SEPT. 23]

Consenting to Land being Taken for a Post-office in the City of Dunedin

B. C. FREYBERG, Governor-General ORDER IN COUNCIL At the Government House at Wellington, this 22nd day of September, 1948 Present:

His Excellency The Governor-General in Council

Pursuant to the Public Works Act, 1928, 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, doth hereby consent to the land described in the Schedule hereto being taken for a post-office.

SCHEDULE

APPROXIMATE area of the piece of land permitted to be taken : 22·7 perches. Being part Section 20, Block XXIX, Town of Dunedin, and being the whole of the land comprised and described in Certificate of Title, Volume 8l, folio 219 (Otago Land Registry).

T. J. SHERRARD, Clerk of the Executive Council. (P.W. 20/687.)

Consenting to the Raising of a Loan of £24,500 by the Timaru Borough Council and Prescribing the Conditions Thereof

B. C. FREYBERG, Governor-General ORDER IN COUNCIL At the Government House at Wellington, this 15th day of September, 1948 Present:

His Excellency The Governor-General in Council

WHEREAS the Timaru Borough Council (hereinafter called the said local authority), being desirous of raising a loan of twenty-four thousand five hundred pounds (£24,500), to be known as “Timaru Streets Improvement Loan, 1944 (Issue of £24,500)” (hereinafter called the said loan), for the purpose of street and foot-path sealing and incidental improvements arising therefrom, 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 twenty-four thousand five hundred pounds (£24,500), and in giving consent doth hereby determine as follows:—

(1) The term for which the said loan or any part thereof may be raised shall not exceed nine (9) 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 the annual redemption of debentures on the dates set out in the first column of the Schedule hereunder of the amounts opposite each such date in the second column of the said Schedule.

SCHEDULE OF REDEMPTIONS

First Column. Date. Second Column. Amount.

30th September, 1954 ... 4,500
30th September, 1955 ... 10,000
30th September, 1956 ... 10,000

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

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

(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. 49/306/18.)

Consenting to the Raising of a Loan of £10,000 by the Taranaki Electric-power Board and Prescribing the Conditions Thereof

B. C. FREYBERG, Governor-General ORDER IN COUNCIL At the Government House at Wellington, this 15th day of September, 1948 Present:

His Excellency The Governor-General in Council

WHEREAS the Taranaki Electric-power Board (hereinafter called the said local authority), being desirous of raising a loan of ten thousand pounds (£10,000), to be known as “Uruti Reticulation Loan, 1947” (hereinafter called the said loan), for the purpose of reticulating the Uruti Special Area of the Board's district, 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 ten thousand pounds (£10,000), 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 fifteen (15) 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 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.

SCHEDULE OF REDEMPTIONS

First Column. Half-year. Second Column. Amount. First Column. Half-year. Second Column. Amount.

1st ... 400 16th ... 300
2nd ... 300 17th ... 400
3rd ... 400 18th ... 300
4th ... 300 19th ... 400
5th ... 400 20th ... 300
6th ... 300 21st ... 300
7th ... 400 22nd ... 300
8th ... 300 23rd ... 300
9th ... 400 24th ... 300
10th ... 300 25th ... 300
11th .. 400 26th ... 300
12th .. 300 27th ... 300
13th .. 400 28th ... 300
14th .. 300 29th ... 300
15th .. 400 30th ... 300

(4) The redemption of such debentures and the payment of interest shall be made in New Zealand, and no redemptions or interest 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 loan or any part thereof shall not in the aggregate exceed one-half per centum of any amount raised.

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

T. J. SHERRARD, Clerk of the Executive Council. (T. 49/191/10.)