Nov. 23]

And whereas the said local authority being desirous, in order
to give effect to such proposal, of raising a loan of ninety-nine
thousand five hundred pounds (£99,500) to be known as “Conversion
Loan Tenth Repayment 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 ninety-nine
thousand five hundred pounds (£99,500) 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 three (3) 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 (£3) per
centum per annum.

(3) The said loan shall be repaid on the 1st day of April, 1954.

(4) It shall not be necessary to establish a separate sinking
fund for the repayment loan of ninety-nine thousand five hundred
pounds (£99,500), 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 20 of the Dunedin City Loans
Conversion Order, 1934, shall be construed as if the debentures
amounting to ninety-nine thousand five hundred pounds (£99,500)
redeemed on the 1st day of April, 1951, had not been redeemed
as at that date, but had been redeemed on the 1st day of April,
1954.

(5) The payment of interest and instalments 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 pro-
curation 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. 49/254/25.)

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

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

At the Government Buildings at Wellington, this 15th day of
November, 1950

Present:

THE HON. K. J. HOLYOAKE PRESIDING IN COUNCIL

WHEREAS the King Country 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 “Reticulation
Loan, 1950” (hereinafter called the said loan), for the purpose of
providing for further reticulation of the King Country Electric-
power District, in respect of which works guarantees as described
in clause 21–43 of the Electrical Supply Regulations 1935, have
first been given in favour of the Board for payments amounting
in each of not less than five consecutive years from the completion
of such works to at least 15 per centum of the estimated capital cost
of such works, except that such guarantees may be reduced to the
extent of any subsidy granted by the Rural Electrical Reticulation
Council, 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 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, together with interest
thereon, shall be repaid by equal aggregate annual or half-yearly
instalments extending over the term as determined in (1) above.

(4) The payment of such instalments shall be made in New
Zealand and no 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 loan 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. 49/692/3.)

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 Buildings at Wellington, this 15th day of November, 1950

Present:

THE HON. K. J. HOLYOAKE PRESIDING 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

(T. 40/416/6.)

T. J. SHERRARD, Clerk of the Executive Council.