1604
THE NEW ZEALAND GAZETTE.
[No. 45

Varying the Determinations in respect of the Nelson City
Council’s Loan of £7,250.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 30th day of
June, 1937.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the tenth day
of June, one thousand nine hundred and thirty-seven,
and subject to the determinations as to borrowing and repay-
ment therein set out, consent was given to the raising in New
Zealand by the Nelson City Council (hereinafter called “ the
said local authority ”) of the sum of seven thousand two
hundred and fifty pounds (£7,250) by a loan to be known as
“ Land Purchase 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 as follows :—

(1) In lieu of the term of thirty-five (35) years specified
in clause one of the said Order in Council the term shall be
fifteen (15) years.

(2) In lieu of repayment 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 two hundred and eighteen
pounds fifteen shillings and threepence (£218 15s. 3d.),
one of such payments to be made at the end of
every half-year commencing from the date on which
the said loan is 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 out-
standing at the beginning of each half-year and the
balance of such half-yearly payment in reduction
of principal.

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

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

(T. 49/279/22.)

Varying the Determinations in respect of the Wellington City
Council’s Renewal Loan, 1937.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 30th day of
June, 1937.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the fourteenth
day of October, one thousand nine hundred and
thirty-six, and subject to the determinations as to borrowing
and repayment therein set out (including, inter alia, the
determination that the said loan should be raised in London),
consent was given to the raising by the Wellington City
Council (hereinafter called “ the said local authority ”), for
the purpose of repaying certain maturing loans recited in
the said Order in Council, of a sum up to the amount of two
hundred and fifty-nine thousand pounds (£259,000) by a
loan to be known as “ Wellington City Council Renewal
Loan, 1937 ” (hereinafter called “ the said loan ”) :

And whereas pursuant to special order and resolutions of
the said local authority one hundred and ninety-four thousand
pounds (£194,000) (part of the said amount of two hundred
and fifty-nine thousand pounds (£259,000)) was originally
intended to be raised in London with interest at 4½ per centum
per annum, the principal and interest to be payable only in
London :

And whereas no part of the said loan has yet been raised
and the said local authority being now desirous of raising
such loan in New Zealand in lieu of in London, the amount
to be borrowed in New Zealand to be two hundred and thirty-
four thousand pounds (£234,000), it is expedient to amend
in the manner hereinafter set forth the determinations made
by the aforesaid Order in Council in respect of the said loan
(hereinafter referred to as “ the said determinations ”) :

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, and notwithstanding
anything contained in any special order or resolution of the
said local authority heretofore passed, doth hereby amend
the said determinations in the manner following, namely :—

(1) The said loan in lieu of being raised in London shall be
raised in New Zealand, and it shall not be necessary for the
said local authority to pass a further special order to increase
the amount of the said loan from one hundred and ninety-
four thousand pounds (£194,000) to two hundred and thirty-
four thousand pounds (£234,000).

(2) The term for which the said loan or any part thereof
may be raised shall be ten (10) years in lieu of the term of
twenty years specified in clause (1) of the said determinations.

(3) Clause two of the said determinations is hereby can-
celled.

(4) In lieu of the rate of interest of four pounds ten
shillings sterling (£4 10s.) per centum per annum specified in
clause (3) of the said determinations, 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.

(5) In lieu of the payment of interest and principal being
made in London as prescribed by clause (6) of the said
determinations, the payment of such interest and principal
shall be made in New Zealand and not elsewhere.

(6) The sinking fund to be established pursuant to clause
(4) of the said Order in Council dated the fourteenth day of
October, one thousand nine hundred and thirty-six, and by
the Order in Council dated the ninth day of December, one
thousand nine hundred and thirty-six (consenting to the
mortgage or hypothecation of debentures by the said local
authority), shall apply up to the date of this Order in Council,
and the provisions of the said two Orders in Council shall
hereafter apply in accordance with the amendments effected
by this Order in Council and the Order in Council of even
date herewith extending the application of the said Order in
Council dated the ninth day of December, one thousand
nine hundred and thirty-six.

(7) Clause (7) of the said determinations is hereby can-
celled.

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

(T. 49/168/45.)

Varying the Determinations in respect of the Pahiatua County
Council’s Loan of £4,900.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 30th day of
June, 1937.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the twenty-
third day of December, 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 Pahiatua County Council
(hereinafter called “ the said local authority ”) of the sum of
four thousand nine hundred pounds (£4,900) by a loan to
be known as “ Bridges 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