Authorizing the Borrowing by the Roxburgh Borough Council
by way of Hypothecation of Debentures issued in respect
of a Loan of £5,500.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 18th day of
August, 1937.

Present :
His Excellency The Governor-General in Council.
WHEREAS by Order in Council made on the fifteenth
day of July, one thousand nine hundred and thirty-
seven, consent was given to the raising in New Zealand by
the Roxburgh Borough Council (hereinafter called “the
said local authority”) of the sum of five thousand five hundred
pounds (£5,500) by a loan to be known as “Sewerage and
Drainage 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 sum or part thereof by hypoth-
cation 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,
both hereby consent to the said local authority, pending
the raising of the said loan in accordance with the said deter-
minations, borrowing the said sum of five thousand five
hundred pounds (£5,500) or any part thereof by the hypoth-
cation 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 there-
after make payments to such sinking fund in accordance with
clause three of the aforesaid Order in Council of the fifteenth
day of July, one thousand nine hundred and thirty-seven,
and in all respects as if such borrowing of the said sum of
five thousand five hundred pounds (£5,500) or part thereof
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. 49/453/7.)

Consenting to the Raising of Portion (£2,000) of the Banks
Peninsula Electric-power Board’s Development Loan, 1928,
of £14,680, and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 18th day of
August, 1937.

Present :
His Excellency The Governor-General in Council.
WHEREAS by Order in Council made on the thirty-first
day of May, one thousand nine hundred and twenty-
eight, consent was given to the raising by the Banks Peninsula
Electric-power Board (hereinafter called “the said local
authority”) of the sum of fourteen thousand six hundred
and eighty pounds (£14,680) by a loan to be known as
“Development Loan, 1928” (hereinafter called “the said
loan”), of which the amount of £6,680 has not been borrowed :
And whereas by section nine of the Local Authorities
Interest Reduction and Loans Conversion Amendment Act,
1934, the consent given by the said Order in Council was
revoked in so far as the authority conferred thereby had
not been exercised, and it is not now lawful or competent
for the said local authority to borrow any moneys to which
such consent relates except in accordance with the provisions
of an Order in Council under section eleven of the Local
Government Loans Board Act, 1926 :
And whereas it is expedient to authorize the said local
authority to borrow on the conditions hereinafter mentioned
the sum of two thousand pounds (£2,000) (hereinafter called
“the said sum”), being portion of the moneys to which the
said Order in Council relates :
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 Govern-
ment Loans Board Act, 1926, and by section nine of the
Local Authorities Interest Reduction and Loans Conversion
Amendment Act, 1934, and of all other powers and authorities
enabling him in this behalf, both hereby consent to the
borrowing in New Zealand by the said local authority of the
said sum or any part thereof for the purpose for which the
said loan was authorized, and in giving such consent both
hereby determine as follows :—
(1) The term for which the said sum or any part thereof
may be borrowed shall not exceed twenty (20) years.
(2) The rate of interest that may be paid in respect of the
said sum 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
sum 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
three pounds ten shillings and ninepence (£3 10s. 9d.), such
payments to be made in respect of every part of the said
sum for the time being so raised 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 sum or any part thereof so raised.
(4) The payment of interest and repayment of principal
in respect of the said sum shall be made in New Zealand.
(5) No amount payable as either interest or sinking fund
in respect of the said sum shall be paid out of loan-money.
(6) The rate payable for brokerage, underwriting, and
procuration fees in respect of the borrowing of the said sum
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. 49/363.)

Consenting to the Raising of a Loan of £1,000 by the Inglewood
County Council and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 18th day of
August, 1937.

Present :
His Excellency The Governor-General in Council.
WHEREAS by Order in Council made on the seventh
day of June, one thousand nine hundred and thirty-
five, consent was given to the raising of the sum of one
thousand pounds (£1,000) by a loan to be known as “West
Riding Loan, 1935” (hereinafter called “the said loan”),
for the purpose of meeting the cost of replacing bridges,
culverts, and road-metal lost in the flood in February,
one thousand nine hundred and thirty-five :
And whereas the said loan has not yet been raised:
And whereas it is provided by clause seven of the said
Order in Council of the seventh day of June, one thousand
nine hundred and thirty-five, 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
it is not now lawful or competent for the said local authority
to borrow any moneys to which the said Order in Council
relates except in accordance with the provisions of an Order
in Council that may be made under section eleven of the
Local Government Loans Board Act, 1926 (hereinafter
called “the said Act”):