JUNE 15.] THE NEW ZEALAND GAZETTE. 1813

authorities enabling him in this behalf, doth hereby consent
to the raising in New Zealand by the said local authority of
the said sum or any part thereof, 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 twenty-nine (29) 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
two pounds (£2), 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 raising 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. 49/362/6.)

—

Consenting to the Raising of a Loan of £1,000 by the Wyndham
Town Board and prescribing the Conditions thereof.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 9th day
of June, 1939.

Present:

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

WHEREAS the Wyndham Town Board (hereinafter
called “the said local authority”) proposes, pursuant
to the provisions of section three of the Main Highways
Amendment Act, 1928, to borrow the sum of one thousand
pounds (£1,000) by a loan to be known as “Main Highways
Loan, 1939” (hereinafter called “the said loan”) for the
purpose of paying its portion of the cost of renewing the
Mataura River Bridge on the Edendale-Wyndham-Mokoreta
Main Highway:

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 by the said local authority of the said loan for
the said purpose up to the amount of one thousand pounds
(£1,000) 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 ten (10) 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 ten
shillings (£3 10s.) per centum per annum.

(3) The said loan, together with interest thereon, shall be
repaid by equal aggregate annual instalments extending over
the term as determined in (1) above.

(4) 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. 49/331.)

—

Consenting to the Raising of Portion (£20,000) of a Loan of
£65,000 by the South Canterbury Hospital Board and
prescribing the Conditions thereof.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 9th day
of June, 1939.

Present:

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

WHEREAS by Order in Council made on the eighteenth
day of November, 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 by the South Canterbury Hospital Board (hereinafter
called “the said local authority”) of the sum of sixty-five
thousand pounds (£65,000) by a loan to be known as “Building
Loan, 1936” (hereinafter called “the said loan”);

And whereas by Order in Council made on the twenty-
second day of June, one thousand nine hundred and thirty-
eight, the determinations were varied in respect of the sum
of thirty-one thousand nine hundred pounds (£31,900), being
the balance of the said loan:

And whereas the authority conferred by the said Orders in
Council has not been exercised to the extent of twenty
thousand pounds (£20,000) (hereinafter called “the said
sum”);

And whereas by clause seven of the Order in Council made
on the eighteenth day of November, one thousand nine
hundred and thirty-six, it was provided that no moneys
shall be borrowed under the authority thereof after the
expiration of two (2) years from the date 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”):

And whereas it is expedient to authorize the said local
authority to borrow the said sum on the conditions
hereinafter mentioned:

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 Finance 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 twenty thousand pounds (£20,000), 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 four pounds
five shillings (£4 5s.) per centum per annum.

(3) The said local authority shall provide for the repayment
of the said sum by the annual redemption of debentures of
the amounts and on the dates set out in the table hereunder:—

Table of Redemptions.

30th June, 1945 . . . . . . . . . . . . £500
30th June, 1946 . . . . . . . . . . . . 1,600
30th June, 1947 . . . . . . . . . . . . 1,700
30th June, 1948 . . . . . . . . . . . . 16,200

(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. 49/482/2.)