Aug. 3] THE NEW ZEALAND GAZETTE 1529

by the said local authority of the said sum for the said purpose up
to the amount of thirty thousand pounds (£30,000) 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 thirty-five (35) 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 one pound thirteen shillings and one penny
(£1 13s. 1d.), 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 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 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.
(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. 49/233/36.)

Consenting to the Raising of a Loan of £690 by the Bay of Islands County Council and Prescribing the Conditions Thereof

B. C. FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington, this 26th day of July, 1950

Present :

His Excellency the Governor-General in Council

WHEREAS the Bay of Islands County Council (hereinafter called the said local authority) proposes pursuant to the provisions of section 3 of the Main Highways Amendment Act, 1928, to borrow the sum of six hundred and ninety pounds (£690) by a loan to be known as “Main Highways Loan, 1950” (hereinafter called the said loan), for the purpose of providing the Council’s share of the cost of sealing portion of the Okaihau–Horeke 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 11 of the Local Government Loans Board Act, 1926, 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 by the said local authority of the said loan for the said purpose up to the amount of six hundred and ninety pounds (£690) and in giving such consent doth hereby determine as follows :—
(1) The term for which the said loan or any part thereof may by 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. 49/184.)

Consenting to the Raising of a Loan of £3,500 by the Timaru City Council and Prescribing the Conditions Thereof

B. C. FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington, this 26th day of July, 1950

Present :

His Excellency the Governor-General in Council

WHEREAS the Timaru City Council (hereinafter called the said local authority) being desirous of raising a loan of three thousand five hundred pounds (£3,500) to be known as “Omnibus Plant Loan, 1950” (hereinafter called the said loan), for the purpose of purchasing plant and equipment for servicing the omnibus fleet, 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 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 loan for the said purpose up to the amount of three thousand five hundred pounds (£3,500) 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 not exceed seven (7) 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 equal annual instalments of principal extending over the term of the loan as determined in (1) above.
(4) The payment of interest and the repayment of principal in respect of the said loan shall be made in New Zealand.
(5) No amount payable either as interest or as principal in respect of the said loan shall be paid out of loan moneys.
(6) The rate payable for brokerage, underwriting, or procuration 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. 49/306/31.)

Consenting to the Raising of a Loan of £34,000 by the Mount Eden Borough Council and Prescribing the Conditions Thereof

B. C. FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington, this 26th day of July, 1950

Present :

His Excellency the Governor-General in Council

WHEREAS under the authority of clause 16 of the Mount Eden Borough Loans Conversion Order, 1934 (No. 1), the Mount Eden Borough Council (hereinafter called the said local authority) stipulated in certain of the securities issued pursuant to such Order for the redemption thereof at the option of the said local authority on such date prior to that specified in the said securities as the said local authority might fix by notice in that behalf, to be published in the Gazette at least six (6) months before such prior date :

And whereas the said local authority proposes, in exercise of the said option to redeem on the 1st day of April, 1951, certain of such securities amounting in the aggregate to the sum of thirty-four thousand pounds (£34,000) the date specified in such securities for the redemption thereof being the 1st day of April, 1956 :

And whereas the said local authority being desirous, in order to give effect to such proposal, of raising a loan of thirty-four thousand pounds (£34,000) to be known as “Mount Eden Redemption Loan, 1951” (hereinafter called the said loan), has complied with the provisions of the Local Government Loans Board Act, 1926, and it is expedient that the precedent consent of the Governor-General in Council, as required by such 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 11 of the Local Government Loans Board Act, 1926, 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 loan for the said purpose up to the amount of thirty-four thousand pounds (£34,000) 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 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 five shillings (£3 5s.) per centum per annum.
(3) The said loan shall be repaid on the first day of April, 1956.
(4) It shall not be necessary to establish a separate sinking fund for the redemption loan of thirty-four thousand pounds (£34,000) and the proviso to subsection 3 of section 32 of the Finance Act, 1938 (as set out in subsection 2 of section 29 of the Finance Act, 1941), shall apply, and accordingly the provisions of subclause 2 of clause 21 of the Mount Eden Borough Loans Conversion Order 1934 (No. 1), shall be construed as if the debentures amounting to thirty-four thousand pounds (£34,000) redeemed on the 1st day of April, 1951, had not been redeemed as at that date, but had been redeemed on the date specified in clause (3) 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 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. 49/208/9.)