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 nine hundred pounds
(£900), 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 twenty-five (25) 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
(£3) per centum per annum.

(3) The said loan or any part thereof, together with interest
thereon, shall be repaid by equal aggregate annual or half-
yearly instalments extending over the term as determined
in (1) above.

(4) The payment of such instalments shall be made in
New Zealand, and no instalment shall be paid out of loan-
moneys.

(5) No amount shall be payable for brokerage, underwriting,
or procurement fees in respect of the raising of the said loan
or any part thereof.

(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. 49/169/13.)

Consenting to the Raising of a Loan of £14,200 by the Waitemata
County Council and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this llth day
of August, 1938.
Present:
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS the Waitemata County Council (hereinafter
called “the said local authority”), being desirous
of raising the sum of fourteen thousand two hundred pounds
(£14,200) by a loan to be known as “Takapuna Riding
Loan, 1938” (hereinafter called “the said loan”), for the
purpose of reconstructing the Beach Road Secondary Main
Highway, the kerbing, channelling, fencing, metalling, and
sealing of same, and the taking of any necessary land therefor,
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 fourteen thousand two hundred pounds
(£14,200), 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 or rates 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 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
five pounds four shillings (£5 4s.), such payments to be made
in respect of every part of the said loan for the time being so
raised 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 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-money.

(6) 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.

(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. 49/116/21.)

Consenting to the Raising of Portion (£240) of the Makerua
Drainage Board’s Loan of £350 and prescribing the Conditions
thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 3rd day of
August, 1938.
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.
WHEREAS by Order in Council made on the twenty-
third day of June, one thousand nine hundred and
thirty-one, consent was given to the raising by the Makerua
Drainage Board (hereinafter called “the said local authority”)
of the sum of three hundred and fifty pounds (£350) by a loan
to be known as “Pumping Plant Loan, 1931” (hereinafter
called “the said loan”):

And whereas the said loan has not yet been raised:

And whereas by section nine of the Local Authorities
Interest Reduction and Loans Conversion Amendment Act,
1934, the consent given by the said Order in Council was
revoked in so far as the authority conferred thereby had not
been exercised and it is not now lawful or competent for the
said local authority to borrow any moneys to which such
consent relates except in accordance with the provisions
of an Order in Council under section eleven of the Local
Government Loans Board Act, 1926:

And whereas it is expedient to authorize the said local
authority to borrow on the conditions hereinafter mentioned
the sum of two hundred and forty pounds (£240) (hereinafter
called “the said sum”), being portion of the moneys 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, and by section nine of the Local
Authorities Interest Reduction and Loans Conversion Amend-
ment Act, 1934, and of all other powers and authorities
enabling him in this behalf, doth hereby consent to the
borrowing in New Zealand by the said local authority of the
said sum or any part thereof for the purposes for which the
said loan was authorized, and in giving such consent doth
hereby determine as follows:—

(1) The term for which the said sum or any part thereof
may be borrowed 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 with interest thereon
shall be repaid by equal aggregate annual or half-yearly
instalments extending over the term as determined in (1)
above.

(4) The payment of such instalments shall be made in
New Zealand, and no such instalments shall be paid out of
loan-money.

(5) The rate payable for brokerage, underwriting, and
procuration fees in respect of the borrowing 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.

J. T. WAUGH,
Acting Clerk of the Executive Council.
(T. 49/232/6.)