76
THE NEW ZEALAND GAZETTE.
[No.

Authorizing the Borrowing by the Whakatane Borough Council
by way of Hypothecation of Debentures issued in respect of
a Loan of £7,500.

GALWAY, Governor-General
ORDER IN COUNCIL.

At the Government House at Wellington, this 10th day of
January, 1940.

Present:

His Excellency the Governor-General in Council.

WHEREAS by Order in Council made on the tenth day
of January, one thousand nine hundred and forty,
consent was given to the raising in New Zealand by the
Whakatane Borough Council (hereinafter called “the said
local authority”) of the sum of seven thousand five hundred
pounds (£7,500) by a loan to be known as “Electricity
Supply Loan, 1939” (hereinafter called “the said loan”),
such consent being given subject to the determinations as
to borrowing and repayment therein set out, including,
inter alia, the provision that the rate of interest that might
be paid in respect of the said loan or any part thereof should
be such as should not produce to the lender or lenders a rate
or rates exceeding four pounds five shillings (£4 5s.) per
centum per annum;

And whereas the said local authority, pending the raising
of the said loan in accordance with the said determinations,
is desirous of borrowing the said amount of seven thousand
five hundred pounds (£7,500) or part thereof by hypotheca-
tion or mortgage pursuant to section thirty-four of the Local
Bodies’ Loans Act, 1926, of the debentures authorized to be
issued in respect of the said loan :

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 seven of the Local Authorities
Interest Reduction and Loans Conversion Act, 1932-33, and
by section eight of the Local Authorities Interest Reduction
and Loans Conversion Amendment Act, 1933, and of all other
powers and authorities enabling him in this behalf, doth
hereby consent to the said local authority, pending the
raising of the said loan in accordance with the said determina-
tions, borrowing the said amount of seven thousand five
hundred pounds (£7,500) or of any part thereof by the
hypothecation or mortgage of the said debentures at a rate
of interest not exceeding four pounds five shillings (£4 10s.)
per centum per annum, and hereby prescribes that the money
borrowed by the hypothecation or mortgage of the said
debentures shall, pending the raising of the said loan, be
repaid by annual instalments equivalent to the instalments
of principal which would have been repaid if on the first day
on which any moneys are borrowed by such hypothecation
or mortgage the whole of the said sum of seven thousand
five hundred pounds (£7,500) had been raised on the terms
prescribed by the Order in Council made on the tenth day
of January, one thousand nine hundred and forty.

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/562/7.)

Consenting to the Raising of a Loan of £5,500 by the Ashburton
County Council and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 17th day
of January, 1940.

Present:

The Hon. W. Nash presiding in Council.

WHEREAS the Ashburton County Council (hereinafter
called “the said local authority”) is desirous of raising the
sum of five thousand five hundred pounds (£5,500) by a loan
to be known as “Ashburton River Loan, 1939” (hereinafter
called “the said loan”), for the purpose of meeting the
Council’s share of the cost of certain work being carried out
by the Public Works Department on the Ashburton River,
including the reimbursement of two thousand five hundred
pounds (£2,500) to the County’s General Account in terms of
section six of the Local Legislation Act, 1939, and has 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 loan :

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 loan for the said purpose
to the amount of five thousand five hundred pounds (£5,500),
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 not exceed 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 four pounds five
shillings (£4 5s.) per centum per annum.
(3) The said local authority shall, before raising the said
loan 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 eight pounds ten shillings (£8 10s.), such payments
to be made in respect of every part of the said loan for the
time being so borrowed 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 loan or any part thereof so raised.
(4) The payment of interest and the repayment of principal
in respect of the said loan shall be made in New Zealand.
(5) No amount payable either as interest or sinking fund
in respect of the said loan shall be paid out of loan-moneys.
(6) The rate payable for brokerage, underwriting, and
procuration fees in respect of the raising of the said loan
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. 49/470/6.)

Consenting to the Raising of a Loan of £2,000 by the Taieri
County Council and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 10th day of
January, 1940.

Present:

His Excellency the Governor-General in Council.

WHEREAS the Taieri County Council (hereinafter
called “the said local authority”), being desirous of raising
the sum of two thousand pounds (£2,000) by a loan to be known
as “County Offices Loan, 1939” (hereinafter called “the said
loan”), for the purpose of erecting new offices for the county
council has 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 loan :

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 loan for the said purpose
up to the amount of two thousand pounds (£2,000), 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 not exceed five (5) 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
fifteen shillings (£3 15s.) per centum per annum.
(3) The said loan or any part thereof shall be repaid by
equal half-yearly instalments of principal of not less than
two hundred pounds (£200) each.
(4) The payment of interest and instalments of principal
in respect of the said loan shall be made in New Zealand and
no amount payable as interest or principal 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 loan 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. 49/499/3.)