APRIL 7.] THE NEW ZEALAND GAZETTE. 897

Consenting to the Raising of Part (£6,000) of the Unexercised
Authority to raise £12,520 of the Taranaki Electric-power
Board’s Electric Works Loan, 1922, of £200,000.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 31st day of
March, 1938.

Present :

His Excellency the Governor-General in Council.

WHEREAS by Order in Council made on the twentieth
day of September, one thousand nine hundred and
twenty-six, consent was given to the raising by the Taranaki
Electric-power Board (hereinafter called “the said local
authority”) of the sum of seventy thousand pounds (£70,000)
(hereinafter called “the said loan”), being part of a 1922 poll
loan authorization of two hundred thousand pounds (£200,000)
for electric works :

And whereas the authority conferred by the said consent
has not been exercised to the extent of twelve thousand five
hundred and twenty pounds (£12,520) :

And whereas by section nine of the Local Authorities In-
terest Reduction and Loans Conversion Amendment Act,
1934, the consent given by the said Order in Council was
revoked in so far as the authority conferred thereby had not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 any moneys to which such
consent relates except in accordance with the provisions of
an Order in Council under section eleven of the Local Govern-
ment 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 six thousand pounds (£6,000) (hereinafter called
“the said sum”), being part of the moneys to which the
said consent 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 borrow-
ing 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 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, together with interest thereon, shall be
repaid as follows :—

(a) By twenty equal payments of two hundred and
nine pounds sixteen shillings and eightpence
(£209 16s. 8d.), 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 pay-
ment 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 outstand-
ing 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 rate payable for brokerage, underwriting, and pro-
curation 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. 49/788.)

Consenting to the Raising of Portion (£2,500) of the Waitomo
Electric-power Board’s Reticulation Extension Loan, 1935,
of £20,000 and prescribing the Conditions thereof.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 31st day of
March, 1938.

Present :

His Excellency the Governor-General in Council.

WHEREAS by a poll of ratepayers taken on the tenth
day of July, one thousand nine hundred and thirty-
five, the Waitomo Electric-power Board (hereinafter called
“the said local authority”) was authorized to borrow by
way of loan the sum of twenty thousand pounds (£20,000)
by a loan (hereinafter called “Reticulation Extension Loan,
1935 (hereinafter called “the said loan”), for the purpose of
making additions and extensions to the existing reticulation
system, and otherwise providing for the distribution of
electrical energy throughout the Waitomo Electric-power
District :

And whereas the sum of seventeen thousand five hundred
pounds (£17,500) has been raised, and whereas the said
local authority, being desirous of raising the balance of two
thousand five hundred pounds (£2,500) (hereinafter called
“the said sum”), 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 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 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 sum 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 sum 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 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 eighty-seven pounds
eight shillings and sevenpence (£87 8s. 7d.), 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 pay-
ment 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 :

Providing that on giving at least six months’
notice in writing in that behalf to the debenture-
holder the said local authority shall be entitled on
the first day of August, one thousand nine hundred
and forty-five, to repay the balance of principal
outstanding as at that date together with interest
up to and including the date of repayment.

(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 rate 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. 49/176/2.)