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THE NEW ZEALAND GAZETTE.
[No. 16

Authorizing the Borrowing by the Huntly Borough Council by Way of Hypothecation of Debentures issued in respect of a Loan of £14,500.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 2nd day of March, 1938.

Present:

His Excellency the Governor-General in Council.

WHEREAS by Order in Council made on the fifteenth day of December, one thousand nine hundred and thirty-seven, consent was given to the raising in New Zealand by the Huntly Borough Council (hereinafter called “the said local authority”) of the sum of fourteen thousand five hundred pounds (£14,500) by a loan to be known as “Water-supply Loan, 1937” (hereinafter called “the said loan”), such consent being given subject to the determinations as to borrowing and repayment therein set out, including, inter alia, the provision that the rate of interest that might be paid 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 Reduction 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 determinations, borrowing the said sum of fourteen thousand five hundred pounds (£14,500) or any part thereof by the hypothecation 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 amounts borrowed by the hypothecation or mortgage of the said debentures shall, pending the raising of the said loan, be repaid by annual instalments equivalent to the instalments of principal which would have been repaid if on the first day on which any moneys are borrowed by such hypothecation or mortgage the whole of the said sum of fourteen thousand five hundred (£14,500) pounds had been raised on the terms prescribed by the Order in Council made on the fifteenth day of December, one thousand nine hundred and thirty-seven.

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

(T. 49/154/3.)

Authorizing the Borrowing by the Roxburgh Borough Council by Way of Hypothecation of Debentures issued in respect of a Loan of £2,000.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 2nd day of March, 1938.

Present:

His Excellency the Governor-General in Council.

WHEREAS by Order in Council made on the fifteenth day of July, one thousand nine hundred and thirty-seven, consent was given to the raising in New Zealand by the Roxburgh Borough Council (hereinafter called “the said local authority”) of the sum of two thousand pounds (£2,000) by a loan to be known as “Sewerage and Drainage Advances Loan, 1937” (hereinafter called “the said loan”), such consent being given subject to the determinations as to borrowing and repayment therein set out, including, inter alia, the provision that the rate of interest that might be paid 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 said 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 Reduction 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 determinations, borrowing the said amount or any part thereof by the hypothecation 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 money borrowed by the hypothecation or mortgage of the said debentures shall, pending the raising of the said loan, be repaid by annual amounts of not less than two hundred pounds (£200).

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

(T. 49/453/7.)

Consenting to the Raising of a Loan of £525 by the Port Chalmers Borough Council and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 2nd day of March, 1938.

Present:

His Excellency the Governor-General in Council.

WHEREAS the Port Chalmers Borough Council (hereinafter called “the said local authority”), being desirous of raising the sum of five hundred and twenty-five pounds (£525) by a loan to be known as “Mussel Bay Drainage Additional Loan, 1938” (hereinafter called “the said loan”), for the purpose of recouping general account for moneys expended over and above the amount of the original loan authority in connection with the Mussel Bay Drainage Works, 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 five hundred and twenty-five pounds (£525), 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) The said loan, together with interest on the outstanding balance thereof, shall be repaid by equal annual instalments of principal of not less than fifty pounds (£50).

(4) The payment of such instalments and of interest in respect of the said loan shall be made in New Zealand and no amount payable as either interest or as a redemption 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. 49/502/1.)