2180

Consenting to the Raising of the Balance (£1,200) of the
Waitemata County Council's Waikumete Riding Loan, 1925,
of £31,000, and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 15th day of
September, 1937.
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.
WHEREAS by Order in Council made on the tenth day
day of February, one thousand nine hundred and
twenty-six, consent was given to the raising by the Waitemata
County Council (hereinafter called “the said local authority”)
of the sum of thirty-one thousand pounds (£31,000) by a loan
to be known as “Waikumete Riding Loan, 1925” (hereinafter
called “the said loan”), of which the amount of one thousand
two hundred pounds (£1,200) 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1934, the consent given by the said Order in Council was
revoked in so far as the authority conferred thereby had not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 Govern-
ment 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 one thousand two hundred pounds (£1,200)
(hereinafter called “the said sum”) being the balance 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 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 be seven (7) 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 together with interest thereon shall be
repaid by equal aggregate annual instalments extending over
the term as determined in (1) above.
(4) The payment of such instalments shall be made in New
Zealand, and no instalment 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. 49/116/1.)

Consenting to the Raising of a Loan of £3,500 by the Green
Island Borough Council and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 8th day of
September, 1937.
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.
WHEREAS the Green Island Borough Council (herein-
after called “the said local authority”) proposes
pursuant to the terms of a requisition issued under section
twenty-two of the Health Act, 1920, to raise the sum of three
thousand five hundred pounds (£3,500) by a loan to be known
as “Drainage and Sewerage Loan, 1937” (hereinafter called
“the said loan”), for the purpose of providing drainage and
sewerage works for the borough:
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 in New Zealand by the
said local authority of the said loan for the said purpose up
to the amount of three thousand five hundred pounds (£3,500),
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-eight (28) 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 shall be repaid by annual instalments of
principal of not less than one hundred and twenty-five
pounds (£125) each extending over the term as determined
in (1) above.
(4) The payment of such instalments and the payment of
interest shall be made in New Zealand, and no instalment or
interest 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. 49/470/4.)

Varying the Determinations in respect of the Ashburton County
Council’s Loan of £8,000.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 8th day of
September, 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 Ashburton County Council (hereinafter
called “the said local authority”) of the sum of eight thousand
pounds (£8,000) by a loan to be known as “Methven Drainage
Loan, 1937” (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 the determinations 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 loan shall be repaid as
follows:
(a) By thirty equal payments of two hundred and forty-
one pounds seven shillings and tenpence (£241
7s. 10d.), one of such payments to be made at
the end of every half-year commencing from the
date on which the said loan is raised. Each such
half-yearly payment shall be applied firstly in pay-
ment 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 raising of the said loan 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. 49/287.)