316
THE NEW ZEALAND GAZETTE.
[No. 12

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 amount or part thereof by
hypothecation 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 Re-
duction and Loans Conversion Amendment Act, 1933, and
of all other powers and authorities enabling him in this behalf,
doth 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 six thousand three
hundred pounds (£6,300) or any part thereof by the hypo-
thecation 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 sum 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 thereafter make payments to such sinking
fund in accordance with the terms of clause three of the
aforesaid Order in Council of the first day of December,
one thousand nine hundred and thirty-seven, and in all
respects as if such borrowing of the said sum of six thousand
three hundred pounds (£6,300) or any 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. 49/116/23).

Consenting to the Raising of Portion (£5,000) of the Waitomo Electric-power Board’s Reticulation Extension Loan, 1935, of £20,000 and prescribing the Conditions thereof.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 23rd day of February, 1938.

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by a poll of ratepayers taken on the tenth
day of July, one thousand nine hundred and thirty-
five, the Waitomo Electric-power Board (hereinafter called
“the said local authority”) was authorized to borrow by way
of loan the sum of twenty thousand pounds (£20,000) by a loan
to be known as Reticulation Extension Loan, 1935 (hereinafter
called “the said loan”), for the purpose of making additions
and extensions to the existing reticulation system, and
otherwise providing for the distribution of electrical energy
throughout the Waitomo Electric-power District :

And whereas the said local authority being desirous of
raising portion (£5,000) (hereinafter called “the said sum”)
of the unexercised balance of the said loan 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 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 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 sum for the said purpose
up to the amount of five thousand pounds (£5,000), and in
giving such consent doth hereby determine as follows :—

(1) The term for which the said sum or any part thereof
may be raised shall not exceed fifteen (15) 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 make provision for the
repayment of the said sum by half-yearly redemption of
debentures of not less than one hundred and twenty-five
pounds (£125) each over the first ten (10) years of the term
and of not less than two hundred and fifty pounds (£250)
each over the last five (5) years of the term, the first redemp-
tion be made not later than six months after the first day
from which interest to the lender or lenders is computed
on the said sum or any part thereof.

(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 principal 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. 49/176/2.)

Consenting to the Raising of a Loan of £8,300 by the Rotorua Borough Council and Prescribing the Conditions thereof.

GALWAY, Governor-General.

By his Deputy,

MICHAEL MYERS.

ORDER IN COUNCIL.

At the Government House at Wellington, this 9th day of February, 1938.

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS the Rotorua Borough Council (hereinafter
called “the said local authority”) being desirous of
raising the sum of eight thousand three hundred pounds
(£8,300) by a loan to be known as “Library Bequest Loan,
1937” (hereinafter called “the said loan”), for the purpose
of purchasing the property of the late Mrs. E. A. Seddon
Johnson and acquiring the freehold as a permanent endowment
for the Rotorua Municipal Library, 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 eight thousand three hundred
pounds (£8,300), 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 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 payment of such instalments shall be made in
New Zealand and no instalments 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. 49/427/12.)