Varying the Determinations in respect of Portion (£3,000) of
the North Canterbury Electric-power Board's Loan of £13,200.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 1st day
of June, 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 North Canterbury Electric-power
Board (hereinafter called “the said local authority”) of the
sum of three thousand pounds (£3,000) (hereinafter called
“the said sum”), being portion of the Oxford-Eyre Con-
struction Loan, 1930, of £13,200:
And whereas the authority conferred by the said Order in
Council has not been exercised, and it is expedient to vary
certain of the determinations aforesaid in respect of the said
sum of three thousand pounds (£3,000):
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 twenty-five (25) 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 sum by the establishment of a sinking fund in respect
thereof as specified in clause three of the said Order in
Council the said sum shall be repaid as follows:
(a) By twenty equal payments of one hundred and four
pounds eighteen shillings and fourpence (£104 18s.
4d.), 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 out-
standing at the beginning of each such 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. 49/308/1.)
Varying the Determinations in respect of Portion (£3,000)
of the Waimea County Council's Loan of £12,500.
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 1st day of
June, 1938.
Present:
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS by Order in Council made on the twenty-
third day of January, one thousand nine hundred
and thirty-five, and subject to the determinations as to
borrowing and repayment therein set out, consent was given
to the raising in New Zealand by the Waimea County Council
(hereinafter called “the said local authority”) of the sum
of twelve thousand five hundred pounds (£12,500) (herein-
after called “the said loan”), being portion of a loan known
as “Bridges Loan, 1929,” of £15,000:
And whereas the authority conferred by the said Order in
Council has not yet been exercised in respect of the sum of
eight thousand pounds (£8,000):
And whereas the authority conferred by the said Order in
Council insofar as it has not been exercised has lapsed in
accordance with clause seven thereof:
And whereas it is expedient to authorize the said local
authority to raise the sum of three thousand pounds (£3,000)
(hereinafter called “the said sum”), being portion of the
loan 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, 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 sum up to the amount of three
thousand pounds (£3,000), 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 or any part thereof, together with interest
thereon, shall be repaid as follows:
(a) By twenty equal payments of one hundred and four
pounds eighteen shillings and fourpence (£104 18s.
4d.), one of such payments to be made at the end
of every half-year commencing from the date on
which the said sum 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 out-
standing 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 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 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 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. 49/293.)
Varying the Determinations in respect of Portion (£9,000) of
the Whangarei Borough Council's Loan of £12,000.
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 1st day
of June, 1938.
Present:
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS by Order in Council made on the fifteenth
day of December, 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 in New Zealand by the Whangarei Borough
Council (hereinafter called “the said local authority”) of
the sum of twelve thousand pounds (£12,000) by a loan to
be known as “Whangarei Airport Loan, 1937”:
And whereas the authority conferred by the said Order in
Council has not been fully exercised, and it is expedient to
vary certain of the determinations aforesaid in respect of
the sum of nine thousand pounds (£9,000) (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
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.