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 seven 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 Local Government Loans Board Act, 1926, 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 by the said local authority of the
said loan for the said purpose up to the amount of nine hundred and
twenty-five pounds (£925), 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 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, together with interest thereon, shall be repaid
by half-yearly instalments 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. Each
such half-yearly instalment includes a repayment of principal
amounting to two hundred pounds (£200) and a half-year's interest
on the amount of principal outstanding immediately prior to the
date of payment of such instalment.

SCHEDULE OF INSTALMENTS

(4) The payment of such instalments shall be made in New
Zealand and no instalments 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 borrowed under this consent after the
expiration of two years from the date hereof.

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

(T. 49/192/42.)

Consenting to the Raising of a Loan of £925 by the Raglan County
Council and Prescribing the Conditions Thereof

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 1st day of
June, 1949
Present:

THE RIGHT HON. W. NASH PRESIDING IN COUNCIL
WHEREAS the Raglan County Council (hereinafter called the
said local authority) proposes, pursuant to the provisions
of section three of the Main Highways Amendment Act, 1928, to
borrow the sum of nine hundred and twenty-five pounds (£925), by
a loan to be known as "Main Highways Loan, 1949" (hereinafter
called the said loan), for the purpose of providing the Council's share
of the cost of building Lusty's Culvert on the Hamilton-Raglan
Main Highway:

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 Local Government Loans Board Act, 1926, 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 by the said local authority of the
said loan for the said purpose up to the amount of nine hundred and
twenty-five pounds (£925), 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 be ten (10) 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 a rate exceeding three pounds ten shillings (£3 10s.) per
centum per annum.

(3) The said loan or any part thereof, together with interest
thereon, shall be repaid by equal aggregate annual instalments
extending over the term as determined in (1) above.

(4) 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. 49/103.)

Consenting to the Raising of a Loan of £3,000 by the Papakura Borough
Council and Prescribing the Conditions Thereof

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 8th day of
June, 1949
Present:

THE RIGHT HON. W. NASH PRESIDING IN COUNCIL
WHEREAS the Papakura Borough Council (hereinafter called
the said local authority) being desirous of raising a loan of
three thousand pounds (£3,000) to be known as "Drainage (Business
Area) Loan, 1949" (hereinafter called the said loan), for the purpose
of providing a main sewer drain to dispose of effluent from septic
tanks within the business area and providing all works and matters
incidental thereto, 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 autho-
rities 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 three thousand pounds (£3,000),
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 twenty (20) 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 local authority shall, before raising the said loan
or any part thereof, make provision for the repayment thereof by
establishing a sinking fund under the Local Bodies' Loans Act,
1926, or under such other statutory enactment as may be applicable,
and shall thereafter make payments to such sinking fund at intervals
of not more than one year at a rate or rates per centum which shall
be not less than three pounds fourteen shillings and fivepence
(£3 14s. 5d.), such payments to be made in respect of every part
of the said loan for the time being so borrowed and not repaid, the
first such payment to be made not later than one year after the
first day from which interest to the lender or lenders is computed
on the said loan or any part thereof so raised.

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

(5) No amount payable as either interest or sinking fund 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. 49/526/3.)