JUNE 23.] THE NEW ZEALAND GAZETTE. 1503

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 sum for the said purpose 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 be 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 so raised 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 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 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.
(4) The payments 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 procurement 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. 49/506/2.)

Consenting to the Raising of a Loan of £10,000 by the Palmerston North City Council 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 Palmerston North City Council (hereinafter called “the said local authority”), being desirous of raising the sum of ten thousand pounds (£10,000) by a loan to be known as “Sewerage Loan, 1937” (hereinafter called “the said loan”), for the purpose of relaying the main sewer in College Street West, Botanical Road, and Ferguson Street and to purchase all material required in connection therewith, 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 in respect of the sum of eight thousand pounds (£8,000) and twenty (20) years in respect of the sum of two thousand pounds (£2,000).
(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 or rates exceeding three pounds ten shillings (£3 10s.) per centum per annum.
(3) The said local authority shall make provision for the repayment of the said loan as follows:—
(a) as to the sum of £8,000—
(i) By twenty equal payments of two hundred and seventy-nine pounds fifteen shillings and sixpence (£279 15s. 6d.), 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 outstanding at the beginning of each such half-year, and the balance of such half-yearly payment in reduction of such principal.
(ii) 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 paragraph (a) hereof after payment of the aforesaid twenty (20) half-yearly payments.
(b) As to the sum of £2,000 by equal aggregate annual or half-yearly instalments of interest and principal extending over the term as determined in (1) above.
(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 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. 49/284/21.)

Consenting to the Raising of a Loan of £166 by the Riverton Borough Council 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 Riverton Borough Council (hereinafter called “the said local authority”) proposes, pursuant to the provisions of section three of the Main Highways Amendment Act, 1928, to borrow the sum of one hundred and sixty-six pounds (£166) by a loan to be known as “Main Highways Loan, 1938” (hereinafter called “the said loan”), for the purpose of paying the Council’s share of the cost of widening that portion of the Riverton-Rocks Main Highway within the Borough of Riverton from the Aparima River Traffic Bridge to Brook Street:

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 by the said local authority of the said loan for the said purpose up to the amount of one hundred and sixty-six pounds (£166), 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 be two (2) 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, together with interest thereon, shall be repaid by equal aggregate annual instalments extending over the term as determined in (1) above.
(4) 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. 49/414.)