APRIL 28.]

Varying the Determinations in respect of the Te Aroha Borough Council's Loan of £5,500.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 21st day of April, 1938.

Present:

THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.

WHEREAS by Order in Council made on the fifteenth day of July, 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 Te Aroha Borough Council (hereinafter called “the said local authority”) of the sum of five thousand five hundred pounds (£5,500) by a loan to be known as “Municipal Offices Loan, 1936” (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 thirty-five (35) years specified in clause one of the said Order in Council the term shall be ten (10) years.

(2) In lieu of provision being made for the repayment of the said loan by the establishment of a sinking fund in respect thereof as specified in clause three of the said Order in Council the said loan shall be repaid as follows :-

(a) By twenty equal payments of one hundred and sixty-five pounds nineteen shillings and twopence (£165 19s. 2d.), one of such payments to be made at the end of every half-year commencing from the date on which the said loan is raised. 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 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. 49/193/6.)

Loans Board Act, 1926, and 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 sum by prescribing as follows :—

(1) In lieu of the term thirty (30) years specified in clause one of the said Order in Council the term shall be ten (10) years.

(2) In lieu of making provisions for the repayment of the said sum by establishing a sinking fund in respect thereof in accordance with clause three of the said Order in Council the said local authority shall repay the said sum as follows :—

(a) By twenty equal payments of one thousand and forty-nine pounds three shillings and threepence (£1,049 3s. 3d.), 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 half-year, and the balance of such half-yearly payment in reduction of 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 said 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. 49/231/13.)

Varying the Determinations in respect of Portion (£700) of the Greymouth Borough Council's Loan of £8,000.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 21st day of April, 1938.

Present:

THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.

WHEREAS by Order in Council made on the eighteenth day of December, one thousand nine hundred and thirty-five (hereinafter referred to as “the said Order in Council”), and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising by the Greymouth Borough Council (hereinafter called “the said local authority”) of the sum of eight thousand pounds (£8,000) by a loan to be known as “Cobden Water-supply Loan, 1935” (hereinafter called “the said loan”):

And whereas by Order in Council made on the eighth day of December, one thousand nine hundred and thirty-seven, the determination contained in clause seven of the said Order in Council was varied in respect of the sum of one thousand one hundred pounds (£1,100) to extend the period within which the said sum of one thousand one hundred pounds (£1,100) might be raised from two (2) years to four (4) years from the date of the said Order in Council:

And whereas the authority conferred by the said Order in Council has not yet been exercised in respect of the said sum of one thousand one hundred pounds (£1,100), and it is expedient to vary certain of the determinations aforesaid in respect of a portion thereof, being the sum of seven hundred pounds (£700) (hereinafter called “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 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 sum by prescribing as follows :—

(1) In lieu of the term of thirty (30) years specified in clause one of the said Order in Council the term shall be ten (10) years.

(2) In lieu of making provision for the repayment of the said sum by establishing a sinking fund in respect thereof, as specified in clause three of the said Order in Council, the said local authority may raise the said sum upon terms of making the same, together with interest thereon, repayable 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. 49/231/8.)

Varying the Determinations in respect of Portion (£30,000) of the Greymouth Borough Council's Loan of £57,000.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 21st day of April, 1938.

Present:

THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.

WHEREAS by Order in Council made on the ninth day of February, one thousand nine hundred and thirty-eight, and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising in New Zealand by the Greymouth Borough Council (hereinafter called “the said local authority”) of the sum of fifty-seven thousand pounds (£57,000) by a loan to be known as “Sewerage Extension Loan, 1937” :

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 sum of thirty thousand pounds (£30,000) (hereinafter called “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 Local Government