1090

THE NEW ZEALAND GAZETTE.

[No. 35

respect of the said loan or any part thereof should be such as
should not produce to the lender or lenders a rate or rates
exceeding three pounds ten shillings (£3 10s.) per centum per
annum:
And whereas the said local authority, pending the raising of
the said loan in accordance with the said determinations, is
desirous of borrowing the said amount or part thereof by
hypothecation or mortgage, pursuant to section thirty-four of
the Local Bodies’ Loans Act, 1926, of the debentures
authorized to be issued 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 seven of the Local Authorities
Interest Reduction and Loans Conversion Act, 1932–33, and
by section eight of the Local Authorities Interest Reduction
and Loans Conversion Amendment Act, 1933, and of all other
powers and authorities enabling him in this behalf, doth
hereby consent to the said local authority, pending the
raising of the said loan in accordance with the said determinations, borrowing the said sum of two thousand pounds
(£2,000) or any part thereof by the hypothecation or mortgage
of the said debentures at a rate of interest not exceeding four
pounds ten shillings (£4 10s.) per centum per annum, and
hereby prescribes that the amount borrowed by the hypothecation or mortgage of the said debentures shall, pending the
raising of the said loan, be repaid by annual amounts of not
less than ten per centum of the amount so borrowed by way
of hypothecation of the said debentures pursuant to the
authority of this Order in Council.
C. A. JEFFERY,
Clerk of the Executive Council.
(T. 49/453/7.)

Authorizing the Borrowing by the Green Island Borough Council
by way of Hypothecation of Debentures issued in respect of
a Loan of £3,500.
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 3rd day of
May, 1938.
Present:
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS by Order in Council made on the eighth day
of September, one thousand nine hundred and thirty-seven, consent was given to the raising in New Zealand by
the Green Island Borough Council (hereinafter called “ the
said local authority”) of the sum of three thousand five
hundred pounds (£3,500) by a loan to be known as “ Drainage
and Sewerage Loan, 1937” (hereinafter called “ the said
loan”), such consent being given subject to the determinations
as to borrowing and repayment therein set out, including,
inter alia, the provision that the rate of interest that might
be paid in respect of the said loan or any part thereof should
be such as should not produce to the lender or lenders a rate
or rates exceeding three pounds ten shillings (£3 10s.) per
centum per annum:
And whereas the said local authority, pending the raising
of the said loan in accordance with the said determinations,
is desirous of borrowing the said amount or part thereof by
hypothecation or mortgage pursuant to section thirty-four
of the Local Bodies’ Loans Act, 1926, of the debentures
authorized to be issued 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 seven of the Local Authorities
Interest Reduction and Loans Conversion Act, 1932–33, and
by section eight of the Local Authorities Interest Reduction
and Loans Conversion Amendment Act, 1933, and of all
other powers and authorities enabling him in this behalf,
doth hereby consent to the said local authority, pending
the raising of the said loan in accordance with the said determinations, borrowing the said amount or any part thereof
by the hypothecation or mortgage of the said debentures at
a rate of interest not exceeding four pounds ten shillings
(£4 10s.) per centum per annum, and hereby prescribes that
the money borrowed by the hypothecation or mortgage
of the said debentures shall, pending the raising of the said
loan, be repaid by annual amounts of not less than one hundred
and twenty-five pounds (£125) each.
C. A. JEFFERY,
Clerk of the Executive Council.
(T. 49/287.)

Consenting to the Raising of a Loan of £15,200 by the Wanganui
Hospital Board and prescribing the Conditions thereof.
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 3rd day
of May, 1938.
Present:
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS by Orders in Council made on the eighteenth
day of May, one thousand nine hundred and thirty-seven, and the twenty-third day of June, one thousand nine
hundred and thirty-seven, and subject to the determinations
as to borrowing and repayment therein set out, consents
were given to the raising in New Zealand by the Wanganui
Hospital Board (hereinafter called “ the said local authority”)
of sums of seven hundred and twenty-five pounds (£725)
and fifteen thousand two hundred and seventy-five pounds
(£15,275) respectively by loans to be known as “ Capital
Expenditure Loan, 1937,” and “ Capital Expenditure Loan
No. 2, 1937,” respectively:
And whereas the authorities conferred by the said Orders
in Council have not yet been fully exercised:
And whereas the said local authority is desirous of raising
the unexercised portions in one sum of fifteen thousand two
hundred pounds (£15,200) by a loan to be known as “ Capital
Expenditure Loan, 1938” (hereinafter called “ the said
loan”), and it is expedient that the precedent consent of the
Governor-General in Council as required by section eleven of
the Local Government Loans Board Act, 1926, 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 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 consent
to the raising in New Zealand by the said local authority
of the said loan up to the amount of fifteen thousand two
hundred pounds (£15,200), 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 ten (10) 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 exceeding three pounds
ten shillings (£3 10s.) per centum per annum.
(3) The said loan or any part thereof, together with interest
thereon, shall be repaid as follows:
(a) By twenty equal payments of five hundred and thirty-one
pounds eleven shillings and sixpence (£531 11s. 6d.),
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
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.
(4) The payment of such instalments shall be made in
New Zealand and no instalments shall be paid out of loan-
moneys.
(5) 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.
(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. 49/513/3.)