314
THE NEW ZEALAND GAZETTE.
[No. 15
Consenting to the Raising of Loans by certain Local Authorities and prescribing the Conditions thereof.
MICHAEL MYERS,
Administrator of the Government.
ORDER IN COUNCIL.
At the Government House at Wellington, this 12th day of February, 1941.
Present:
HIS EXCELLENCY THE ADMINISTRATOR OF THE GOVERNMENT 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 Administrator of the Government 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.
   | First Column. | Second Column. | Third Column. | Fourth Column. | Fifth Column. | Sixth Column. |
   | --- | --- | --- | --- | --- | --- |
   | Name of Local Authority. | Name of Loan. | Amount of Loan. | Term of Loan | Rate of | Rate of |
   | | | | (Years). | Interest. | Sinking Fund. |
   | Banks Peninsula Electric-power Board | Development Loan, 1940 | £ | | £ s. d. | £ s. d. |
   | Lower Clutha River Trust . . | Lock Loan, 1940 | .. | 20 | 4 0 0 | 3 10 0 |
   | Riccarton Borough Council | South-west Area Repayment Loan, | 700 | 9 | 4 0 0 | 9 12 11 |
   | | 1941 | 8,800 | 17 | 4 0 0 | 4 8 0 |
   T. R. AICKIN, Acting Clerk of the Executive Council.(T. 40/416/6.)
   Consenting to the Raising of a Loan of £1,200 by the Pohangina County Council and prescribing the Conditions thereof.
   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 up to the amount of one thousand two hundred pounds (£1,200), and in giving such consent doth hereby determine as follows:-
   MICHAEL MYERS,Administrator of the Government.ORDER IN COUNCIL.At the Government House at Wellington, this 12th day of February, 1941.Present:HIS EXCELLENCY THE ADMINISTRATOR OF THE GOVERNMENT IN COUNCIL.WHEREAS the Pohangina County Council (hereinafter called “the said local authority”), being desirous of raising the sum of one thousand two hundred pounds (£1,200), by a loan to be known as “Roadmen’s Dwellings Loan, 1940” (hereinafter called “the said loan”), for the purposes of erecting two roadmen’s dwellings, 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 Administrator of the Government 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
8. The term for which the said loan or any part thereof may be raised shall not exceed twenty-five (25) years.
9. 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 or rates exceeding four pounds (£4) per centum per annum.
10. The said loan or any part thereof, together with the interest thereon, shall be repaid by equal aggregate annual or half-yearly instalments extending over the term as determined in (1) above.
11. The payment of such instalments shall be made in New Zealand, and no instalment shall be paid out of loan-moneys.
12. 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.
13. No moneys shall be borrowed under this consent after the expiration of two years from the date hereof.
    T. R. AICKIN,Acting Clerk of the Executive Council.(T. 49/443/1.)