authority of the said loan for the said purpose up to the amount of
sixteen thousand two hundred and fifty pounds (£16,250), 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 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 or lenders a rate exceeding three pounds two shillings and
sixpence (£3 2s. 6d.) per centum per annum.

(3) The said loan shall be repaid by one instalment of principal
from sinking fund of sixteen thousand two hundred and fifty pounds
(£16,250) on the first day of November, one thousand nine hundred
and fifty-five.

(4) It shall not be necessary to establish a separate sinking
fund for the redemption loan of sixteen thousand two hundred
and fifty pounds (£16,250) and the proviso to subsection three of
section thirty-two of the Finance Act, 1938 (as set out in subsection
two of section twenty-nine of the Finance Act, 1941) shall apply,
and, accordingly, the provisions of subclause two of clause twenty
of the Invercargill City Loans Conversion Order 1934, shall be
construed as if the debentures amounting to sixteen thousand two
hundred and fifty pounds (£16,250) redeemed on the first day of
November, one thousand nine hundred and fifty, had not been
redeemed as at that date but had been redeemed on the date specified
in clause three hereof.

(5) The payment of interest and the instalment of principal
in respect of the said loan shall be made in New Zealand and no
amount payable as interest or principal shall be paid out of loan-
moneys.

(6) The amount payable for brokerage, underwriting, and
procuration fees in respect of the raising of the said loan or any
part thereof shall not in the aggregate exceed one-quarter per
centum of the 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. 49/233/28.)

Consenting to the Raising of a Loan of £7,700 by the South Canterbury
Electric-power Board and Prescribing the Conditions Thereof

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL

At the Government Buildings at Wellington, this 1st day of
March, 1950

Present:

THE HON. S. G. HOLLAND PRESIDING IN COUNCIL

WHEREAS the South Canterbury Electric-power Board (here-
inafter called the said local authority), being desirous of
raising a loan of seven thousand seven hundred pounds (£7,700), to
be known as “ Housing Loan, 1950 ” (hereinafter called the said
loan) for the purpose of purchasing land and erecting dwellings or
purchasing dwellings, 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 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 seven thousand seven hundred pounds (£7,700), 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
annual redemption of debentures in the years set out in the first
column of the Schedule hereunder of the amounts stated opposite
each such year in the second column of the said Schedule.

SCHEDULE OF REDEMPTIONS

First Column. Second Column. First Column. Second Column.
Year. Amount. Year. Amount.

1st .. .. £200 14th .. £300
2nd .. .. 200 15th .. 300
3rd .. .. 200 16th .. 300
4th .. .. 200 17th .. 400
5th .. .. 300 18th .. 300
6th .. .. 200 19th .. 400
7th .. .. 200 20th .. 400
8th .. .. 300 21st .. 400
9th .. .. 200 22nd .. 400
10th .. .. 300 23rd .. 400
11th .. .. 300 24th .. 400
12th .. .. 300 25th .. 500
13th .. .. 300

(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. 49/134/20.)

(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. 49/181/15.)

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

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL

At the Government Buildings at Wellington, this 1st day of
March, 1950

Present:

WHEREAS the Central Waikato Electric-power Board (here-
inafter called the said local authority), being desirous of
raising a loan of sixty thousand pounds (£60,000), to be known as
“ Special 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
(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 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 fifteen (15) 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 two shillings
and sixpence (£3 2s. 6d.) 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 .. .. £2,028 11 8 16th .. £2,028 11 8
2nd .. .. 2,028 11 8 17th .. 2,028 11 8
3rd .. .. 2,028 11 8 18th .. 2,028 11 8
4th .. .. 2,028 11 8 19th .. 2,028 11 8
5th .. .. 2,028 11 8 20th .. 2,028 11 8
6th .. .. 2,028 11 8 21st .. 2,028 11 8
7th .. .. 2,028 11 8 22nd .. 2,028 11 8
8th .. .. 2,028 11 8 23rd .. 2,028 11 8
9th .. .. 2,028 11 8 24th .. 2,028 11 8
10th .. .. 2,028 11 8 25th .. 5,017 1 6
11th .. .. 2,028 11 8 26th .. 5,017 1 6
12th .. .. 2,028 11 8 27th .. 5,017 1 6
13th .. .. 2,028 11 8 28th .. 5,017 1 6
14th .. .. 2,028 11 8 29th .. 5,017 1 6
15th .. .. 2,028 11 8 30th .. 5,017 1 6

(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 procure-
tion 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. 49/134/20.)