2268
THE NEW ZEALAND GAZETTE.
[No. 93

and of all other powers and authorities enabling him in this
behalf, doth hereby consent to the raising by the respective
local authorities mentioned in the first column of the said
Schedule from the Corporation of the said loans up to the
respective amounts specified in the second column of the
said Schedule, and in giving such consent doth hereby
determine as follows:—

(1) Each local authority shall pay to the Corporation each
half-year in reduction of the principal moneys advanced
by the Corporation to such local authority an amount equal
to the sum of all the amounts which are expressed to be
payable to that local authority during such half-year by the
agreements entered into with the local authority by the
various farmers to whom the said local authority has
advanced any of the loan-moneys.

(2) The rate of interest that may be paid in respect of each
of the said loans, or so much thereof as is for the time being
raised and not repaid, shall be three pounds (£3) per centum
per annum payable half-yearly, the first such payment
to be made in each case not later than six months after the
date of the payment of the first instalment of the loan by
the Corporation to the local authority, such interest to be
calculated on the daily-debtor balances in the books of the
Corporation.

(3) No amount payable as either interest or principal in
respect of the said respective loans shall be paid out of loan-
moneys.

(4) No amount shall be payable for brokerage, underwriting,
or procuration fees in respect of the raising of the said
respective loans or any parts thereof.

———

SCHEDULE.

First Column.
Name of Local Authority.

Taranaki County Council
Uawa County Council
Whakatane County Council

Second Column.
Amount of Loan.
£
.. .. 5,000
.. .. 3,000
.. .. 50,000

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

(T. 40/416/6.)

———

Consenting to the Raising of Loans by certain Local Authorities
and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 28th day of
August, 1940.

Present:

His Excellency the Governor-General in Council.

WHEREAS the several local authorities enumerated
in the Schedule hereto are desirous of raising loans
to be known in each case as “Rural Housing Loan, 1940,”
of the respective amounts stated opposite their names in the
second column of the said Schedule, from the State Advances
Corporation of New Zealand (hereinafter referred to as
“the Corporation”), for the purpose of enabling the said
local authorities out of the respective loans so raised to make
advances to farmers under the Rural Housing Act, 1939:

And whereas the said local authorities 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 by the respective
local authorities, mentioned in the first column of the said
Schedule, from the Corporation of the said loans up to the
respective amounts specified in the second column of the
said Schedule, and in giving such consent doth hereby determine
as follows:—

(1) Each local authority shall pay to the Corporation
each half-year in reduction of the principal moneys advanced
by the Corporation to such local authority an amount equal
to the sum of all the amounts which are expressed to be
payable to that local authority during such half-year by the
agreements entered into with the local authority by the
various farmers to whom the said local authority has
advanced any of the loan-moneys.

(2) The rate of interest that may be paid in respect of
each of the said loans or so much thereof as is for the time
being raised and not repaid shall be three pounds (£3) per
centum per annum payable half-yearly, the first such payment
to be made in each case not later than six months after the
date of the payment of the first instalment of the loan by the
Corporation to the local authority, such interest to be
calculated on the daily-debtor balances in the books of the
Corporation.

(3) No amount payable as either interest or principal in
respect of the said respective loans shall be paid out of
loan-moneys.

(4) No amount shall be payable for brokerage, under-
writing, or procuration fees in respect of the raising of the
said respective loans or any parts thereof.

———

SCHEDULE.

First Column.
Name of Local Authority.

Pahiatua County Council
Franklin County Council
Waimea County Council
Egmont County Council

Second Column.
Amount of Loan.
£
.. .. 10,000
.. .. 10,000
.. .. 10,000
.. .. 5,000

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

(T. 40/416/6.)

———

Consenting to the Borrowing of Moneys by the Pahiatua Fire
Board by way of Bank Overdraft.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 28th day of
August, 1940.

Present:

His Excellency the Governor-General in Council.

WHEREAS the Pahiatua Fire Board (hereinafter called
“the said local authority”) being desirous of
borrowing the sum of six hundred pounds (£600) by way
of bank overdraft, under the provisions of section thirty-
one of the Fire Brigades Act, 1926, by a loan to be known
as “Fire-engine Loan, 1940,” for the purpose of purchasing
a fully equipped fire-engine and carrying out alterations to
the existing fire-station in order to provide garage accom-
modation for the new vehicle, 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
borrowing as aforesaid:

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
borrowing of moneys by the said local authority by way
of bank overdraft under the said section thirty-one up to
the amount of six hundred pounds (£600), and in giving
such consent doth hereby determine as follows:—

(1) The term for which such moneys or any part thereof
may be borrowed shall not exceed eight (8) years.

(2) The rate of interest payable from time to time shall
not exceed the current bank overdraft rate of interest to
best customers.

(3) The said loan shall be repaid by annual payments of
principal of not less than seventy-five pounds (£75) each,
the first such payment to be made for the year ending on
the thirty-first day of March, one thousand nine hundred
and forty-two.

(4) No amount payable as interest in respect of the said
moneys shall be paid out of loan-money.

(5) No moneys shall be borrowed under this authority
after the expiration of two years from the date hereof.

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

(T. 49/690.)