2782
THE NEW ZEALAND GAZETTE
[No. 74

Consenting to the Raising of a Loan of £60,000 by the Franklin
Electric-power Board and Prescribing the Conditions Thereof

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 6th day of
December, 1949

Present:
His Excellency the Governor-General in Council

WHEREAS the Franklin Electric-power Board (hereinafter
called the said local authority), being desirous of raising a
loan of sixty thousand pounds (£60,000) to be known as “Reticu-
lation Loan, 1949” (hereinafter called the said loan) for the purpose
of further reticulating the Board’s district, has complied with the
provisions of the Local Government Loans Board Act, 1926 (herein-
after 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
authorities 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 sixty thousand pounds
(£60,000), 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-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 or any part thereof shall be repaid by the
half-yearly redemption of debentures 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.

SCHEDULE OF REDEMPTIONS

First Column. Second Column. First Column. Second Column
Half-year. Amount. Half-year. Amount.

1st .. .. £ 1,000 26th .. .. £ 1,200
2nd .. .. 1,000 27th .. .. 1,200
3rd .. .. 1,000 28th .. .. 1,200
4th .. .. 1,000 29th .. .. 1,200
5th .. .. 1,000 30th .. .. 1,200
6th .. .. 1,000 31st .. .. 1,300
7th .. .. 1,000 32nd .. .. 1,300
8th .. .. 1,000 33rd .. .. 1,300
9th .. .. 1,000 34th .. .. 1,300
10th .. .. 1,000 35th .. .. 1,400
11th .. .. 1,000 36th .. .. 1,400
12th .. .. 1,000 37th .. .. 1,400
13th .. .. 1,000 38th .. .. 1,400
14th .. .. 1,000 39th .. .. 1,400
15th .. .. 1,000 40th .. .. 1,400
16th .. .. 1,000 41st .. .. 1,400
17th .. .. 1,000 42nd .. .. 1,400
18th .. .. 1,000 43rd .. .. 1,400
19th .. .. 1,100 44th .. .. 1,400
20th .. .. 1,100 45th .. .. 1,500
21st .. .. 1,100 46th .. .. 1,500
22nd .. .. 1,100 47th .. .. 1,500
23rd .. .. 1,100 48th .. .. 1,500
24th .. .. 1,100 49th .. .. 1,500
25th .. .. 1,200 50th .. .. 1,500

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

(5) No amount payable either as interest or as a redemption
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. 49/198/9.)

Taupiri Drainage and River Board Loans Conversion Order 1950

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 6th day of
December, 1949

Present:
His Excellency the Governor-General in Council

WHEREAS it is provided by section nine of the Local Autho-
rities Interest Reduction and Loans Conversion Act, 1932–33,
that, with the precedent consent of the Governor-General, given by
Order in Council under section thirteen of the said Act after com-
pliance with the provisions of Part II of the Act, and subject to and
in accordance with the provisions of such Order in Council, any local
authority may issue new securities in conversion of any existing
securities to which the said Act applies:

And whereas by the said section thirteen it is further provided
that the Governor-General, by the Order in Council giving his
consent to the conversion of existing securities by a local authority,
may make such provisions as he thinks fit with respect to all or any
of the matters specified in the said section, and that, subject to the
provisions of the said Act, every Order in Council under the said
section shall have the force of law as if enacted in the said Act,
anything to the contrary in any other Act or in any regulation made
under the said Act, or any other Act notwithstanding:

And whereas it is provided by section twenty of the Finance
Act (No. 2), 1935, that, notwithstanding the limitation of time
prescribed by section fifteen of the said Local Authorities Interest
Reduction and Loans Conversion Act, 1932–33, as extended by
section twelve of the Local Authorities Interest Reduction and
Loans Conversion Amendment Act, 1934, an Order in Council may
be issued at any time under the aforesaid section thirteen of that
Act making provision for the conversion, with the consent of the
holder, of any securities whether or not they are existing securities
to which the said Local Authorities Interest Reduction and Loans
Conversion Act, 1932–33, applies:

And whereas the Taupiri Drainage and River Board (being
a local authority within the meaning of the said Act) has issued
securities in respect of the loans specified in the First Schedule
hereto:

And whereas the said local authority, being desirous, with the
consent of the holder of such securities, of issuing new securities in
conversion thereof, has complied with the provisions of Part II of
the said Act, and it is expedient that the precedent consent of the
Governor-General to such conversion should be given as required
by the said Act, and that by this Order the provisions hereinafter
set forth should be made with respect to the matters specified in the
said section thirteen:

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 the said Act, and of all other powers and authorities enabling
him in this behalf, doth hereby consent to the issue by the said local
authority of new securities in conversion of any existing securities
to which this Order applies, and with respect to such conversion doth
hereby make the following provisions:—

PRELIMINARY

1. This Order may be cited as the Taupiri Drainage and River
   Board Loans Conversion Order 1950.

2. In this Order, unless the context otherwise requires,—

“ The Act ” means the Local Authorities Interest Reduction
and Loans Conversion Act, 1932–33:

“ The date of conversion ” means the date specified in
clause five of this Order:

“ Existing securities ” means debentures or other securities
issued in respect of the loans specified in the First
Schedule hereto:

“ The local authority ” means the Taupiri Drainage and
River Board:

“ New securities ” or “ new debentures ” means securities or
debentures issued in accordance with this Order in
conversion of existing securities to which this Order
applies.

3. This Order shall apply to all existing securities issued in
   respect of the loans specified in the First Schedule hereto.

4. (1) If the local authority so resolves by a resolution passed
   and confirmed as provided by subsection two of section nine of the
   Act, it may, with the consent of the holder of the existing securities
   to which this Order applies, and subject to and in accordance with
   the provisions of this Order, issue new securities in conversion of
   such existing securities.

(2) The following provisions of this Order shall come into force
if such a resolution is passed and confirmed as aforesaid but not
otherwise:

Provided that a certificate signed by the Chairman of the local
authority and published in the Gazette to the effect that such a
resolution has been duly passed and confirmed shall be conclusive
evidence of the facts therein certified.