Nov. 3.] THE NEW ZEALAND GAZETTE. 2307

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 twenty-five thousand pounds (£25,000),
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 be thirty (30) 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 pro-
duce 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. 49/268/39.)

Consenting to the Raising of the Balance (£5,490) of the
Manawatu County Council’s Loan of £60,000.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 26th day of
October, 1938.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the third day
of September, one thousand nine hundred and twenty-five, consent was given to the raising by the Mana-
watu County Council (hereinafter called “the said local
authority”) of the sum of sixty thousand pounds (£60,000)
by a loan to be known as “Main Highways Reconstruction
Loan, 1925” (hereinafter called “the said loan”), of which
an amount of five thousand four hundred and ninety pounds
(£5,490) has not yet been raised :

And whereas by section nine of the Local Authorities
Interest Reduction and Loans Conversion Amendment Act,
1934, the authority conferred by the said Order in Council
was revoked in so far as it had not been exercised, and it is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 :

And whereas it is expedient to authorize the said local
authority to borrow on the conditions hereinafter mentioned
the sum of five thousand four hundred and ninety pounds
(£5,490) (hereinafter called “the said sum”), being the balance
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
Amendment 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 purpose 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 not exceed twenty (20) 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 pro-
duce 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 by equal 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 instalment 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.

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

(T. 49/353.)

Consenting to the Raising of the Balance (£1,000) of the
Hauraki United Drainage Board’s Loan of £15,500 and
prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 2nd day of
November, 1938.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the eighth day
of March, one thousand nine hundred and twenty-six, consent was given to the raising by the Horahia Drainage
Board of the sum of fifteen thousand five hundred pounds
(£15,500) by a loan to be known as “Horahia Drainage
Loan, 1926” (hereinafter called “the said loan”), of which
the amount of one thousand pounds (£1,000) has not been
borrowed :

And whereas by an Order in Council issued on the eleventh
day of March, one thousand nine hundred and twenty-seven, the Hauraki Drainage District and the Horahia Drainage
District were declared to be a united drainage district as from
the first day of April, one thousand nine hundred and twenty-
seven, to be called the Hauraki United Drainage District :

And whereas the Hauraki United Drainage Board (herein-
after called “the said local authority”) is desirous of raising
the unexpended balance one thousand pounds (£1,000)
(hereinafter called “the said sum”) of the said loan :

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 of the
eighth day of March, one thousand nine hundred and twenty-
six, 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 said sum of one thousand pounds (£1,000) :

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, 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 purpose 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 not exceed fifteen (15) 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 local authority shall before raising the said
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 five
pounds four shillings (£5 4s.), such payments to be made in
respect of every part of the said sum 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 sum or any
part thereof so raised.
(4) The payment of interest and repayment of principal
in respect of the said sum shall be made in New Zealand.
(5) No amount payable as either interest or sinking fund
in respect of the said sum shall be paid out of loan-money.
(6) 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.
(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. 49/175.)