Clerk of the Executive Council.
(T. 49/142/2.)

Order in Council varying the Determinations in respect of the
Gisborne Fire Board's Loan of £11,000.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 18th day
of March, 1937.
Present:

THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS by Order in Council made on the eleventh
day of March, one thousand nine hundred and thirty-
six (hereinafter called “the said Order in Council”), and
subject to the determinations as to borrowing and repayment
therein set out, consent was given to the raising by the Gisborne
Fire Board (hereinafter called “the said local authority”)
of the sum of eleven thousand pounds (£11,000) (hereinafter
called “the said loan”) by a loan to be known as “Recon-
struction Loan, 1936”:
And whereas it is provided by clause six of the said Order
in Council that no moneys shall be borrowed under the
authority of the said Order in Council after the expiration of
two years from the date thereof:
And whereas the authority conferred by the said Order in
Council has not yet been exercised, and it is expedient to vary
the determination as set out in clause six of the said Order in
Council:
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 all other powers and
authorities enabling him in this behalf, doth hereby vary
the said determination by prescribing that no moneys shall
be borrowed under the authority of the said Order in Council
after the date hereof.
C. A. JEFFERY,
Clerk of the Executive Council.
(T. 49/569.)

Order in Council consenting to the Raising of a Loan of £8,000
by the Te Awamutu Electric-power Board and prescribing
the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 18th day
of March, 1937.
Present:

THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS the Te Awamutu Electric-power Board
(hereinafter called “the said local authority”)
being desirous of raising the sum of eight thousand pounds
(£8,000) by a loan to be known as “Harapepe-Te Pahu
Special Area Loan, 1936” (hereinafter called “the said
loan”), for the purposes of constructing and erecting trans-
mission-lines, transformer-stations, and all fittings and
appliances for conveying, transmitting, and distributing
electricity within that portion of the Raglan County known
as the Harapepe-Te Pahu Special Area,” and in respect of