MAB. 17.]

Consenting to the Borrowing of Moneys by the Peninsula County
Council by way of Bank Overdraft.

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 the Peninsula County Council (hereinafter
called “the said local authority”) being desirous of
borrowing the sum of five hundred pounds (£500) by way
of bank overdraft under the provisions of section seven of
the Local Bodies’ Finance Act, 1921-22, by a loan to be known
as “Flood Damage Loan, 1938” (hereinafter called “the
said loan”), for the purpose of repairing damage caused by
floods, 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 under the said section seven for the
said purpose up to the amount of five hundred pounds (£500),
and in giving such consent doth hereby determine as
follows:-
(1) Such borrowing may be from time to time by way of
bank overdraft, but the term for which such moneys or any
part thereof may be borrowed shall not exceed five (5) 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 one hundred pounds (£100).
(4) No amount payable as interest or principal in respect
of the said loan shall be paid out of loan-moneys.
(5) The rate payable for brokerage, underwriting, and pro-
curation 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 authority
after the expiration of two years from the date hereof.
C. A. JEFFERY,
Clerk of the Executive Council
(T. 49/612.)
Varying the Determinations in respect of the Waitaki County
Council’s Loan of £3,000.
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 8th day of
March, 1938.
Present:
HIS EXCELLENCE THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS by Order in Council made on the thirteenth
day of October, one thousand nine hundred and
thirty-seven, and subject to the determinations as to borrow-
ing and repayment therein set out, consent was given to the
raising by the Waitaki County Council (hereinafter called
“the said local authority”) of the sum of three thousand
pounds (£3,000) by a loan to be known as “Kurow Water-
supply 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 certain of the determinations aforesaid 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 twenty-five (25) years specified
in clause (1) of the said Order in Council, the term shall be
ten (10) years.
B

(2) In lieu of repayment as specified in clause (3) of the
said Order in Council the said loan shall be repaid as follows :—
(a) By twenty equal payments of one hundred and
four pounds eighteen shillings and fourpence
(£104 18s. 4d.), one of such payments to be made at
the end of every half-year commencing from the date
on which the said loan is borrowed. Each such half-
yearly payment shall be applied firstly in payment 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 half-year, and the
balance of such half-yearly payment in reduction
of such principal.
(b) By a payment at the end of the tenth 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 twenty
(20) half-yearly payments.
C. A. JEFFERY,
Clerk of the Executive Council.
(T. 49/481/1.)
Consenting to the Raising of Portion (£10,000) of the Hawke’s
Bay Electric-power Board’s Loans of £300,000 and pre-
scribing 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 by Orders in Council made on the twenty-
seventh day of January, one thousand nine hundred
and twenty-six, and the sixteenth day of October, one
thousand nine hundred and twenty-eight, consent was given
to the raising by the Hawke’s Bay Electric-power Board
(hereinafter called “the said local authority”) of sums of
two hundred thousand pounds (£200,000) and one hundred
thousand pounds (£100,000) respectively (hereinafter called
“the said loans”), of which the amount of forty thousand
pounds (£40,000) has not been borrowed :
And whereas by section nine of the Local Authorities
Interest Reduction and Loans Conversion Amendment Act,
1934, the consents given by the said Orders in Council were
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 moneys to which such consents
relate except in accordance with the provisions of an Order
in Council under section eleven of the Local Government
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 ten thousand pounds (£10,000) (hereinafter called
“the said sum”), being portion of the moneys to which the
said Orders in Council relate for the purpose of further
reticulation :
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
Amendment 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 above purpose, 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 not exceed ten (10) 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 shall be repaid, together with interest
on the outstanding balance thereof, by equal annual instal-
ments of principal of not less than one thousand pounds
(£1,000) each extending over the term as determined in (1)
above.
(4) The payment of interest and repayment of principal
in respect of the said sum shall be made in New Zealand.