1026

THE NEW ZEALAND GAZETTE

[No. 47

(4) The payment of such instalments shall be made in New
Zealand, and no such 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 respective sums 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

First Column.
Name of Loan.
Highways Loan, 1947:
£45,000
Bridges Loan, 1947:
£10,000

Second
Column.
Amount of
Loan
Unraised.
£ s. d.
34,329 7 4
10,000 0 0

Third
Column.
Term of
Loan
(Years).
25
25

Fourth
Column.
Rate of
Interest.
£ s. d.
3 5 0
3 5 0

T. J. SHERRARD,
Clerk of the Executive Council.
(T. 49/353/9 and 10.)

Consenting to the Raising of the Balance (£7,500) of the Otago
Harbour Board's Loan of £20,000

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 12th day of
July, 1950
Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS by Order in Council made on the 14th day of
November, 1945, and subject to the determinations as to
borrowing and repayment therein set out, consent was given to the
raising by the Otago Harbour Board (hereinafter referred to as the
said local authority) of a loan of twenty thousand pounds (£20,000)
to be known as "Harbour Works Loan, 1939, £400,000 (Fourth
Issue £20,000, 1945)" (hereinafter referred to as the said loan):
And whereas by Order in Council made on the 4th day of June,
1947, the determinations aforesaid were varied:
And whereas the authority conferred by the Order in Council
made on the 14th day of November, 1945, has lapsed in accordance
with the provisions of clause (7) 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 11 of the Local Government Loans Board Act, 1926
(hereinafter called the said Act):
And whereas an amount of seven thousand five hundred pounds
(£7,500) (hereinafter called 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 11 of the said Act, as set out in section 29 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 seven
thousand five hundred pounds (£7,500) 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 (20) 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 three pounds fourteen shillings and five pence
(£3 14s. 5d.), 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. 49/18/3.)

Consenting to the Raising of the Balance (£331,300) of the Auckland
City Council's Loan of £481,300 and Prescribing the Conditions
Thereof

B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 12th day of
July, 1950
Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS by Order in Council made on the 22nd day of March,
1948, and subject to the determinations as to borrowing
and repayment therein set out, consent was given to the raising
by the Auckland City Council (hereinafter called the said local
authority) of a loan of four hundred and eighty-one thousand three
hundred pounds (£481,300) to be known as "Works Loan, 1947"
(hereinafter called the said loan):
And whereas by Orders in Council made on the 23rd day of
June, 1948, and the 8th day of September, 1948, the determinations
aforesaid were varied:
And whereas the authority conferred by the Order in Council
made on the 22nd day of March, 1948, has not yet been exercised
to the extent of three hundred and thirty-one thousand three
hundred pounds (£331,300):
And whereas the authority has lapsed in accordance with the
provisions of clause (6) of the Order in Council made on the 22nd
day of March, 1948, 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 11 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 balance of the said loan amounting to three hundred and thirty-
one thousand three hundred pounds (£331,300) (hereinafter called
the said sum) 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 11 of the said Act, as set out in section 29 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 the amount of
three hundred and thirty-one thousand three hundred pounds
(£331,300) for the purpose for which the said loan was authorized,
and in giving such consent doth hereby determine as follows:—
(1) 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.
(2) The said sum 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. The first redemption
shall be made on the 31st day of August, 1950, and thereafter the
redemptions shall be made half-yearly on the last day of February
and August in each year up to and including the 28th day of
February, 1974.

SCHEDULE OF REDEMPTIONS

First Column.
Half-year.
1st .. ..
2nd .. ..
3rd .. ..
4th .. ..
5th .. ..
6th .. ..
7th .. ..
8th .. ..
9th .. ..
10th .. ..
11th .. ..
12th .. ..
13th .. ..
14th .. ..
15th .. ..
16th .. ..
17th .. ..
18th .. ..
19th .. ..
20th .. ..
21st .. ..
22nd .. ..
23rd .. ..
24th .. ..

Second Column.
Amount.
£
400
1,000
1,700
2,000
1,900
2,700
3,000
4,000
4,000
4,000
4,500
4,900
4,300
4,800
4,800
5,000
4,900
5,000
5,000
5,500
7,300
7,500
7,500
8,000

First Column.
Half-year.
25th
26th
27th
28th
29th
30th
31st
32nd
33rd
34th
35th
36th
37th
38th
39th
40th
41st
42nd
43rd
44th
45th
46th
47th
48th

Second Column.
Amount.
£
7,900
8,000
8,100
8,100
8,500
8,600
8,700
8,500
9,100
9,200
9,000
9,400
9,400
9,800
9,800
9,800
10,300
10,100
10,600
10,400
10,800
10,900
11,200
11,400

(3) The payment of interest and redemptions in respect of the
said sum shall be made in New Zealand.
(4) No amount payable either as interest or as a redemption
in respect of the said sum 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 sum 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. 49/121/65.)