Nov. 20.] THE NEW ZEALAND GAZETTE. 3723

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

C. L. N. NEWALL, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 19th day of November, 1941.
Present :
THE RIGHT HON. P. FRASER PRESIDING 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 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
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 money shall be borrowed under this consent after the expiration of two years from the date hereof.

SCHEDULE.

T. R. AICKIN,
Acting Clerk of the Executive Council.
(T. 40/416/6.)

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

C. L. N. NEWALL, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 19th day of November, 1941.
Present :
THE RIGHT HON. P. FRASER PRESIDING 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 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 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 respective loans or any parts thereof, together with interest thereon, shall be repaid by equal aggregate annual
or half-yearly instalments extending over the respective terms as determined 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-
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) No moneys shall be borrowed under this consent after the expiration of two years from the date hereof.