Oct. 13] THE NEW ZEALAND GAZETTE 2435

And whereas the proceedings in connection with the said loans
were irregular or defective, in that—

(a) The notice published pursuant to section ten of the said
Act in respect of the said loans (hereinafter called the
public notice) did not contain a statement whether or
not it was proposed to pay out of the said loans the
interest and sinking funds for the first year :

(b) The public notice stated that it was proposed to pay out of
the said loans the cost of raising the said loans whereas
the respective voting-papers for the said loans stated
that it was not so proposed :

(c) The poll of the ratepayers was taken more than three weeks
after the day of the last publication of the public
notice :

And whereas it appears that the ratepayers of the district have
not been misled by such irregularity or defect as aforesaid and it
is expedient to validate the same :

Now, therefore, His Excellency the Governor-General of the
Dominion of New Zealand, in pursuance and exercise of the powers
and authorities conferred on him by section one hundred and
twenty-two of the Local Bodies’ Loans Act, 1926, and acting by
and with the advice and consent of the Executive Council of the
said Dominion, doth hereby order and declare that the proceedings
in connection with the said loans shall be valid to all intents and
purposes as though—

(a) The public notice had contained a statement that it was
not proposed to pay out of the said loans the interest
and sinking funds for the first year :

(b) The public notice had stated that it was not proposed to
pay out of the said loans the cost of raising the said
loans :

(c) The poll of the ratepayers had been taken not more than
three weeks after the day of the last publication of the
public notice :

And that the validity of the proceedings in connection with the
said loans, or of the security for the said loans, shall not be called
in question by reason only of the irregularities or defects aforesaid.

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

(T. 49/552/1 and 2.)

Consenting to the Raising of a Loan of £950 by the Awatere County
Council and Prescribing the Conditions Thereof

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 4th day of
October, 1949

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS the Awatere 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 fifty pounds (£950) 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 preparing and sealing a portion of the Seddon–Marama
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 fifty pounds (£950) 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 five (5) 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. 49/422.)

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 7th day of September, 1949

Present :

THE RIGHT HON. P. FRASER 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 procurement 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.)
(This notice is in substitution for and cancels the notice published in Gazette No. 56 of the 22nd September, 1949, at page 2348.)
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