Mar. 18] THE NEW ZEALAND GAZETTE 301

And whereas the said local authority is now desirous of raising
the balance of the said loan amounting to five thousand pounds
(£5,000) (hereinafter called the said sum), and it is expedient to
authorize the said local authority to raise the said sum or portion
thereof on the conditions hereinafter set out :

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 five thousand pounds (£5,000) for the purpose for
which the said loan was authorized, 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 a rate exceeding three pounds five shillings (£3 5s.) per centum
per annum.

(3) The said sum or any part thereof, together with interest
thereon, shall be repaid by equal aggregate annual or half-yearly
instalments extending over the term as determined in (1) above.

(4) The payment of such instalments shall be made in New
Zealand, and no such instalments shall be paid out of loan-moneys.

(5) The rate payable for brokerage, underwriting, and
procuration fees in respect of the borrowing of the said sum 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. J. SHERRARD,
Acting Clerk of the Executive Council.

(T. 49/155/56.)

Consenting to the Raising of Balance (£8,260) of the Whangarei
Borough Council’s Loan of £33,630 and prescribing the Conditions
thereof

B. C. FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government Buildings at Wellington, this 10th day of
March, 1948

Present :

THE RIGHT HON. P. FRASER PRESIDING IN COUNCIL

WHEREAS by Order in Council made on the twelfth day of
September, 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 Whangarei Borough Council
(hereinafter called the said local authority) of the sum of eight
thousand two hundred and sixty pounds (£8,260) (hereinafter called
the said sum), being the balance unraised of a loan of thirty-three
thousand six hundred and thirty pounds (£33,630) authorized by
Order in Council made on the sixteenth day of August, one thousand
nine hundred and thirty-nine, and therein called “Stormwater
Loan, 1939” :

And whereas the authority conferred by the said Order in
Council has not yet been exercised :

And whereas the authority conferred by the said Order in
Council has lapsed in accordance with the provisions of clause six
thereof, and it is now lawful or competent for the said local authority
to raise the said sum or any 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 the said local authority is now desirous of raising
the said sum, and it is expedient to authorize the said local authority
to raise the said sum on the conditions hereinafter set out :

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 eight thousand two hundred and sixty pounds (£8,260) for
the purpose for which the said loan was authorized, 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 (20) 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 five shillings (£3 5s.)
per centum per annum.

(3) The said sum or any part thereof shall be repaid by the
half-yearly redemption of debentures in the half-years set out in
the first column of the Schedule hereunder of the amounts stated
opposite each such half-year in the second column of the said
Schedule.

B

SCHEDULE OF REDEMPTIONS

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

(5) No amount payable either as interest or as a redemption
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.

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

(T. 49/141/12.)

Varying the Determinations in respect of the Wellington City Council’s
Loan of £104,000

B. C. FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government Buildings at Wellington, this 10th day of
March, 1948

Present :

THE RIGHT HON. P. FRASER PRESIDING IN COUNCIL

WHEREAS by Order in Council made on the fourteenth day
of January, one thousand nine hundred and forty-eight
(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 in New Zealand by the Wellington
City Council (hereinafter called the said local authority) of a loan
of one hundred and four thousand pounds (£104,000), to be known
as “Wellington City Reserves Loan, 1948” (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 a portion
thereof amounting to thirty thousand pounds (£30,000) (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 certain of the determinations aforesaid
in respect of the said sum by prescribing that in lieu of making
provision for the repayment of the said sum by establishing a
sinking fund in respect thereof, as specified in clause three of the
said Order in Council, the said local authority shall raise the said
sum or any portion thereof upon terms of making the same, together
with interest thereon, repayable by equal aggregate annual or
half-yearly instalments extending over the term of twenty (20)
years, as specified in clause one of the said Order in Council.

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

(T. 49/168/99.)