Aug. 19.]THE NEW ZEALAND GAZETTE.1841
And whereas the said local authority is now desirous of
raising the said loan, and it is expedient to authorize the
said local authority to raise the said loan on the conditions
hereinafter mentioned :
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 one thousand pounds (£1,000), 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 be 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) 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 payments of such instalments shall be made in
New Zealand, and no instalment shall be paid out of loan-
moneys.
(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. 49/219/7.)
Consenting to the Raising of Portion (£15,000) of the Horowhenua
Electric-power Board’s Electrical Reticulation Loan, 1922,
of £260,000, 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 eleventh
day of September, one thousand nine hundred and
twenty-two, consent was given to the raising by the Horo-
whenua Electric-power Board (hereinafter called “the said
local authority”) of the sum of two hundred and sixty
thousand pounds (£260,000) by a loan to be known as “Ele-
trical Reticulation Loan, 1922” (hereinafter called “the
said loan”), of which the amount of £24,521 3s. has not been
borrowed :
And whereas by section nine of the Local Authorities
Interest Reduction and Loans Conversion Amendment Act,
1934, the authority conferred by the said Order in Council
was revoked in so far as it had not been exercised, and it is
not now lawful or competent for the said local authority to
borrow any moneys to which the said consent 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 :
And whereas it is expedient to authorize the said local
authority to borrow on the conditions hereinafter mentioned
the sum of fifteen thousand pounds (£15,000) (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,
land in pursuance and exercise of the powers and authorities
conferred on him by section eleven of the Local Government
Loans Board Act, 1926, and by section nine of the Local
Authorities Interest Reduction and Loans Conversion Amend-
ment Act, 1934, and of all other powers and authorities
enabling him in this behalf, doth 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 doth
hereby determine as follows :—
(1) The term for which the said sum or any part thereof
may be borrowed shall not exceed twelve (12) 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 sum or any part thereof together with interest
on the outstanding balance thereof shall be repaid by equal
annual instalments of principal of not less than one thousand
two hundred and fifty pounds (£1,250) each extending over
the term as determined in (1) above.
(4) The payment of such instalments and interest shall be
made in New Zealand, and no such instalment or interest
shall be paid out of loan-money.
(5) 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.
(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. 49/234.)
Varying the Determinations in respect of Portion (£10,000)
of the Grey Hospital Board’s Loan of £29,000.
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 ninth
day of April, one thousand nine hundred and thirty-
seven, and subject to the determinations as to borrowing
and repayment therein set out, consent was given to the
raising in New Zealand by the Grey Hospital Board (herein-
after called “the said local authority”) of the sum of twenty-
four thousand pounds (£24,000) (hereinafter called “the
said sum”), being portion of the “Alterations and Additions
Loan, 1934,” of £29,000 :
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 in respect of portion
—ten thousand pounds (£10,000)—(hereinafter called “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 in respect of the said
sum by prescribing as follows :—
(1) In lieu of the term of twenty (20) 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 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 sum 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 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. 49/590/1.)