Consenting to the Raising of a Loan of £3,600 by the Ohakune Borough Council and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 29th day of March, 1939.
Present:
His Excellency The Governor-General in Council.
WHEREAS the Ohakune Borough Council (hereinafter called “the said local authority”), being desirous of raising the sum of three thousand six hundred pounds (£3,600) by a loan to be known as “Housing Loan, 1939” (hereinafter called “the said loan”), for the purpose of erecting four workers' dwellings, 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 three thousand six hundred pounds (£3,600), 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 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. 49/205/6.)
Consenting to the Raising of the Balance (£18,200) of a Loan of £60,000 by the Hawke's Bay Rivers Board and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 19th day of April, 1939.
Present:
His Excellency The Governor-General in Council.
WHEREAS by Order in Council made on the twentieth day of May, one thousand nine hundred and thirty-six, and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising in New Zealand by the Hawke’s Bay Rivers Board (hereinafter called “the said local authority”) of the sum of sixty thousand pounds (£60,000) by a loan to be known as “Ngaruroro River Control Loan, 1935” (hereinafter called “the said loan”):
And whereas the authority conferred by the said Order in Council has not been exercised to the extent of eighteen thousand two hundred pounds (£18,200):
And whereas the authority has lapsed in accordance with the provisions of clause six thereof and it is not now lawful or competent for the said local authority to raise the said loan or any portion thereof except in accordance with the provisions of a further Order in Council that may be issued pursuant to section eleven of the Local Government Loans Board Act, 1926 (hereinafter called “the said Act”):
And whereas the said local authority is desirous of raising the sum of eighteen thousand two hundred pounds (£18,200) (hereinafter called “the said sum”), being the balance of the said loan, 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 sum:
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 in New Zealand by the said local authority of the said sum up to the amount of eighteen thousand two hundred pounds (£18,200), 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 not exceed 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, together with interest thereon, shall be repaid as follows:—
(a) By twenty equal payments of six hundred and thirty-six pounds nine shillings and tenpence (£636 9s. 10d.), 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.
(b) 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.
(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 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. 49/316/5.)
Consenting to the Raising of Portion (£10,500) of the Dunedin City Council’s Loan of £100,000 and prescribing the Conditions thereof.
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 5th day of April, 1939.
Present:
His Excellency The Governor-General in Council.
WHEREAS by Order in Council made on the tenth day of November, one thousand nine hundred and twenty-four, consent was given to the raising by the Dunedin City Council (hereinafter called “the said local authority”) of the sum of one hundred thousand pounds (£100,000) (hereinafter called “the said loan”) for the purpose of tramway extensions of which an amount of seventeen thousand pounds (£17,000) 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