JUNE 1.] THE NEW ZEALAND GAZETTE. 1625
(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
two pounds fifteen shillings (£2 15s.) 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. 49/121/42.)
Consenting to the Raising of Portion (£45,700) of a Loan
of £89,000 by the Auckland Harbour Board and prescribing
the Conditions thereof.
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 24th day of
May, 1939.
Present:
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS by Order in Council made on the twenty-fourth day of February, one thousand nine hundred
and thirty-seven, and subject to the determinations as to
borrowing and repayment therein set out, consent was given
to the raising by the Auckland Harbour Board (hereinafter
called "the said local authority") of the sum of eighty-nine thousand pounds (£89,000) (hereinafter called "the
said loan"):
And whereas the authority conferred by the said Order
in Council has not been fully exercised to the extent of forty-five
thousand seven hundred pounds (£45,700) (hereinafter
called "the said sum"):
And whereas the authority has lapsed in accordance with
the provisions of clause seven thereof and it is not now lawful
or competent for the said local authority to raise the said
sum 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"):
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 sum up to the amount of forty-five thousand seven
hundred pounds (£45,700), 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 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
produce to the lender or lenders a rate exceeding four pounds
five shillings (£4 5s.) 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
three pounds ten shillings (£3 10s.), 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. 49/260/17.)
Varying the Determinations in respect of Portion (£10,000)
of the Thames Valley Electric-power Board's Loan of
£90,000.
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 24th day
of May, 1939.
Present:
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS by Order in Council made on the twenty-seventh day of July, one thousand nine hundred
and thirty-eight, and subject to the determinations as to
borrowing and repayment therein set out, consent was given
to the raising in New Zealand by the Thames Valley Electric-power Board (hereinafter called "the said local authority")
of the sum of ninety thousand pounds (£90,000) by a loan
to be known as "Extension Loan, 1938":
And whereas the authority conferred by the said Order
in Council has not been fully exercised and it is expedient
to vary certain of the determinations aforesaid in respect
of the sum of ten thousand pounds (£10,000) (hereinafter
called "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 vary certain of the determinations
aforesaid in respect of the said sum by prescribing as follows:—
(1) In lieu of the term of twenty-five (25) years specified
in clause one of the said Order in Council the term shall
be ten (10) years.
(2) In lieu of repayment as specified in clause three of
the said Order in Council, the said sum shall be repaid
as follows:—
(a) By twenty equal payments of three hundred and
forty-nine pounds fourteen shillings and fivepence
(£349 14s. 5d.), 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 said principal has been
reduced in accordance with the preceding paragraph
(a) hereof after payment of the aforesaid twenty
(20) half-yearly payments.
C. A. JEFFERY,
Clerk of the Executive Council.
(T. 49/535/5.)