Authorizing the Borrowing by the Newmarket Borough Council by Way of Hypothecation of Debentures issued in respect of Loans of £11,000 and £5,500.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 16th day of March, 1938.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Orders in Council made on the tenth day of June, one thousand nine hundred and thirty-seven, and the eighteenth day of August, one thousand nine hundred and thirty-seven respectively, consents were given to the raising by the Newmarket Borough Council (hereinafter called “the said local authority”) of the respective sums of eleven thousand pounds (£11,000) and five thousand five hundred pounds (£5,500) by loans to be known as "Street Improvements Loan, 1937," and “Sarawia Street Reserve Development Loan, 1937” respectively (hereinafter called "the said loans"), such consents being given subject to the determinations as to borrowing and repayment therein set out in each case, including, inter alia, the provision that the rate of interest that might be paid in respect of the said loans or any parts 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 loans in accordance with the said determinations, is desirous of borrowing the said amounts or parts 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 respective 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 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 loans in accordance with the said determinations, borrowing the said sums of eleven thousand pounds (£11,000) and five thousand five hundred pounds (£5,500) or any parts thereof by the hypothecation or mortgage of the said respective 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 loans or any portions thereof are borrowed by way of hypothecation pursuant to the authority of this Order in Council, establish a sinking fund in respect of each loan and shall thereafter make payments to such sinking funds in accordance with the terms of clause three of the aforesaid respective Orders in Council of the tenth day of June, one thousand nine hundred and thirty-seven, and the eighteenth day of August, one thousand nine hundred and thirty-seven, and in all respects as if such borrowing of the said sums of eleven thousand pounds (£11,000) and five thousand five hundred pounds (£5,500) or any parts thereof by way of hypothecation were the raising of loans within the meaning of the said respective clauses.

C. A. JEFFERY,

Clerk of the Executive Council.

(T. 49/186/13 and 14.)

Authorizing the Borrowing by the Hawke’s Bay Electric-power Board by Way of Hypothecation of Debentures issued in respect of a Loan of £10,000.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 8th day of March, 1938.

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the eighth day of March, one thousand nine hundred and thirty-eight, consent was given to the raising in New Zealand by the Hawke’s Bay Electric-power Board (hereinafter called "the said local authority") of the sum of ten thousand pounds (£10,000) (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 sum or part thereof by hypothecation or mortgage pursuant to section thirty-four of the Local Bodies’ Loan 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 ten thousand pounds (£10,000) 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 moneys borrowed by the hypothecation or mortgage of the said debentures shall, pending the raising of the said loan, be repaid by annual instalments of not less than one thousand pounds (£1,000) each, the first such instalment to be paid not later than one year after the first day from which interest to the lender or lenders is computed on the said sum of ten thousand pounds (£10,000) or any part thereof so raised.

C. A. JEFFERY,

Clerk of the Executive Council.

(T. 49/439.)

Consenting to the Advancing by the Waikohu County Council of the sum of Five hundred pounds (£500) out of its General Fund and prescribing the Conditions thereof.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 8th day of March, 1938.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS the Waikohu County Council (hereinafter called “the said local authority") proposes to undertake certain capital works—namely, forming, metalling, and culverting approximately 2·15 miles of the Mutuera Road—for the benefit of a defined portion of its district to be known as Mutuera Road Special-rating Area:

And whereas the said local authority, being desirous, in lieu of raising the moneys by special loan, of advancing the sum required therefor—namely, five hundred pounds (£500)—(hereinafter called “the said sum") out of its General Fund pursuant to the provisions of section forty-five of the Finance Act, 1933 (No. 2), 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 advancing 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 advancing by the said local authority out of its General Fund, pursuant to the provisions of section forty-five of the Finance Act, 1933 (No. 2), for the particular benefit of the ratepayers of the said Mutuera Road Special-rating Area of the said sum or any part thereof, and in giving such consent doth hereby determine that the moneys so advanced, together with interest thereon at such rate not exceeding three pounds ten shillings (£3 10s.) per centum per annum as the said local authority shall from time to time determine, shall be recouped to the General Fund by equal annual instalments extending over a period not exceeding fifteen (15) years.

C. A. JEFFERY,

Clerk of the Executive Council.

(T. 49/269/9.)