17 APRIL] THE NEW ZEALAND GAZETTE 695

Now, therefore, pursuant to section 11 of the said Act, as set
out in section 29 of the Finance Act 1932 (No. 2), His Excellency
the Governor-General, acting by and with the advice and consent
of the Executive Council, hereby consents to the raising in New
Zealand by the said local authority of the said loan for the said
purpose up to the amount of one hundred and fifty thousand pounds
(£150,000), and in giving such consent hereby determines 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 equal
   half-yearly 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, and procurement
   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. 49/242/8)

Consenting to the Raising of a Loan of £80,000 by the South Canterbury Electric-power Board and Prescribing the Conditions Thereof

FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington, this 9th day of
April 1952

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS the South Canterbury Electric-power Board (herein-
after called the said local authority), being desirous of
raising a loan of eighty thousand pounds (£80,000) to be known
as “ Electricity Development Loan 1952 ” (hereinafter called the
said loan) for the purpose of further reticulating the South Canter-
bury Electric-power 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, pursuant to section 11 of the said Act as set
out in section 29 of the Finance Act 1932 (No. 2), His Excellency the
Governor-General, acting by and with the advice and consent of
the Executive Council, hereby consents to the raising in New
Zealand by the said local authority of the said loan for the said
purpose up to the amount of eighty thousand pounds (£80,000),
and in giving such consent hereby determines 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

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 procurement
   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. 49/181/17)

Consenting to the Raising of a Loan of £11,000 by the Otago Harbour Board and Prescribing the Conditions Thereof

FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington, this 9th day of
April 1952

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS by Order in Council made on the 13th day of
December 1949 (hereinafter called the said Order in Council),
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 called the said local authority) of a loan of eleven
thousand pounds (£11,000) to be known as “ Harbour Works Loan
1939, £400,000—Sixth Issue, £11,000, 1949 ” :

And whereas the authority conferred by the said Order in Council
has not been exercised :

And whereas the authority 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 pro-
visions 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 said loan, and it is expedient to authorize the said local authority
to raise the said loan on the conditions hereinafter set out :

Now, therefore, pursuant to section 11 of the said Act as set
out in section 29 of the Finance Act 1932 (No. 2), His Excellency
the Governor-General, acting by and with the advice and consent
of the Executive Council, hereby consents to the raising in New
Zealand by the said local authority of the said loan up to the amount
of eleven thousand pounds (£11,000) for the purpose for which the
said loan was authorized, and in giving such consent hereby deter-
mines as follows :—

1. The term for which the said loan 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
   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 three pounds fifteen shillings (£3 15s.), such pay-
   ments 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 procurement
   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. 49/18/3)

Consenting to the Raising of a Loan of £4,000 by the Northern Hawke’s Bay Rabbit Board and Prescribing the Conditions Thereof

FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington, this 9th day of
April 1952

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS the Northern Hawke’s Bay Rabbit Board (hereinafter
called the said local authority), being desirous of raising a
loan of four thousand pounds (£4,000) to be known as “ Employees’
Accommodation Loan 1951 ” (hereinafter called the said loan) for the
purpose of purchasing land, erecting houses, and purchasing land with
houses thereon, has complied with the provisions of the Local Govern-
ment 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, pursuant to section 11 of the said Act, as set
out in section 29 of the Finance Act 1932 (No. 2), His Excellency
the Governor-General, acting by and with the advice and consent