Aug. 17.] THE NEW ZEALAND GAZETTE. 2159

the said sum 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 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 sum or any part thereof, together with interest thereon, shall be repaid as follows:—
(a) By twenty equal payments of thirty-seven pounds seven shillings and threepence (£37 7s. 3d.), 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 four pounds five shillings (£4 5s.) 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. 49/307/11.)

Consenting to the Raising of Part (£2,300) of the Stratford Borough Council’s Loan of £129,500.

GALWAY, Governor-General.
By his Deputy,
MICHAEL MYERS.
ORDER IN COUNCIL.

At the Government House at Wellington, this 2nd day of August, 1939.

Present:

His Excellency the Governor-General in Council.

WHEREAS by Order in Council made on the twenty-second day of November, one thousand nine hundred and twenty, consent was given to the raising by the Stratford Borough Council (hereinafter called “the said local authority”) of the sum of one hundred and twenty-nine thousand five hundred pounds (£129,500) (hereinafter called “the said loan”) of which the amount of sixty-seven thousand four hundred and eighty pounds (£67,480) 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 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 two thousand three hundred pounds (£2,300) (hereinafter called “the said sum”), being part 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 hereby determine as follows:—
(1) The term for which the said sum or any part thereof may be borrowed shall not exceed fourteen (14) 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 five pounds thirteen shillings (£5 13s.), 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 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.
(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. 49/299.)

Consenting to the Raising of a Loan of £20,000 by the Matamata County Council and prescribing the Conditions thereof.

GALWAY, Governor-General.
By his Deputy,
MICHAEL MYERS.
ORDER IN COUNCIL.

At the Government House at Wellington, this 9th day of August, 1939.

Present:

His Excellency the Governor-General in Council.

WHEREAS by Order in Council made on the eighth day of June, one thousand nine hundred and twenty-five, and published in the Gazette of the eleventh idem, at page 1876, consent was given to the raising by the Matamata County Council (hereinafter called the “the said local authority”) of a loan of £201,000 comprising amounts of £160,000 and £41,000, and the authority so conferred has not been exercised in respect of the £160,000 portion to the extent of £35,000:
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 part of the moneys to which the said consent 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 by the said local authority of the said sum for the