1452
THE NEW ZEALAND GAZETTE
[No. 41

And whereas an amount of forty-three thousand five hundred
pounds (£43,500) (hereinafter referred to as the said sum) has not yet
been raised, and it is expedient to authorize the said local authority
to raise the said sum 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 sum
up to an amount of forty-three thousand five hundred pounds
(£43,500) 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 sum 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
sum 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 sum
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 two pounds fourteen shillings and tenpence
(£2 14s. 10d.), such payments to be made in respect of every part of
the said sum 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 sum or any part thereof so raised.

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

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

(6) The rate payable for brokerage, underwriting, and procuration fees in respect of the raising of the said sum 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. 49/284/30.)

Consenting to the Raising of a Loan of £2,500 by the Lower Clutha
River Trust and Prescribing the Conditions Thereof

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 22nd day of
June, 1949

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS the Lower Clutha River Trust (hereinafter called
the said local authority) proposes, pursuant to the provisions
of section thirty of the Soil Conservation and Rivers Control Act,
1941, to borrow the sum of two thousand five hundred pounds
(£2,500) by a loan to be known as “ Dragline Loan, 1949 ” (hereinafter called the said loan) for the purpose of purchasing a dragline :

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 two thousand
five hundred pounds (£2,500), 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 eight (8) 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. 49/686.)

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 House at Wellington, this 22nd day of June, 1949

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS the several local authorities enumerated in the Schedule hereto, being desirous of raising 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

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

(T. 40/416/6.)