Oct. 5]

(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 either as interest or as principal 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. 49/306/20.)
Consenting to the Raising of a Loan of £1,700 by the Geraldine
Borough Council and Prescribing the Conditions Thereof
B. C. FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 27th day of
September, 1950
Present:
His Excellency the Governor-General in Council
WHEREAS by Order in Council made on the 22nd day of
February, 1950, consent was given to the raising in New
Zealand by the Geraldine Borough Council (hereinafter called the
said local authority) of a loan of one thousand five hundred pounds
(£1,500) for the purpose of providing a supply of wholesome water for
the Borough of Geraldine pursuant to a requisition issued under
section 22 of the Health Act, 1920:
And whereas pursuant to the terms of a further requisition
issued under section 22 of the Health Act, 1920, the said local autho-
rity proposes to raise a further sum of two hundred pounds (£200)
for the purpose of completing the aforesaid water supply:
And whereas the said loan of one thousand five hundred pounds
(£1,500) has not yet been raised and the said local authority is de-
sirous of raising the amounts of one thousand five hundred pounds
(£1,500) and two hundred pounds (£200) in one loan of one thousand
seven hundred pounds (£1,700) to be known as "Waterworks
Amalgamation Loan, 1950" (hereinafter called 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 purposes up to the amount of one thousand
seven hundred pounds (£1,700) 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 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 five
shillings (£3 5s.) per centum per annum.
(3) The said local authority shall, before raising the said loan
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 five pounds seven shillings and sixpence (£5 7s. 6d.),
such payments to be made in respect of every part of the said loan
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 loan or
any part thereof so raised.
(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 as either interest or sinking fund 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. 49/110.)
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 House at Wellington, this 27th day of September, 1950
Present:
His Excellency The Governor-General 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
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 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 procuration 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
| First Column. | Second Column. | Third Column. | Fourth Column. | Fifth Column. |
| --- | --- | --- | --- | --- |
| Name of Local Authority. | Name of Loan. | Amount of Loan. | Term of Loan (Years). | Rate of Interest. |
| Bay of Islands Electric-power Board | Reticulation Extension Loan, No. 6, 1950. £50,000 | £25,000 | 25 | £3 5 0 |
| Dunedin Metropolitan Fire Board | Roslyn Fire Station Loan, 1950 | £75,000 | 30 | £3 5 0 |
| Hawke's Bay Electric-power Board | Reticulation Loan, 1950 | £75,000 | 20 | £3 5 0 |
T. J. SHERRARD, Clerk of the Executive Council.
(T. 40/416/6.)