1320

THE NEW ZEALAND GAZETTE

(NO. 56

Consenting to the Raising of Loans of £8,000 and £12,500 by the
Newmarket Borough Council and Prescribing the Conditions
Thereof

B. C. FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government Buildings at Wellington, this 20th day of
October, 1948
Present:
THE RIGHT HON. W. NASH PRESIDING IN COUNCIL
WHEREAS the Newmarket Borough Council (hereinafter called
the said local authority), being desirous of raising the
respective loans set out in the first column of the Schedule hereto,
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
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 said local authority of the respective loans set
out in the first column of the said Schedule up to the respective
amounts specified in the second 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
third 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 fourth column of the said
Schedule.
(3) The said local authority 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 fifth 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
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) The payment of interest and repayments 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.
Name of Loan.
Second
Column.
Amount
of
Third
Loan.
Term
of
Fourth
Loan
Rate of
Interest.
(Years).
Fifth
Column.
Rate of
Sinking
Fund.
£
Community Centre (Stage 1)
Building Loan, 1948
8,000
25
3 5 0
2 15 0
Traffic Signals Loan, 1948
12,500
15
3 5 0
5 7 6

T. J. SHERRARD, Clerk of the Executive Council.
(T. 49/186/18 and 49/186/20.)

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 20th day of October, 1948
Present:
THE RIGHT HON. W. NASH 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
First Column.
Name of Local Authority.
Second Column.
Name of Loan.
Third Column.
Amount of
Loan.
Fourth
Column.
Term of
Loan
(Years).
Fifth Column.
Rate of
Interest.
£
Cook Hospital Board
.. Building Extension Renewal Loan, 1948 ... ...
6,000
10
3 5 0
Foxton Borough Council .. W. Broad Compensation Loan, 1948
... ..
3,200
10
3 5 0
Matamata Borough Council .. Roading and Storm-water Drainage Loan, 1948
...
29,000
30
3 5 0
Waipawa County Council .. Little River Flood Protection Loan, 1948
..
550
10
3 5 0

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