Consenting to the Raising of Loans by certain Local Authorities and prescribing the Conditions thereof

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 26th day of May, 1948
Present:
THE RIGHT HON. P. FRASER PRESIDING IN COUNCIL
WHEREAS the several local authorities enumerated in the Schedule hereto, being desirous of raising the respective loans stated opposite
their names therein, have respectively 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 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 respective local authorities mentioned in the first column of the said Schedule
of the respective loans set out in the second column of the said Schedule, up to the respective amounts specified in the third 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 fourth
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 fifth 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) No amount shall be payable for brokerage, underwriting, and procuration fees in respect of the raising of the said respective
loans or any parts thereof.
(6) No moneys shall be borrowed under this consent after the expiration of two years from the date hereof.

SCHEDULE

T. J. SHERRARD, Clerk of the Executive Council.
(T. 40/416/6.)

Consenting to the Raising of Loans by certain Local Authorities and prescribing the Conditions thereof

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 26th day of May, 1948
Present:
THE RIGHT HON. P. FRASER PRESIDING IN COUNCIL
WHEREAS the several local authorities enumerated in the Schedule hereto, being desirous of raising the respective loans stated opposite
their names therein, have respectively 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 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 respective local authorities mentioned in the first column of the said Schedule
of the respective loans set out in the second column of the said Schedule, up to the respective amounts specified in the third 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 fourth
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 fifth 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 procuration 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

T. J. SHERRARD, Clerk of the Executive Council.
(T. 40/416/6.)