Jan. 28.] THE NEW ZEALAND GAZETTE. 269

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 consent to the raising by the said local authority of the said loan for the said purpose up to the amount of seven hundred and twenty-five pounds (£725), 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 four (4) 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 together with interest thereon shall be repaid by equal aggregate annual instalments extending over the term as determined in (1) above.
(4) 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. 49/252/5.)

Order in Council consenting to the Raising of a Loan of £65,000 by the Waimea Electric-power Board and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 21st day of January, 1937.

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS the Waimea Electric-power Board (hereinafter called “the said local authority”) is desirous of raising the sum of sixty-five thousand pounds (£65,000) by a loan to be known as “Reticulation Loan No. 2, 1936” (hereinafter called “the said loan”), for the purpose of constructing an electrical undertaking in respect of the reticulation of which guarantees as described in clauses 21–43 of the Electrical Supply Regulations, 1935, to the extent of at least fifteen (15) per centum of the capital cost thereof for six (6) consecutive years shall first be given in favour of the Waimea Electric-power Board :

And whereas the said local authority 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 sixty-five thousand pounds (£65,000), 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 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, the payments to such sinking fund to commence to accrue not later than one year after the first day from which interest to the lender of lenders is computed on the said loan or any part thereof so raised, and the first such payment to be made not later than one year from the date such sinking fund shall commence to accrue, and thereafter at intervals of not more than one year, at a rate or rates per centum which shall be not less than two pounds fifteen shillings (£2 15s.).

B

(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 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.
(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. 49/515/2.)

Order in Council consenting to the Raising of a Loan of £4,700 by the Manukau County Council and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 21st day of January, 1937.

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS the Manukau County Council (hereinafter called “the said local authority”) being desirous of raising the sum of four thousand seven hundred pounds (£4,700) by a loan to be known as “Pakuranga Water-supply Extension Loan, 1936” (hereinafter called “the said loan”), for the purpose of laying water-mains and doing all other things necessary for the supply of water to properties in the Pakuranga Riding Water-supply Extension Special Area, 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 four thousand seven hundred pounds (£4,700), 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 ten (10) 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 twenty (20) equal payments of one hundred and sixty-four pounds seven shillings and fivepence (£164 7s. 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 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 half-year and the balance of such half-yearly payment in reduction of principal.
(b) By a payment at the end of the tenth 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 twenty (20) half-yearly payments.
(4) The payment 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 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.

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/111/14.)