1506

THE NEW ZEALAND GAZETTE

[No. 64

Consenting to the Raising of Loans by Certain Local Authorities and Prescribing the Conditions Thereof

B. C. FREYBERG, Governor-General
By his Deputy,
H. F. O'LEARY
ORDER IN COUNCIL
At the Government House at Wellington, this 1st day of December, 1948
Present:
His Excellency the Governor-General 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.
Fourth Column.
Amount of Loan.
Term of Loan (Years).
Petone Borough Council .. Housing Loan No. 2, 1948 .. .. £ 10,000 25 3 5 0
Stratford Borough Council .. Electrical Works Extension Loan, 1948 .. .. £ 7,500 15 3 5 0
Te Akau North Rabbit Board .. Housing Loan, 1948 .. .. £ 3,000 15 3 5 0
Te Awamutu Borough Council .. Water Supply Renewal Loan, 1949 .. .. £ 9,900 10 3 5 0
Upper Hutt Borough Council .. Omnibus Purchase Loan No. 2, 1948 .. .. £ 3,336 7 3 5 0
Fifth Column.
Rate of Interest.
£ s. d.
(T. 40/416/6.)
T. J. SHERRARD, Clerk of the Executive Council.
Consenting to the Raising of Loans by Certain Local Authorities and Prescribing the Conditions Thereof
B. C. FREYBERG, Governor-General
By his Deputy,
H. F. O'LEARY
ORDER IN COUNCIL
At the Government House at Wellington, this 1st day of December, 1948
Present:
His Excellency the Governor-General 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.
Fourth Column.
Amount of Loan.
Term of Loan (Years).
Castlepoint County Council .. Building Loan, 1948 .. .. £ 4,500 20 3 5 0
Hawera Borough Council .. Nolantown Drainage Redemption Loan No. 1, 1949 .. £ 1,700 10 3 2 6
Hawera Borough Council .. Nolantown Drainage Redemption Loan No. 2, 1949 .. £ 1,700 10 3 2 6
Hawke's Bay Electric-power Board .. Reticulation Renewal Loan, 1949 .. £ 30,000 10 3 5 0
Manawatu Catchment Board .. Building Loan No. 1, 1948 .. £ 1,750 25 3 5 0
North Canterbury Catchment Board .. Housing Loan, 1948 .. £ 10,000 10 3 2 6
Fifth Column.
Rate of Interest.
£ s. d.
(T. 40/416/6.)
T. J. SHERRARD, Clerk of the Executive Council.