APRIL 27.]

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 by section thirteen of the Local Legislation
Act, 1938, the said local authority was authorized to apply
the unexpended balance of the said loan amounting to
seventeen thousand pounds (£17,000) at its discretion in the
purchase of additional motor-buses for the conveyance of
passengers or goods or in or towards the acquisition by
purchase or otherwise of land, buildings, plant, machinery,
and equipment suitable for the carrying on by the said local
authority of a cable-tramway service in the City of Dunedin
or otherwise for purposes incidental to the tramway services
carried on by the said local authority:

And whereas it is expedient to authorize the said local
authority to borrow on the conditions hereinafter mentioned
the sum of ten thousand five hundred pounds (£10,500)
(hereinafter called "the said sum"), being portion of the
moncys 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 of making additions
to the tramway buildings and purchasing the cable-tramway
service owned by the Dunedin and Kaikorai Tram Company,
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 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 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 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 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
procurat.ion 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. 49/254.)

Consenting to the Raising of Portion (£1,180) of the
Banks Peninsula Electric-power Board's Loan of
£14,680 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 thirty-
first day of May, one thousand nine hundred and
twenty-eight, consent was given to the raising by the
Banks Peninsula Electric-power Board (hereinafter called
"the said local authority") of the sum of fourteen
thousand six hundred and eighty pounds (£14,680) by
a loan to be known as "Development Loan, 1928"
(hereinafter called "the said loan"), of which the
amount of two thousand one hundred and eighty pounds
(£2,180) has not 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 one thousand one hundred and
eighty pounds (£1,180) (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 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 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, together with interest thereon, shall
be repaid as follows:-

(a) By twenty equal payments of forty-one pounds
five shillings and fourpence (£41 5s. 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 such
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
principal has been reduced in accordance with
the preceding paragraph (a) hereof after pay-
ment of the aforesaid twenty (20) half-yearly
payments.

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

(5) The rates payable for brokerage, underwriting,
and procurat ion 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. 49/363.)

Varying the Determinations in respect of the Roxburgh Borough
Council's Loan of £550.

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 by Order in Council made on the thirtieth
day of November, one thousand nine hundred and
thirty-eight, and subject to the determinations as to borrow-
ing and repayment therein set out, consent was given to the
raising in New Zealand by the Roxburgh Borough Council