JULY 18.] THE NEW ZEALAND GAZETTE. 1703
revoked in so far as the authority conferred thereby had not purposes to the amount of one hundred and twenty-eight
been exercised, and it is not now lawful or competent for thousand pounds (£128,000), and in giving such consent doth
the said local authority to borrow any moneys to which hereby determine as follows :—
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 fifteen thousand pounds (£15,000) (hereinafter
called “ the said sum”) being portion—seven thousand
pounds (£7,000)—of the unexercised balance of the “ Roading
Loan, 1926,” and portion—eight thousand pounds (£8,000)—
of the unexercised balance of the “ Drainage Loan, 1926,”
to which the said Order in Council relates :
Now, therefore, His Excellency the Governor-General of
(1) The term for which the said loan or any part thereof
the Dominion of New Zealand, acting by and with the advice may be raised shall not exceed twenty (20) years.
and consent of the Executive Council of the said Dominion,
and in pursuance and exercise of the powers and authorities (2) The rate of interest that may be paid in respect of the
conferred on him by section eleven of the Local Government said loan or any part thereof shall be such as shall not produce
to the lender or lenders a rate exceeding four pounds (£4)
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 per centum per annum.
the said sum or any part thereof for the respective purposes
for which the said loans were 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 be twenty-five (25) 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
(£4) per centum per annum.
(3) The said sum or any portion thereof together with
interest thereon shall be repaid by equal aggregate annual
or half-yearly instalments extending over the term as deter-
mined 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-money.
(5) 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.
(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. 49/212/4.)
Consenting to the Raising of a Loan of £128,000 by the Napier
Harbour Board and prescribing the Conditions thereof.
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 3rd day of
July, 1940.
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.
WHEREAS by Order in Council made on the twenty-
sixth day of October, one thousand nine hundred
and thirty-eight, and subject to the determinations as to
borrowing and repayment therein set out, consent was given
to the raising by the Napier Harbour Board (hereinafter
called “ the said local authority ”) of the sum of three
thousand pounds (£3,000), being the balance of a loan of
£300,000, for the purpose of carrying out further dredging-
work on the Inner Harbour :
And whereas the authority conferred by the said Order in
Council has not yet been exercised :
And whereas, pursuant to the provisions of the Napier
Harbour Board Loan Amendment Act, 1939, the said local
authority is empowered to borrow the sum of one hundred
and twenty-five thousand pounds (£125,000), for the purpose
of constructing, carrying out, and completing the works more
particularly referred to in the Schedule of the Napier Harbour
Board Loan Amendment Act, 1939, and has complied with
the provisions of the Local Government Loans Board Act,
1926 (hereinafter referred to as “ the said Act ”), in respect
of the raising thereof :
And whereas the said local authority is desirous of raising
the said unraised portion above mentioned amounting to
three thousand pounds (£3,000) and the sum of one hundred
and twenty-five thousand pounds (£125,000) in one sum of
one hundred and twenty-eight thousand pounds (£128,000)
by a loan to be known as “ Loan of £128,000, 1940 ” (here-
inafter called “ the said loan ”), 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
(3) The said loan shall be repaid by thirty-nine (39) equal
half-yearly instalments of one thousand eight hundred and
fifty pounds (£1,850) each, the first such instalment to be
paid not later than six months after the first day from which
interest to the lender is computed on the said loan or any
part thereof so raised, and by one instalment of fifty-five
thousand eight hundred and fifty pounds (£55,850) to be paid
at the end of the twentieth year from the date of the raising
of the said loan or any part thereof.
(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
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.
Consenting to the Raising of Portion (£1,700) of the Mount
Eden Borough Council's Loan of £110,000 and prescribing
the Conditions thereof.
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 3rd day of
July, 1940.
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.
WHEREAS by Order in Council made on the eighth
day of October, one thousand nine hundred and
twenty-six, consent was given to the raising by the Mount
Eden Borough Council (hereinafter called “ the said local
authority ”) of the sum of one hundred and ten thousand
pounds (£110,000) (hereinafter called “ the said loan ”) for
the permanent construction of roads and footpaths and for
various public works :
And whereas the authority conferred by the said Order
in Council has not yet been fully exercised :
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 one thousand seven hundred pounds (£1,700)
(hereinafter called “ the said sum ”) being portion 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 Amend-
ment 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 twenty (20) 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 three
pounds seventeen shillings and sixpence (£3 17s. 6d.) per
centum per annum.
(3) The said sum or any part thereof, together with interest
thereon, shall be repaid by equal aggregate annual or half-
yearly instalments extending over the term as determined
in (1) above.
(4) The payment of such instalments shall be made in
New Zealand and no such instalments shall be paid out of
loan-moneys.
(5) 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.
(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. 49/208.)