21 Aug.]

And whereas the said local authority, pending the raising of
portion of the said loan amounting to twenty-five thousand pounds
(£25,000) (hereinafter called the said sum) in accordance with the
said determinations, is desirous of borrowing the said sum or part
thereof by hypothecation or mortgage pursuant to section 34 of the
Local Bodies' Loans Act 1926 of the debentures authorized to be
issued in respect of the said sum:

Now, therefore, pursuant to section 7 of the Local Authorities
Interest Reduction and Loans Conversion Act 1932-33 and section 8
of the Local Authorities Interest Reduction and Loans Conversion
Amendment Act 1933, His Excellency the Governor-General, acting
by and with the advice and consent of the Executive Council, hereby
consents to the said local authority, pending the raising of the said
sum in accordance with the said determinations, borrowing the said
sum or any part thereof by the hypothecation or mortgage of the
said debentures to the State Advances Corporation of New Zealand
at a rate of interest not exceeding three pounds five shillings
(£3 5s.) per centum per annum, such interest to be computed on the
daily-debtor balances in the accounts of the Corporation, repayable
on demand, but so that the term shall not exceed one year, and hereby
prescribes that the money borrowed by the hypothecation or mortgage
of the said debentures shall, pending the raising of the said
sum, be repaid by annual or half-yearly instalments equivalent to
the instalments of principal which would have been repaid if on the
first day on which any moneys are borrowed by such hypothecation
or mortgage the whole of the said sum of twenty-five thousand pounds
(£25,000) had been raised on the terms prescribed by the said Order
in Council.

T. J. SHERRARD,
Clerk of the Executive Council
(T. 49/308/12)

Consenting to the Raising of Loans of £78,800 and £75,000 by the
Otago Hospital Board and Prescribing the Conditions Thereof

FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 13th day of
August 1952
Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS the Otago Hospital Board (hereinafter called the
said local authority), being desirous of raising the respective
loans set out in the first column of the Schedule hereto 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 loans:

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 respective loans set out in the
first column of the said Schedule, up to the respective amounts
specified in the second column of the said Schedule, and in giving
such consent hereby determines 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 third
   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 fourth column of the said Schedule.

3. The said loans or any parts thereof shall be repaid by equal
   half-yearly instalments of principal extending over the respective
   terms of the loans as determined in 1 above.

4. The payment of interest and the repayment of principal in
   respect of the said loans shall be made in New Zealand.

5. No amount payable either as interest or as principal in
   respect of the said loans 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 loans or any parts
   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.

SCHEDULE

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

(T. 49/703/4 and 5)

Consenting to the Raising of Portion (£500,000) of the Auckland
City Council's Loan of £1,698,000 and Prescribing the Conditions
Thereof

FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 6th day of
August 1952
Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS the Auckland City Council (hereinafter called the
said local authority) is desirous, pursuant to the terms of
a requisition issued under section 22 of the Health Act 1920, of
raising a loan of one million six hundred and ninety-eight thousand
pounds (£1,698,000) to be known as "Cossey's Creek Development
Loan 1951" (hereinafter called the said loan) for the purpose of
providing waterworks comprising the development of the Cossey's
Creek water-supply scheme:

And whereas by Order in Council made on the 14th day of
November 1951 consent was given to the raising by the said local
authority of portion of the said loan amounting to one hundred
thousand pounds (£100,000):

And whereas the said local authority is arranging to raise a
further portion of the said loan amounting to five hundred thousand
pounds (£500,000) (hereinafter called the said sum), and it is
expedient that the precedent consent of the Governor-General in
Council, as required by the Local Government Loans Board Act
1926 (hereinafter called the said Act), should be given to the raising
of the said sum:

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 sum for the said purpose up
to the amount of five hundred thousand pounds (£500,000), and in
giving such consent hereby determines 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 sum or any part thereof 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.

SCHEDULE

4. The payment of interest and redemptions in respect of the
   said sum shall be made in New Zealand.

5. No amount payable either as interest or as a redemption in
   respect of the said sum 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 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. 49/121)