MAY 12.] THE NEW ZEALAND GAZETTE. 1091

Consenting to the Raising of Loans by certain Local Authorities and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 26th day of April, 1938.
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.
WHEREAS the several local authorities enumerated in the Schedule hereto, being desirous of raising the respective loans stated opposite their names therein, have respectively 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 loans:
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 respective local authorities mentioned in the First Column of the said Schedule of the respective loans set out in the Second Column of the said Schedule, up to the respective amounts specified in the Third Column of the said Schedule, and in giving such consent doth hereby determine as follows:-
(1) The terms for which the said loans or any parts thereof may be raised shall be the respective terms (in years) stated in the Fourth Column of the said Schedule.
(2) The rates of interest that may be paid in respect of the said loans or any parts thereof shall be such as shall not produce to the lender or lenders a rate or rates exceeding the respective rates per centum per annum stated in the Fifth Column of the said Schedule.
(3) The said respective loans or any parts thereof, together with interest thereon, shall be repaid by equal aggregate annual or half-yearly instalments extending over the respective terms as determined in (1) above.
(4) The payment of such instalments shall be made in New Zealand, and no such instalment shall be paid out of loan moneys.
(5) The rate payable for brokerage, underwriting, and procurement fees in respect of the raising of the said respective loans or any parts 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.
SCHEDULE.
| First Column. | Second Column. | Third Column. | Fourth Column. | Fifth Column. |
| --- | --- | --- | --- | --- |
| Name of Local Authority. | Name of Loan. | Amount of Loan. | Term of Loan (Years). | Rate of Interest. |
| Cook County Council | Aerodrome Loan, 1938 | £1,700 | 25 | 3 10 0 |
| Gisborne Borough Council | Aerodrome Loan, 1938 | £1,700 | 25 | 3 10 0 |
| Tauranga Borough Council | Water-supply Loan, 1938 | £1,200 | 15 | 3 10 0 |
(T. 40/416/6.)
Consenting to the Raising of a Loan of £19,000 by the Dannevirke 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 the Dannevirke Hospital Board (hereinafter called “the said local authority”), being desirous of raising the sum of nineteen thousand pounds (£19,000) by a loan to be known as “Building Loan, 1938” (hereinafter called “the said loan”), for the purpose of erecting a women’s ward to accommodate thirty-two beds, additional accommodation for nurses, an administration block, and an obstetrical ward to accommodate eight beds, building cool-storage accommodation, meeting the cost of alterations to the existing women’s ward, and providing a sterilizing room and change rooms for medical men and nurses, 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:
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 the said local authority of the said loan for the said purpose up to the amount of nineteen thousand pounds (£19,000), 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 exceeding three pounds ten shillings (£3 10s.) per centum per annum.
(3) The said local authority shall provide for repayment of the said loan by the annual redemption of debentures of not less than nine hundred and fifty pounds (£950) each extending over the term as determined in (1) above.
(4) Such redemptions and the payment of interest shall be made in New Zealand, and no redemption or interest shall be paid out of loan-moneys.
(5) 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.
(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. 49/531/2.)
B