68 THE NEW ZEALAND GAZETTE [No. 4

raising in New Zealand by the said local authority of the said loan
for the said purpose up to the amount of thirty thousand pounds
(£30,000), 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 thirty (30) 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 or any part thereof shall be repaid by equal
annual 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 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.

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

(T. 49/306/20.)

————————————————————————————————————————————————————

Consenting to the Raising of £4,000 by the Tauranga County Council
and prescribing the Conditions thereof
————————————————————————————————————————————————————

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL

At the Government Buildings at Wellington, this 14th day of
January, 1948

Present :

THE RIGHT HON. P. FRASER PRESIDING IN COUNCIL

WHEREAS by Order in Council made on the sixth day of April,
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 Tauranga County Council (hereinafter called
the said local authority) of a loan of four thousand pounds (£4,000),
to be known as “ Bridges Loan, 1944 ” (hereinafter called the said
loan) :

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

And whereas the authority has lapsed in accordance with the
provisions of clause six of the said Order in Council, and it is not
now lawful or competent for the said local authority to raise the
said loan 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 loan, and it is expedient to authorize the said local authority
to raise the said loan 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 loan up to the amount of four thousand pounds (£4,000)
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 loan 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
    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 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 instalment shall be paid out of loan-moneys.
    (5) The rate payable for brokerage, underwriting, and procu-
    ration fees in respect of the borrowing 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 borrowed under this consent after the
    expiration of two years from the date hereof.

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

    (T. 49/228/22.)

————————————————————————————————————————————————————

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 14th day of January, 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 local authorities shall, before raising the said respective loans or any parts thereof, make provision for the repayment thereof
    by establishing sinking funds under the Local Bodies’ Loans Act, 1926, or under such other statutory enactment as may be applicable in any
    respective case, and shall thereafter make payments to such sinking funds at intervals of not more than one year, at a rate or rates per centum
    which shall be not less than the respective rates stated in the sixth column of the said Schedule, such payments to be made in respect of
    every part of the said respective loans for the time being so borrowed and not repaid, the first such payment in each respective case to be
    made not later than one year after the first day from which interest to the lender or lenders is computed on any loan or part thereof so raised.
    (4) No amount payable as either interest or sinking fund in respect of the said loans shall be paid out of loan-moneys.
    (5) The rate payable for brokerage, underwriting, and procurement 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) The payment of interest and repayment of principal in respect of the said loans shall be made in New Zealand.
    (7) No moneys shall be borrowed under this consent after the expiration of two years from the date hereof.

————————————————————————————————————————————————————

SCHEDULE

| First Column.                | Second Column.                                 | Third Column. | Fourth Column. | Fifth Column. | Sixth Column. |
|------------------------------|----------------------------------------------|---------------|----------------|---------------|---------------|
| Name of Local Authority.     | Name of Loan.                                | Amount of Loan. | Term of Loan (Years). | Rate of Interest. | Rate of Sinking Fund. |
|------------------------------|----------------------------------------------|---------------|----------------|---------------|---------------|
| Ashburton Electric-power Board | Renewal Loan, 1948                           | £ 34,100      | 15             | £ s. d. 3 5 0 | £ s. d. 5 7 6 |
| Riccarton Borough Council    | North-west Area Improvement Repayment Loan, 1948 | 1,690       | 10             | 3 5 0         | 8 12 6        |
| Waimea County Council       | Road-sealing Loan, 1947                      | 33,000        | 10             | 3 5 0         | 8 12 6        |
| Waimea County Council       | Bridges Loan, 1947                           | 30,000        | 35             | 3 5 0         | 1 11 6        |

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

(T. 40/416/6.)