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THE NEW ZEALAND GAZETTE.
[No. 20

Consenting to the Raising of a Loan of £2,500 by the Featherston Borough Council and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 23rd day of March, 1938.

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS the Featherston Borough Council (hereinafter called “the said local authority”), being desirous of raising the sum of two thousand five hundred pounds (£2,500) by a loan to be known as “Water-supply Loan, 1937” (hereinafter called “the said loan”), for the purpose of making additions and improvements to the Featherston water-supply system, 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 two thousand five hundred pounds (£2,500), 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 thirty (30) 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 the lender or lenders a rate or rates exceeding three pounds ten shillings (£3 10s.) per centum per annum.

(3) The said local authority shall, before raising the said loan or any part thereof, make provisions for the repayment thereof by establishing a sinking fund under the Local Bodies’ Loans Act, 1926, or under such other statutory enactment as may be applicable, and shall thereafter make payments to such sinking fund at intervals of not more than one year at a rate or rates per centum which shall not be less than two pounds (£2), such payments to be made in respect of every part of the said loan for the time being so raised 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 computed on the said loan or any part thereof so raised.

(4) The payment of interest and repayment of principal in respect of the said loan shall be made in New Zealand.

(5) No amount payable as either interest or sinking fund in respect of the said loan shall be paid out of loan-money.

(6) 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.

(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. 49/339/4.)

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Varying the Determinations in respect of the Kaiapoi Borough Council’s Loan of £7,000.

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 Order in Council made on the eighteenth day of March, one thousand nine hundred and thirty-seven, and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising in New Zealand by the Kaiapoi Borough Council (hereinafter called “the said local authority”) of the sum of seven thousand pounds (£7,000) by a loan to be known as “Housing Loan (No. 3)” (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 in lieu of a term of thirty (30) years as specified in clause (1) of the said Order in Council the term for which the said loan or any part thereof may be raised shall not exceed twenty (20) years.

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

(T. 49/334/4.)

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Varying the Determinations in respect of the Amuri County Council’s Loan of £1,910.

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 Order in Council made on the seventh day of May, one thousand nine hundred and thirty-seven, and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising by the Amuri County Council (hereinafter called “the said local authority”) of the sum of one thousand nine hundred and ten pounds (£1,910) by a loan to be known as “Doctor’s House Loan, 1937” (hereinafter called “the said loan”):

And whereas the said loan has not yet been raised, and it is expedient to vary certain of the determinations aforesaid in respect thereof:

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 a term of thirty-five (35) years as specified in clause (1) of the said Order in Council, the term for which the said loan or any part thereof may be borrowed shall not exceed twenty (20) years.

(2) In lieu of provision being made for the repayment of the said loan by establishing a sinking fund in respect thereof, 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.

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

(T. 49/252/8.)

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Varying the Determinations in respect of the Outram Town Board’s Loan of £550 by prescribing Repayment on the Instalment-repayment System.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 23rd day of March, 1938.

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the seventh day of May, one thousand nine hundred and thirty-seven, and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising by the Outram Town Board (hereinafter called “the said local authority”) of the sum of five hundred and fifty pounds (£550) by a loan to be known as “Town Hall Loan, 1937” (hereinafter called “the said loan”):