DEC. 12.]
THE NEW ZEALAND GAZETTE.
3691

Varying the Determinations in respect of Portion (£1,800)

of the Pahiatua Borough Council's Loan of £3,000.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 4th day
of December, 1940.
Present:
THE RIGHT HON. P. FRASER PRESIDING IN COUNCIL.
WHEREAS by Order in Council made on the tenth day
of January, one thousand nine hundred and thirty-
nine, and subject to the determinations as to borrowing
and repayment therein set out, consent was given to the
raising in New Zealand by the Pahiatua Borough Council
(hereinafter called “the said local authority”) of the sum
of three thousand pounds (£3,000) by a loan to be known as
“Footpaths, Bridges, and Borough Improvements Loan,
1938” (hereinafter called “the said loan”):
And whereas the authority conferred by the said Order
in Council has not yet been exercised to the extent of one
thousand eight hundred pounds (£1,800) (hereinafter called
“the said sum”) and it is expedient to vary certain of the
determinations aforesaid in respect 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,
doeth hereby vary certain of the determinations aforesaid
in respect of the said sum by prescribing as follows:—
(1) In lieu of a term of twenty-five (25) years, as specified
in clause one of the said Order in Council, the term shall not
exceed ten (10) years.
(2) In lieu of a rate of interest not exceeding three pounds
ten shillings (£3 10s.) per centum per annum, as specified
in clause two of the said Order in Council, the rate of interest
that may be paid in respect of the said sum shall be such as
shall not produce to the lender or lenders a rate exceeding
four pounds (£4) per centum per annum.
(3) In lieu of making provision for the repayment of the
said sum by establishing a sinking fund in respect thereof, as
specified in clause three of the said Order in Council, the
said local authority may raise the said sum upon terms of
making the same, together with interest thereon, repayable
by equal aggregate annual or half-yearly instalments extending
over the term as determined in (1) above.
C. A. JEFFERY,
Clerk of the Executive Council.
(T. 49/516/5.)

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 4th day of December, 1940.
Present:
THE RIGHT HON. P. FRASER 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.

First Column.
Name of Local Authority.
Franklin Electric-power Board
Waipa County Council

Second Column.
Name of Loan.
Special Loan, 1940
Maeroa Water-supply Special Rating
Area Loan, 1940

Third Column.
Amount of
Loan.
£
30,000
5,750

Fourth Column.
Term of
Loan
(Years).
25
25

Fifth Column.
Rate of
Interest.
£ s. d.
4 0 0
4 0 0

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