540 THE NEW ZEALAND GAZETTE [No. 37

And whereas the authority has lapsed in accordance with the
provisions of clause seven of the said Order in Council, and it is not
now lawful or competent for the said local authority to raise the
said sum or portion thereof except in accordance with the provisions
of a further Order in Council that may be issued pursuant to section
eleven of the Local Government Loans Board Act, 1926 (hereinafter
called “ the said Act ”):

And whereas it is expedient to authorize the said local authority
to raise the said sum on the conditions hereinafter mentioned:

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 sum
up to the amount of one hundred and seventy-one thousand eight
hundred pounds (£171,800), 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 fifteen shillings
(£3 15s.) per centum per annum.

(3) The said local authority shall, before raising the said sum
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 two pounds eleven shillings and fourpence
(£2 11s. 4d.), such payments to be made in respect of every part of
the said sum for the time being so raised 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 sum or any part thereof so raised.

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

(5) No amount payable as either interest or sinking fund in
respect of the said sum 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 sum 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.

C. A. JEFFERY, Clerk of the Executive Council.
(T. 49/121/51.)

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 19th day of May, 1943

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. 40/416/6.) C. A. JEFFERY, Clerk of the Executive Council.

Authorizing the Minister of Works to erect, construct, provide, and
use Works, Appliances, and Conveniences in connection with the
Utilization of Water-power from Lake Waikaremoana, situated
in the Land District of Gisborne, for the Generation, Storage, Trans-
mission, Distribution, and Sale of Electrical Energy, in terms
of Section 311 of the Public Works Act, 1928

C. L. N. NEWALL, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 12th day of May,
1943

Present:

THE HON. D. G. SULLIVAN PRESIDING IN COUNCIL

IN pursuance and exercise of the powers vested in him by section
three hundred and eleven of the Public Works Act, 1928,
and of all other powers in anywise enabling him in this 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 hereby authorize the Minister
of Works to erect, construct, provide, and use such works, appliances,
and conveniences as may be necessary in connection with the
utilization of water-power from Lake Waikaremoana in the Land
District of Gisborne, and in connection therewith to raise or lower
the levels of the said lake and to impound or divert or control the
flow of water from same for the generation and storage of electrical
energy, and in connection with the transmission, use, supply, and
sale of electrical energy when so generated; also to use electrical
energy so generated in the construction, working, or maintenance
of any public work or for the smelting, reduction, manufacture, or
development of ores, metals, or other substances, also to construct
tunnels under private land or aqueducts over the same, erect poles
thereon, and carry wires over or along such land without being
bound to acquire the same, and with right of way to and along all
such works and erections; and also to supply and sell electrical
energy and recover moneys due for the same.

C. A. JEFFERY, Clerk of the Executive Council.
(P.W. 59/7.)