1736
THE NEW ZEALAND GAZETTE
[No. 82

Authorizing the Borrowing by the South Canterbury Catchment Board
by way of Hypothecation of Debentures issued in respect of a
Loan of £42,000

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 30th day of
October, 1946
Present:
His Excellency the Governor-General in Council

WHEREAS by Order in Council made on the thirtieth
day of October, one thousand nine hundred and forty-
six, consent was given to the raising in New Zealand by the South
Canterbury Catchment Board (hereinafter called the said local
authority) of the sum of forty-two thousand pounds (£42,000) by a
loan to be known as Ashburton-Hinds Drainage Loan No. 2, 1946
(hereinafter called the said loan), such consent being given subject
to the determinations as to borrowing and repayment therein set out,
including, inter alia, the provision that the rate of interest that
might be paid in respect of the said loan or any part thereof should
be such as should not produce to the lender or lenders a rate or rates
exceeding three pounds five shillings (£3 5s.) per centum per annum:
And whereas the said local authority, pending the raising of the
said loan in accordance with the said determinations, is desirous of
borrowing the said amount or part thereof by hypothecation or
mortgage pursuant to section thirty-four of the Local Bodies' Loans
Act, 1926, of the debentures authorized to be issued 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 seven of the Local Authorities Interest Reduction
and Loans Conversion Act, 1932-33, and by section eight of the
Local Authorities Interest Reduction and Loans Conversion Amend-
ment Act, 1933, and of all other powers and authorities enabling him
in this behalf, doth hereby consent to the said local authority,
pending the raising of the said loan in accordance with the said
determinations, borrowing the said amount or any part thereof by
the hypothecation or mortgage of the said debentures at a rate of
interest not exceeding four pounds (£4) per centum per annum,
and hereby prescribes that the moneys borrowed by the hypothe-
cation or mortgage of the said debentures shall, pending the raising
of the said loan, be repaid by annual amounts equivalent to the
instalments of principal which would have been repaid if on the
first day on which any moneys are borrowed by such hypothecation
or mortgage the whole of the said loan of forty-two thousand pounds
(£42,000) had been raised on the terms prescribed by the said Order
in Council made on the thirtieth day of October, one thousand
nine hundred and forty-six.

W. O. HARVEY, Clerk of the Executive Council.
(T. 49/724/1.)

Consenting to the Borrowing of Moneys by the Wanganui Fire Board
by Way of Bank Overdraft

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 30th day of
October, 1946
Present:
His Excellency the Governor-General in Council

WHEREAS the Wanganui Fire Board (hereinafter called the
said local authority), being desirous of borrowing the sum
of four thousand pounds (£4,000) by way of bank overdraft under
the provisions of section thirty-one of the Fire Brigades Act, 1926,
by a loan to be known as Equipment Loan, 1946, for the purpose
of purchasing fire-fighting plant and appliances, 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 borrowing as aforesaid:
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 autho-
rities enabling him in this behalf, doth hereby consent to the borrow-
ing of moneys by the said local authority by way of bank overdraft
under the said section thirty-one up to the amount of four thousand
pounds (£4,000), and in giving such consent doth hereby determine
as follows:—

(1) The term for which such moneys or any part thereof may
be borrowed shall not exceed five (5) years.
(2) The rate of interest payable from time to time shall not
exceed the current bank overdraft rate of interest to best customers.
(3) The moneys so borrowed shall be repaid by annual payments
of not less than eight hundred pounds (£800) each.
(4) No amount payable as interest in respect of the said moneys
shall be paid out of loan-money.
(5) No moneys shall be borrowed under this authority after the
expiration of two years from the date hereof.

W. O. HARVEY, Clerk of the Executive Council.
(T. 49/496/1.)

Consenting to the Raising of a Loan of £42,000 by the South Canterbury
Catchment Board and prescribing the Conditions thereof

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 30th day of
October, 1946
Present:
His Excellency the Governor-General in Council

WHEREAS the South Canterbury Catchment Board (herein-
after called the said local authority), being desirous of
raising a loan of forty-two thousand pounds (£42,000), to be known
as Ashburton-Hinds Drainage Loan No. 2, 1946 (hereinafter called
the said loan), for the purpose of carrying out a land-drainage scheme
for the Ashburton-Hinds Drainage Area, has complied with the
provisions of the Local Government Loans Board Act, 1926 (herein-
after 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 autho-
rities 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 forty-two thousand pounds
(£42,000), 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 (20) 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 three pounds five shillings
(£3 5s.) per centum per annum.
(3) The said loan shall be repaid by the annual redemption of
debentures in the years set out in the first column of the Schedule
hereunder of the amounts stated opposite each such year in the
second column of the said Schedule.

SCHEDULE OF REDEMPTIONS

(4) The redemption of such debentures and the payment of
interest shall be made in New Zealand, and no redemption or interest
shall be paid out of loan-moneys.
(5) The rate payable for brokerage, underwriting, and pro-
curation 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 raised under this consent after the
expiration of two years from the date hereof.

W. O. HARVEY, Clerk of the Executive Council.
(T. 49/724/1.)

Consenting to the Raising of a Loan of £8,800 by the Whangarei
Borough Council and prescribing the Conditions thereof

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 7th day of
November, 1946
Present:
His Excellency the Governor-General in Council

WHEREAS the Whangarei Borough Council (hereinafter called
the said local authority), being desirous of raising a loan of
eight thousand eight hundred pounds (£8,800), to be known as
Electricity Repayment Loan, 1946 (hereinafter called the said loan),
for the purpose of redeeming, to the extent that sinking funds are
insufficient, the balance of the Electricity Loan, 1914, of thirteen
thousand pounds (£13,000), which matures on the first day of April,
one thousand nine hundred and forty-seven, 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: