2210
THE NEW ZEALAND GAZETTE.
[No. 65

sum for the time being so borrowed 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 com-
puted on the said sum or any part thereof so raised.
(4) The payment of interest and the 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-moneys.
(6) The rate payable for brokerage, underwriting, and
procuration fees in respect of the raising 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. 49/18.)

Consenting to the Borrowing of Moneys by the Whakatane
Fire Board by way of Bank Overdraft.

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 the Whakatane Fire Board (hereinafter
called “the said local authority”) being desirous of
borrowing the sum of nine hundred pounds (£900) by way of
bank overdraft under the provisions of section thirty-one of
the Fire Brigades Act, 1926, by a loan to be known as “Fire-
engine Loan, 1937,” for the purpose of purchasing a new
fire-engine and the proper equipment thereof, 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 by way of bank overdraft under the
said section thirty-one up to the amount of nine hundred
pounds (£900), and in giving such consent doth hereby
determine as follows :—
(1) The term for which such moneys or any part thereof
may be borrowed shall not exceed twelve (12) years.
(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 by annual
payments of not less than seventy-five pounds (£75).
(4) No amount payable as interest in respect of the said
moneys shall be paid out of loan-money.
(5) No moneys shall be borrowed under this authority after
the expiration of two years from the date hereof.

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

(T. 49/667.)

Consenting to the Raising of Loans by certain Local Authorities 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 the several local authorities enumerated in the Schedule hereto, being desirous of raising the respective loans
stated opposite their names therein, have respectively 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 loans :

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 respective local
authorities mentioned in the First Column of the said Schedule of the respective loans set out in the Second Column of the
said Schedule, up to the respective amounts specified in the Third Column of the said Schedule, and in giving such consent
doth hereby determine as follows :—
(1) The terms for which the said loans or any parts thereof may be raised shall be the respective terms (in years) stated
in the Fourth Column of the said Schedule.
(2) The rates of interest that may be paid in respect of the said loans or any parts thereof shall be such as shall not produce
to the lender or lenders a rate or rates exceeding the respective rates per centum per annum stated in the Fifth Column of
the said Schedule.
(3) The said local authorities shall, before raising the said respective loans or any parts thereof, make provision for
the repayment thereof by establishing sinking funds under the Local Bodies’ Loans Act, 1926, or under such other statutory
enactment as may be applicable in any respective case, and shall thereafter make payments to such sinking funds at
intervals of not more than one year, at a rate or rates per centum which shall be not less than the respective rates stated in
the Sixth Column of the said Schedule, such payments to be made in respect of every part of the said respective loans for the
time being so borrowed and not repaid, the first such payment in each respective case to be made not later than one year
after the first day from which interest to the lender or lenders is computed on any loan or part thereof so raised.
(4) No amount payable as either interest or sinking fund in respect of the said loans 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 respective
loans or any parts thereof shall not in the aggregate exceed one-half per centum of any amount raised.
(6) The payment of interest and repayment of principal in respect of the said loans shall be made in New Zealand.
(7) No moneys shall be borrowed under this consent after the expiration of two years from the date hereof.

SCHEDULE.

(T. 40/416/6.)
C. A. JEFFERY, Clerk of the Executive Council,