176 THE NEW ZEALAND GAZETTE. [No. 7

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 30th day of January, 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 local authorities shall, before raising the said respective loans or any parts thereof, make provision for
   the repayment thereof by establishing sinking funds under the Local Bodies' Loans Act, 1926, or under such other statutory
   enactment as may be applicable in any respective case, and shall thereafter make payments to such sinking funds at
   intervals of not more than one year, at a rate or rates per centum which shall be not less than the respective rates
   stated in the Sixth Column of the said Schedule, such payments to be made in respect of every part of the said respective loans
   for the time being so borrowed and not repaid, the first such payment in each respective case to be made not later than one
   year after the first day from which interest to the lender or lenders is computed on any loan or part thereof so raised.

4. No amount payable as either interest or sinking fund in respect of the said loans 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. The payment of interest and repayment of principal in respect of the said loans shall be made in New Zealand.

7. 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.

Varying the Determinations in respect of Loans or Portions thereof being raised by certain Local Authorities.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 2nd day of February, 1939.
Present :
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.

WHEREAS by Orders in Council made on the respective dates specified in the third column of the Schedule hereto
consent was given to the raising by the respective local authorities enumerated in the first column of the said
Schedule of the respective loans stated in the second column of the said Schedule, subject in each case to the determinations
set forth in such Orders in Council :

And whereas in respect of the amount of each such loan the sum specified in the fourth column of the said Schedule opposite
such loan (hereinafter referred to as " the said sum ") has not yet been raised, and it is expedient to vary the determinations
in respect of each such loan in so far as such determinations apply to the raising of 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, in respect
of each loan referred to in the Schedule hereto, vary certain of the aforesaid determinations in respect of the raising of such
loan in so far as such determinations apply to the raising of the said sum by prescribing that in lieu of repayment
of the said sum as specified in the Order in Council authorizing the raising of such loan the said sum shall be repaid as follows :—

(a) By twenty equal payments of the amount stated in the fifth column of the said Schedule opposite such loan, 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 three pounds
ten shillings (£3 10s.) per centum per annum on the amount of principal for the time being outstanding at the beginning of
each half-year in respect of such sum, and the balance of such half-yearly payment in reduction of such principal.