MAR. 31.] THE NEW ZEALAND GAZETTE. 817

behalf, doth hereby consent to the borrowing of moneys by
the said local authority by way of bank overdraft up to an
amount of seven hundred pounds (£700), 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 extend beyond the
   thirty-first day of March, one thousand nine hundred and
   thirty-nine.

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 from the revenue
   of the said local authority during the financial year ending
   on the thirty-first day of March, one thousand nine hundred
   and thirty-nine.

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

(T. 49/578/2.)

—

Consenting to the Raising of a Loan of £1,750 by the Mount
Roskill Road Board 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 Mount Roskill Road Board (hereinafter
called “the said local authority”), being desirous of
raising the sum of one thousand seven hundred and fifty pounds
(£1,750) by a loan to be known as “Sewer Drainage Loan,
1938” (hereinafter called “the said loan”), for the purpose
of providing sewer drainage reticulation within a special
area of the district, 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 one thousand seven hundred and fifty pounds
(£1,750), 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 (20) 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 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 provision 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 be not
less than three pounds ten shillings (£3 10s.), 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
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.

(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. 49/124.)

—

Consenting to the Raising of Part (£4,000) of the Stratford
Borough Council’s Loan of £129,500.

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 twenty-
second day of November, one thousand nine hundred
and twenty, consent was given to the raising by the Stratford
Borough Council (hereinafter called “the said local
authority”) of the sum of one hundred and twenty-nine
thousand five hundred pounds (£129,500) (hereinafter called
“the said loan”), of which the amount of seventy-three
thousand nine hundred and eighty pounds (£73,980) has not
been raised:

And whereas by section nine of the Local Authorities Interest
Reduction and Loans Conversion Act, 1934, the authority
conferred by the said Order in Council was revoked
in so far as it had not been exercised, and it is not now lawful
or competent for the said authority to borrow any moneys
to which the said Order in Council relates except in accordance
with the provisions of an Order in Council that may be made
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 four thousand pounds (£4,000) (hereinafter called
“the said sum”), being part of the moneys to which the said
Order in Council relates:

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 Amend-
ment 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 purpose for which the
said loan was authorized, 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 be 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, together with interest thereon, shall be
repaid as follows:—

(a) By twenty equal payments of one hundred and
eighty-one pounds eighteen shillings and sixpence
(£181 18s. 6d.), one of such payments to be made
at the end of every half-year commencing from the
date on which the said sum 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 such
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 borrowing of the said sum of a sum equal
to the amount to which the principal has been
reduced in accordance with the preceding para-
graph (a) hereof after payment of the aforesaid
twenty (20) half-yearly payments.

(4) The payment of such instalments shall be made in New
Zealand, and no such instalment shall be paid out of loan-
money.

(5) The rates payable for brokerage, underwriting, and
procuration fees in respect of the borrowing of the said sum
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. 49/299/12.)