1734
THE NEW ZEALAND GAZETTE.
[No. 57

(2) As to the sum of one hundred thousand pounds (£100,000):—

(a) The term for which such sum or any part thereof may be raised shall not exceed ten (10) years.

(b) The said local authority shall, before raising such sum 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 thereafter 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 and sixpence (£8 10s. 6d.), such payments to be made in respect of every part of such sum 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 such sum or any part thereof so raised.

(c) The repayment of principal and the payment of interest in respect of such sum shall be made in New Zealand.

(d) No amount payable as either interest or sinking fund in respect of such sum shall be paid out of loan-moneys.

(3) 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.

(4) 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.

(5) 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. 49/457/6.)

Consenting to the Borrowing by the Auckland Transport Board by Way of Hypothecation of Debentures issued in respect of a Loan of £500,000.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 20th day of July, 1938.

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the twentieth day of July, one thousand nine hundred and thirty-eight, consent was given to the raising in New Zealand by the Auckland Transport Board (hereinafter called “the said local authority”) of the sum of five hundred thousand pounds (£500,000) by a loan to be known as “Transport Consolidated Redemption Loan, 1938” (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 loan 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 five hundred thousand pounds (£500,000) 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 moneys borrowed by the hypothecation or mortgage of the said debentures shall, pending the raising of the said loan, be repaid as follows:—

(1) As to any moneys borrowed by the hypothecation or mortgage of debentures issued in respect of the sum of four hundred thousand pounds (£400,000) by a payment each year of an amount not less than the amount by which the said sum of four hundred thousand pounds (£400,000) would have been reduced in that year if on the first day on which any moneys are borrowed by such hypothecation or mortgage the whole of the sum of four hundred thousand pounds (£400,000) had been raised on the terms prescribed in clause one (b) of the Order in Council issued on the twentieth day of July, one thousand nine hundred and thirty-eight; and

(2) As to any moneys borrowed by the hypothecation or mortgage of debentures issued in respect of the sum of one hundred thousand pounds (£100,000) the said local authority shall establish a sinking fund and shall thereafter make payments to such sinking fund in accordance with clause two (b) of the aforesaid Order in Council of the twentieth day of July, one thousand nine hundred and thirty-eight, in all respects as if such borrowing of the sum of one hundred thousand pounds or part thereof by way of hypothecation were the raising of a loan within the meaning of such clause.

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/457/6.)

Authorizing the Borrowing by the Mount Roskill Road Board by Way of Hypothecation of Debentures issued in respect of a Loan of £1,750.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 20th day of July, 1938.

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the twenty-third day of March, one thousand nine hundred and thirty-eight, consent was given to the raising in New Zealand by the Mount Roskill Road Board (hereinafter called “the said local authority”) of the sum of one thousand seven hundred and fifty pounds (£1,750) by a loan to be known as “Sewer Drainage Loan, 1938” (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 determination, 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 one thousand seven hundred and fifty pounds (£1,750) 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 said local authority shall, before the said loan or any portion thereof is borrowed by way of hypothecation pursuant to the authority of this Order in Council, establishing a sinking fund and shall thereafter make payments to such sinking fund in accordance with the terms of clause three of the aforesaid Order in Council of the twenty-third day of March, one thousand nine hundred and thirty-eight, and in all respects as if such borrowing of the said sum of one thousand seven hundred and fifty pounds (£1,750) or part thereof by way of hypothecation were the raising of a loan within the meaning of that clause.

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/124/18.)