476
THE NEW ZEALAND GAZETTE
[No. 24

Consenting to the Raising of a Loan of £600 by the Manurewa Borough
Council and prescribing the Conditions thereof

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 28th day of
April, 1948
Present:
THE RIGHT HON. P. FRASER PRESIDING IN COUNCIL.

WHEREAS the Manurewa Borough Council (hereinafter called
the said local authority), being desirous of raising a loan
of six hundred pounds (£600), to be known as “Bowling Green
Loan, 1947” (hereinafter called the said loan), for the purpose of
constructing a bowling-green on Lot 6, D.P. No. 33304, Manurewa;
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 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 said loan for the
said purpose up to the amount of six hundred pounds (£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 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 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
not be less than three pounds fourteen shillings and tenpence
(£3 14s. 10d.), 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 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.

(7) No moneys shall be borrowed under this consent after the
expiration of two years from the date hereof.

T. J. SHERRARD, Clerk of the Executive Council.
(T. 49/278/9.)

Consenting to the Raising of a Loan of £23,700 by the Invercargill
City Council and prescribing the Conditions thereof

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 28th day of
April, 1948
Present:
THE RIGHT HON. P. FRASER PRESIDING IN COUNCIL.

WHEREAS under the authority of clause sixteen of the Inver-
cargill City Loans Conversion Order, 1934, the Invercargill
City Council (hereinafter called the said local authority) stipulated
in certain of the securities issued pursuant to such Order for the
redemption thereof at the option of the said local authority on
such date prior to that specified in the securities as the said local
authority might fix in that behalf by notice to be published in the
Gazette at least six (6) months before such prior date :

And whereas the said local authority proposes, in exercise of
such option, to redeem on the first day of November, one thousand
nine hundred and forty-eight, certain of such securities amounting
in the aggregate to the sum of twenty-three thousand seven hundred
pounds (£23,700), the date specified in such securities for the
redemption thereof being the first day of November, one thousand
nine hundred and fifty-three :

And whereas the said local authority, being desirous, for the
purpose of giving effect to such proposal, of raising a loan of twenty-
three thousand seven hundred pounds (£23,700), to be known as
“Conversion Redemption Loan, No. 3, 1948” (hereinafter called
the said loan), has complied with the provisions of the Local Govern-
ment Loans Board Act, 1926, and it is expedient that the precedent
consent of the Governor-General in Council, as required by such
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 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 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 twenty-three thousand seven hundred pounds
(£23,700), 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 five (5) 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 two shillings and
sixpence (£3 2s. 6d.) per centum per annum.

(3) The said loan shall be repaid by one instalment of principal
from sinking fund of twenty-three thousand seven hundred pounds
(£23,700) on the first day of November, one thousand nine hundred
and fifty-three.

(4) It shall not be necessary to establish a separate sinking
fund for the redemption loan of twenty-three thousand seven hundred
pounds (£23,700), and the proviso to subsection three of section
thirty-two of the Finance Act, 1938 (as set out in subsection two of
section twenty-nine of the Finance Act, 1941), shall apply, and,
accordingly, the provisions of subclause two of clause twenty of the
Invercargill City Loans Conversion Order, 1934, shall be construed
as if the debentures amounting to twenty-three thousand seven
hundred pounds (£23,700) redeemed on the first day of November,
one thousand nine hundred and forty-eight, had not been redeemed
as at that date but had been redeemed on the date specified in
clause three hereof.

(5) The payment of interest and the instalment of principal
in respect of the said loan shall be made in New Zealand, and no
amount payable as interest or principal shall be paid out of loan-
moneys.

(6) The amount payable for brokerage, underwriting, and
procuration fees in respect of the raising of the said loan or any
part thereof shall not in the aggregate exceed one-quarter 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, Clerk of the Executive Council.
(T. 49/233/28.)

Consenting to the Raising of a Loan of £4,500 by the Taranaki Electric-
power Board and prescribing the Conditions thereof

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 28th day of
April, 1948
Present:
THE RIGHT HON. P. FRASER PRESIDING IN COUNCIL.

WHEREAS the Taranaki Electric-power Board (hereinafter
called the said local authority), being desirous of raising a
loan of four thousand five hundred pounds (£4,500), to be known
as “Renewal Loan, 1948” (hereinafter called the said loan), for
the purpose of redeeming at maturity the outstanding liability in
respect of the Tarata Special Area Loan, 1938, £3,000, and of
portion (£4,800) of the Reticulation Loan, 1938, £15,000, 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
authorities 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 four thousand five hundred
pounds (£4,500), 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 or rates exceeding three pounds two shillings
and sixpence (£3 2s. 6d.) per centum per annum.

(3) The said loan or any part thereof shall be repaid by equal
half-yearly instalments of principal extending over the term as
determined in (1) above.

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

(5) No amount payable either as interest or as principal in
respect of the said loan shall be paid out of loan moneys.

(6) The rate payable for brokerage, underwriting, and procura-
tion 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 thereof.

T. J. SHERRARD, Clerk of the Executive Council.
(T. 49/191/5. and 6.)