304 THE NEW ZEALAND GAZETTE [No. 12

(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 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 appli-
cable, 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 eight pounds twelve shillings and six-
pence (£8 12s. 6d.), 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-money.

(6) The rate payable for brokerage, underwriting, and procu-
ration 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.

W. O. HARVEY, Clerk of the Executive Council.
(T. 49/315/2.)

Consenting to the Raising of a Loan of £39,600 by the Dunedin City
Council and prescribing the Conditions thereof

B. C. FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington, this 5th day of
March, 1947

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS the Dunedin City Council (hereinafter called the
said local authority), being desirous of raising a loan of
thirty-nine thousand six hundred pounds (£39,600), to be known
as “Development Loan, 1946” (hereinafter called the said loan),
for the purpose of acquiring lands and providing roading and other
public facilities thereon and subdividing such lands for sale, 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 authori-
ties 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 thirty-nine thousand six hundred
pounds (£39,600), 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 ten (10) 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 five shillings
(£3 5s.) 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 twelve pounds nineteen shillings (£12 19s.), 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 three years after the first day from which
interest to the lender or lenders is computed on the said loan or
any part thereof so raised. Any moneys paid into such sinking
fund pursuant to subsection three of section nine of the Dunedin
City Empowering Act, 1945, may be applied towards payment of
the sinking fund contribution required herein.

(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-money.

(6) The rate payable for brokerage, underwriting, and procu-
ration 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.

W. O. HARVEY, Clerk of the Executive Council.
(T. 49/254/37.)

Consenting to the Raising of Loans of £15,000 and £12,200 by the
Westport Borough Council and prescribing the Conditions thereof

B. C. FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington, this 5th day of
March, 1947

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS the Westport Borough Council (hereinafter called
the said local authority), being desirous of raising the
respective loans set out in the first column of the Schedule hereto,
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
loans :

Now, therefore, His Excellency the Governor-General of the
Dominion of New Zealand, acting by and with the advice and con-
sent of the Executive Council of the said Dominion, and in pur-
suance 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 respective loans
set out in the first column of the said Schedule, up to the respective
amounts specified in the second 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
third 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 fourth 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 pro-
curation 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

W. O. HARVEY, Clerk of the Executive Council.
(T. 49/199/18 and 19.)

Varying the Determinations in respect of the Dunedin City Council’s
Loan of £25,000 by extending the Term within which the said
Loan may be borrowed

B. C. FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington, this 5th day of
March, 1947

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS by Order in Council made on the twenty-first day
of March, one thousand nine hundred and forty-five (hereinafter
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 by the Dunedin City Council (hereinafter called the
said local authority) of a loan of twenty-five thousand pounds
(£25,000), to be known as “Housing Loan, 1945” (hereinafter
called the said loan) :

And whereas the said loan has not yet been raised, and it is
expedient to extend the term, as specified in clause six of the said
Order in Council, within which the said loan or any portion thereof
may be raised :

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 no moneys shall be borrowed
under the consent given by the said Order in Council after the
expiration of four (4) years from the date thereof.

W. O. HARVEY, Clerk of the Executive Council.
(T. 49/254/35.)