Nov. 9] THE NEW ZEALAND GAZETTE 1321

consent was given to the raising by the Springs-Ellesmere Electric-
power Board (hereinafter called “the said local authority”) of the
sum of ten thousand pounds (£10,000), being portion of the
Reticulation Loan, 1939, £25,000 (hereinafter called “the said
loan”):

And whereas the *authority conferred by the said Order in
Council has not yet been exercised to the extent of three thousand
six hundred pounds (£3,600):

And whereas the authority has lapsed in accordance with the
provisions of clause six thereof and it is not now lawful or competent
for the said local authority to raise any further portion of the said
loan 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 balance of the said loan amounting to three thousand
six hundred pounds (£3,600) (hereinafter called “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 or portion thereof up to
the amount of three thousand six hundred pounds (£3,600), and in
giving such consent doth hereby determine as follows:—

(1) The term for which the said sum 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
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.

(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 ten shillings (£2 10s.), such payments
to be made in respect of every part of the said sum 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 sum or any part
thereof so raised.

(4) The payment of interest and the 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. 49/282/9.)

Varying the Determinations in respect of the Wellington City Council’s
Loan of £125,000

C. L. N. NEWALL, Governor-General
ORDER IN COUNCIL

At the Government House at Wellington, this 1st day of
November, 1944

Present:

His Excellency the Governor-General in Council

WHEREAS by Order in Council made on the twenty-first day
of June, one thousand nine hundred and forty-four (here-
inafter called “the said Order in Council”), and subject to the
determinations as to borrowing and repayment therein set out,
consent was given to the raising in New Zealand by the Wellington
City Council (hereinafter called “the said local authority”) of a
loan of one hundred and twenty-five thousand pounds (£125,000),
to be known as “Water Services Loan, 1944” (hereinafter called
“the said loan”):

And whereas the said loan has not yet been raised, and it is
expedient to vary the determinations in respect of portion thereof
amounting to twenty thousand pounds (£20,000) (hereinafter called
“the said sum”):

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 vary the determinations aforesaid in respect
of the said sum by prescribing as follows:—

(1) In lieu of a rate of interest not exceeding three pounds ten
shillings (£3 10s.) per centum per annum, as specified in clause
two of the said Order in Council, the rate of interest that may be
paid in respect of the said sum shall be such as shall not produce
to the lender a rate exceeding three pounds five shillings (£3 5s.) per
centum per annum.

(2) In lieu of repayment by the establishment of a sinking fund
in respect of the said sum, as specified in clause three of the said
Order in Council, the said sum shall be repaid by the annual redemp-
tion of debentures in the years set out in the first column of the
Schedule hereunder of the amounts stated opposite such years in
the second column of the said schedule.

SCHEDULE

C. A. JEFFERY, Clerk of the Executive Council.
(T. 49/168/90.)

Varying the Determinations in respect of the Otago Electric-power
Board’s Loan of £12,000

C. L. N. NEWALL, Governor-General
ORDER IN COUNCIL

At the Government House at Wellington, this 25th day of
October, 1944

Present:

His Excellency the Governor-General in Council

WHEREAS by Order in Council made on the sixth day of
September, one thousand nine hundred and forty-four, and
subject to the determinations as to borrowing and repayment
therein set out, consent was given to the raising in New Zealand by
the Otago Electric-power Board (hereinafter called “the said local
authority”) of a loan of twelve thousand pounds (£12,000), to be
known as “Clinton Extension Loan, 1939” (hereinafter called “the
said loan”):

And whereas the authority conferred by the said Order in
Council has not yet been exercised, and it is expedient to vary
certain of the determinations aforesaid in respect 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 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 vary the determinations aforesaid in respect of
the said loan by prescribing that in lieu of a rate of interest not
exceeding three pounds five shillings (£3 5s.) per centum per annum,
as specified in clause two of the said Order in Council, 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 seven shillings and sixpence (£3 7s. 6d.)
per centum per annum.

C. A. JEFFERY, Clerk of the Executive Council.
(T. 49/371/5.)