1252
THE NEW ZEALAND GAZETTE.
[No. 29

authority”) of the sum of five hundred and thirty-seven
thousand five hundred pounds (£537,500) by a loan to be
known as “ Roading Loan, 1926,” of which the sum of eighty-
three thousand seven hundred pounds (£83,700) has not
been borrowed, and of the sum of two hundred thousand
pounds (£200,000) by a loan to be known as “ Drainage
Loan, 1926,” of which the sum of nineteen thousand five
hundred pounds (£19,500) has not been borrowed (hereinafter
called “ the said loans ”):

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was revoked in so far as the authority conferred thereby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 twenty thousand pounds (£20,000) (hereinafter
called “ the said sum ”) being portion—ten thousand five
hundred pounds (£10,500)—of the unexercised balance of the
“ Roading Loan, 1926,” and portion—nine thousand five
hundred pounds (£9,500)—of the unexercised balance of the
“ Drainage Loan, 1926,” 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 borrow-
ing in New Zealand by the said local authority of the said
sum or any part thereof for the respective purposes for which

the said loans were 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, together with interest thereon, shall
be repaid as follows:—
(a) By twenty equal payments of six hundred and ninety-
nine pounds eight shillings and tenpence
(£699 8s. 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 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 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 payment 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-
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. 49/212/4.)

Consenting to the Raising of Loans by certain Local Authorities and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 2nd day of May, 1939.

Present:
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.

WHEREAS the several local authorities enumerated in the Schedule hereto, being desirous of raising the respective loans
stated opposite their names therein, have respectively 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 loans:

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 respective local
authorities mentioned in the First Column of the said Schedule of the respective loans set out in the Second Column of the said
Schedule, up to the respective amounts specified in the Third Column of the said Schedule, and in giving such consent doth
hereby determine as follows:—
(1) The terms for which the said loans or any parts thereof may be raised shall be the respective terms (in years) stated
in the Fourth Column of the said Schedule.
(2) The rates of interest that may be paid in respect of the said loans or any parts thereof shall be such as shall not produce
to the lender or lenders a rate or rates exceeding the respective rates per centum per annum stated in the Fifth Column of
the said Schedule.
(3) The said respective loans or any parts thereof, together with interest thereon, shall be repaid by equal aggregate annual
or half-yearly instalments extending over the respective terms 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-
moneys.
(5) The rate payable for brokerage, underwriting, and procuration fees in respect of the raising of the said respective
loans or any parts 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.

SCHEDULE.

(T. 40/416/6.)
C. A. JEFFERY, Clerk of the Executive Council,