Consenting to the Raising of a Loan of £10,000 by the
Ashburton Borough Council and prescribing the Conditions
thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 7th day of
June, 1938.
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.
WHEREAS the Ashburton Borough Council (hereinafter
called “the said local authority”) is desirous
of raising the sum of ten thousand pounds (£10,000) by a
loan to be known as “Street Improvement Loan, 1938”
(hereinafter called “the said loan”), for the purpose of
permanently sealing various streets throughout the borough,
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:
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 said local authority of the
said loan for the said purpose up to the amount of ten
thousand pounds (£10,000), 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 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 local authority shall before raising the said
loan or any part thereof make provision for the repayment
thereof by establishing a sinking fund under the Local Bodies’
Loans Act, 1926, or under such other statutory enactment
as may be applicable, and shall make payments to such
sinking fund at intervals of not more than one year at a
rate or rates per centum which shall be not less than eight
pounds ten shillings (£8 10s.), such payments to be made in
respect of every part of the said loan for the time being so
borrowed and not repaid, the first such payment to be made
not later than one year after the first day from which interest
to the lender or lenders is computed on the said loan or any
part thereof so raised.
(4) The payment of interest and the repayment of principal
in respect of the said loan shall be made in New Zealand.
(5) No amount payable as either interest or sinking fund
in respect of the said loan shall be paid out of loan-moneys.
(6) The rate payable for brokerage, underwriting, and pro-
curation 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.
(7) 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. 49/113/5.)
Consenting to the Raising of a Loan of £2,200 by the Taupiri
Drainage and River Board and prescribing the Conditions
thereof.
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 22nd day of
June, 1938.
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.
WHEREAS the Taupiri Drainage and River Board
(hereinafter called “the said local authority”),
being desirous of raising the sum of two thousand two hundred
pounds (£2,200) by a loan to be known as Drainage and
River Improvement Loan, 1938 (hereinafter called “the
said loan”), for the purpose of meeting the Board’s contribu-
tion towards the cost of extension works to the Taupiri
Drainage Scheme which are to be carried out by the Public
Works Department, 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:
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
said local authority of the said loan for the said purpose up
to the amount of two thousand two hundred pounds (£2,200),
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 fifteen (15) 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 thirty equal payments of fifty-nine pounds ten
shillings and fourpence (£59 10s. 4d.), one of such
payments to be made at the end of every half-year
commencing from the date on which the said loan
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 such half-year, and the balance of such half-
yearly payment in reduction of principal.
(b) By a payment at the end of the fifteenth year from
the date of the borrowing of the said loan 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
thirty (30) half-yearly payments.
(4) The payment of such instalments shall be made in
New Zealand and no instalment 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. 49/565.)
Consenting to the Raising of a Loan of £3,000 by the Palmerston
North Hospital Board and prescribing the Conditions thereof.
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 22nd day of
June, 1938.
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.
WHEREAS by Order in Council made on the third day of
June, one thousand nine hundred and thirty-six,
consent was given to the raising by the Palmerston North Hos-
pital Board (hereinafter called “the said local authority”) of
the sum of eight thousand pounds (£8,000) by a loan to be
known as “Building Loan, 1936” (hereinafter called “the said
loan”), for the purpose of erecting a second storey on the
Administration Block of the Palmerston North Hospital
Board’s Buildings at Palmerston North:
And whereas the said loan has not yet been raised to the
extent of three thousand pounds (£3,000):
And whereas it is provided by clause six of the said Order
in Council that no moneys shall be borrowed under the
authority thereof after the expiration of two (2) years from
the date thereof, and it is not now lawful or competent for
the said local authority to borrow any moneys to which the
said Order in Council relates except in accordance with the
provisions of an Order in Council that may be made under
section eleven of the Local Government Loans Board Act,
1926 (hereinafter called “the said Act”):
And whereas the said local authority is now desirous of
raising the sum of three thousand pounds (£3,000) (herein-
after called “the said sum”), being the balance of the said
loan, and it is expedient to authorize the said local authority
to raise the said sum on the conditions hereinafter mentioned