1666
THE NEW ZEALAND GAZETTE.
[No. 47

Authorizing the Borrowing by the Malvern Electric-power Board by way of Hypothecation of Debentures issued in respect of a Loan of £5,000.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 15th day of July, 1937.

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the twenty-third day of June, one thousand nine hundred and thirty-seven, consent was given to the raising in New Zealand by the Malvern Electric-power Board (hereinafter called “the said local authority”) of the sum of five thousand pounds (£5,000) by a loan to be known as “Reticulation Loan, 1937” (hereinafter called “the said loan”), such consent being given subject to the determinations as to borrowing and repayment therein set out, including, inter alia, the provision that the rate of interest that might be paid in respect of the said loan or any part thereof should be such as should not produce to the lender or lenders a rate or rates exceeding three pounds ten shillings (£3 10s.) per centum per annum:

And whereas the said local authority, pending the raising of the said loan in accordance with the said determinations, is desirous of borrowing the said amount or part thereof by hypothecation or mortgage pursuant to section thirty-four of the Local Bodies’ Loans Act, 1926, of the debentures authorized to be 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 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, borrowing the said sum of five thousand pounds (£5,000) 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 shall thereafter make payments to such sinking fund in accordance with the terms of clause three of the aforesaid Order in Council of the twenty-third day of June, one thousand nine hundred and thirty-seven, and in all respects as if such borrowing of the said sum of five thousand pounds (£5,000) by way of hypothecation were the raising of a loan within the meaning of that clause.

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

(T. 49/352/3.)

Consenting to the Borrowing of Moneys by the Motueka River Board by way of Bank Overdraft.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 15th day of July, 1937.

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS the Motueka River Board (hereinafter called “the said local authority”), being desirous of borrowing the sum of two hundred and fifty pounds (£250) by way of bank overdraft under the provisions of section seven of the Local Bodies’ Finance Act, 1921–22, by a loan to be known as “Protective Works Construction Loan, 1937,” for the purpose of carrying out urgent protective works on the Motueka River and the Brooklyn Creek, 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 borrowing as aforesaid:

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 borrowing of moneys by the said local authority for the said purpose up to the amount of two hundred and fifty pounds (£250), and in giving such consent doth hereby determine as follows:—

(1) Such borrowing may be from time to time by way of bank overdraft.

(2) The rate of interest payable from time to time shall not exceed the current bank overdraft rate of interest to best customers.

(3) The moneys so borrowed shall be repaid from the revenues of the said local authority during the financial years ending on the thirty-first day of March, one thousand nine hundred and thirty-eight, and the thirty-first day of March, one thousand nine hundred and thirty-nine.

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

(T. 49/670.)

Consenting to the Raising of a Loan of £10,000 by the Taranaki Electric-power Board and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 15th day of July, 1937.

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS the Taranaki Electric-power Board (hereinafter called “the said local authority”) being desirous of raising the sum of ten thousand pounds (£10,000) by a loan to be known as “Extension Loan, 1937” (hereinafter called “the said loan”), for the purpose of further extending the reticulation within the Board’s electric-power district, 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 ten thousand pounds (£10,000), 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 fifteen (15) 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) (a) The said loan together with interest thereon shall be repaid by thirty (30) 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 loan is borrowed. Each such half-yearly payment shall be applied first in payment of interest 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 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 sum has been reduced in accordance with the preceding paragraph (a) hereof after payment of the aforesaid thirty (30) half-yearly payments.

(4) The payment of such instalments shall be made in New Zealand, and no such instalment shall be paid out of loan-moneys.

(5) The rate payable for brokerage, underwriting, and procurement 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.

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

(T. 49/191/4.)