52
THE NEW ZEALAND GAZETTE.
[No. 6

(4) The payment of such instalments of principal and the
payment of interest shall be made in New Zealand, and no
instalments of principal and no interest 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.

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

(T. 49/697/1.)

Consenting to the Raising of a Loan of £25,000 by the Auckland
City Council and prescribing the Conditions thereof.

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

ORDER IN COUNCIL.

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

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS the Auckland City Council (hereinafter
called “the said local authority”) being desirous of
raising a loan of twenty-five thousand pounds (£25,000) to
be known as “Grey's Avenue Housing Contribution Loan,
1941” (hereinafter called “the said loan”) for the purpose
of contributing towards the cost of the acquisition by His
Majesty the King of land in Grey's Avenue, in the City of
Auckland, and the erection of dwellings thereon, 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 twenty-five thousand pounds (£25,000),
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 thirty (30) 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 exceeding three pounds
fifteen shillings (£3 15s.) per centum per annum.

(3) The said local authority shall, before raising the said
loan or any part thereof, make provision for the repayment
thereof by establishing a sinking fund under the Local Bodies'
Loans Act, 1926, or under such other statutory enactment as
may be applicable, and shall thereafter make payments to
such sinking fund at intervals of not more than one year at a
rate or rates per centum which shall be not less than one
pound eighteen shillings and ninepence (£1 18s. 9d.), such
payments to be made in respect of every part of the said loan
for the time being so borrowed and not repaid, the first such
payment to be made not later than one year after the first
day from which interest to the lender or lenders is computed
on the said loan or any part thereof so raised.

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

(5) No amount payable as either interest or sinking fund
in respect of the said loan shall be paid out of loan-moneys.

(6) 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.

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

T. J. SHERRARD,
Acting Clerk of the Executive Council.

(T. 49/121/54.)

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 House at Wellington, this 22nd day of December, 1941.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL 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.

SCHEDULE.

T. J. SHERRARD,
Acting Clerk of the Executive Council.

(T. 40/416/6.)