Oct. 23.] THE NEW ZEALAND GAZETTE. 3275

Authorizing the Purchase by the Otago Central Electric-power Board of the Electrical Works of the Goldfields Dredging Company, Limited (in Liquidation).

C. L. N. NEWALL, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 22nd day of October, 1941.

Present:

His Excellency the Governor-General in Council.

IN pursuance and exercise of the powers conferred by section seventy-six of the Electric-power Boards Act, 1925, and of all other powers in anywise enabling him in that behalf, 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, doth, subject to the conditions set forth in the Schedule hereto, hereby authorize the purchase by the Otago Central Electric-power Board (hereinafter referred to as “the Board”) of the electric works, the property of the Goldfields Dredging Company, Limited (in liquidation) (hereinafter referred to as “the company”), as described in a certain agreement (hereinafter referred to as “the agreement”) bearing date the third day of April, one thousand nine hundred and forty-one, and made between the Board of the one part and the company of the other part, of which agreement a copy has been deposited in the office of the Minister of Public Works.

SCHEDULE.

The conditions hereinbefore referred to are:—

(1) That the Board shall bind itself that if and when as required by the Governor-General in Council it shall consent to the revocation or amendment of each existing license and authority held by the company authorizing the use of water for the purpose of generating electricity, whether granted pursuant to the Public Works Act, 1928, the Mining Act, 1926, or any other authority (hereinafter referred to as “the existing licenses”) in so far as the same may be incompatible with the license issued under sections 318 and 319 of the Public Works Act, 1928, collateral with this Order in Council, authorizing the Board to use water for the purpose of generating electricity and to erect certain electric lines.

(2) That the terms of such purchase shall be those set forth in the agreement so far as the same relate to the purchase of electrical works.

W. O. HARVEY,
Acting Clerk of the Executive Council.

(P.W. 26/1172; P.W. 26/1337).

Consenting to the Raising of a Loan of £18,000 by the South Canterbury Electric-power Board and prescribing the Conditions thereof.

C. L. N. NEWALL, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 1st day of October, 1941.

Present:

His Excellency the Governor-General in Council.

WHEREAS the South Canterbury Electric-power Board (hereinafter called “the said local authority”) being desirous of raising the sum of eighteen thousand pounds (£18,000) by a loan to be known as “Electricity Development Loan, 1941” (hereinafter called “the said loan”) for the purpose of carrying out normal development of the Board’s existing system and erecting an 11 kV. electric line from Studholme to Waimate, 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 eighteen thousand pounds (£18,000), 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 twenty-five (25) 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 or rates exceeding four pounds (£4) per centum per annum.

(3) The said loan shall be repaid by the annual redemption of debentures on the dates set out in the first column of the Schedule hereunder of the amounts stated opposite each such date in the second column of the said Schedule.

SCHEDULE OF REDEMPTIONS.

(4) The payment of interest and the redemptions in respect of the said loan shall be made in New Zealand.

(5) No amount payable either as interest or as a redemption in respect of the said loan shall be paid out of loan-money.

(6) The rate payable for brokerage, underwriting, and procurement 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.

T. R. AICKIN,
Acting Clerk of the Executive Council.

(T. 49/181/9.)

Consenting to the Raising of Portion (£2,500) of the Waitomo Electric-power Board’s Loan of £25,000 and prescribing the Conditions thereof.

C. L. N. NEWALL, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 1st day of October, 1941.

Present:

His Excellency the Governor-General in Council.

WHEREAS by Order in Council made on the first day of September, one thousand nine hundred and thirty-eight, consent was given to the raising by the Waitomo Electric-power Board (hereinafter called “the said local authority”) of the sum of twenty-five thousand pounds (£25,000) (hereinafter called “the said loan”):

And whereas the authority conferred by the said Order in Council has not yet been fully exercised:

And whereas the authority conferred by the said Order in Council in so far as it has not been exercised has expired in accordance with the provisions of clause six thereof, 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 a further 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 two thousand five hundred pounds (£2,500) (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, 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 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-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 three pounds ten shillings (£3 10s.) per centum per annum,