1476
THE NEW ZEALAND GAZETTE
[No. 60

Consenting to the Raising of Loans by Certain Local Authorities and Prescribing the Conditions Thereof

H. F. O’LEARY
Administrator of the Government
ORDER IN COUNCIL
At the Government House at Wellington, this 3rd day of September 1952
Present:

HIS EXCELLENCY THE ADMINISTRATOR OF THE GOVERNMENT 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, pursuant to section 11 of the said Act, as set out in section 29 of the Finance Act 1932 (No. 2), His Excellency the Administrator of the Government, acting by and with the advice and consent of the Executive Council, hereby consents 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 hereby determines as follows:—

1. The terms for which the said loans or any parts thereof may be raised shall not exceed 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.

Consenting to the Raising of the Balance (£9,000) of the Hastings Borough Council’s Loan of £39,000 and Prescribing the Conditions Thereof

H. F. O’LEARY,
Administrator of the Government
ORDER IN COUNCIL
At the Government House at Wellington, this 27th day of August 1952
Present:

HIS EXCELLENCY THE ADMINISTRATOR OF THE GOVERNMENT
IN COUNCIL

WHEREAS by Order in Council made on the 18th day of August 1948, and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising by the Hastings Borough Council (hereinafter called the said local authority) of the sum of thirty-five thousand pounds (£35,000), being the unraised balance of a loan of thirty-nine thousand pounds (£39,000) known as “Parks Extension and Development Loan 1946” (hereinafter called the said loan):

And whereas by Order in Council made on the 21st day of June 1950 the period within which the amount then unraised amounting to twenty-seven thousand pounds (£27,000) might be borrowed was extended to four (4) years from the date of the Order in Council made on the 18th day of August 1948:

And whereas the authority conferred by the Order in Council made on the 18th day of August 1948 has still not yet been exercised to the extent of nine thousand pounds (£9,000):

And whereas the aforesaid authority has lapsed in accordance with the provisions of clause 6 of the Order in Council made on the 18th day of August 1948, as varied by the Order in Council made on the 21st day of June 1950, and it is not now lawful or competent for the said local authority to raise the balance of the said loan or any portion thereof, except in accordance with the provisions 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 balance of the said loan amounting to nine thousand pounds (£9,000) (hereinafter called the said sum) and it is expedient to authorize the said local authority to raise the said sum or any portion thereof 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 Administrator of the Government, 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 up to the amount of nine thousand pounds (£9,000) for the purpose for which the said loan was authorized, 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-five (25) 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, 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 such instalments 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 sum 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. 49/132/9)

Consenting to the Raising of a Loan of £847 by the Whangaroa County Council and Prescribing the Conditions Thereof

H. F. O’LEARY,
Administrator of the Government
ORDER IN COUNCIL
At the Government House at Wellington, this 3rd day of September 1952
Present:

HIS EXCELLENCY THE ADMINISTRATOR OF THE GOVERNMENT
IN COUNCIL

WHEREAS the Whangaroa 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 eight hundred and forty-seven pounds (£847) by a loan to be known as “Main Highways Loan 1952” (hereinafter called the said loan) for the purpose of providing the said local authority’s share of the cost of sealing portion of the Whangaroa–Kaeo Bridge Main Highway:

Now, therefore, pursuant to section 11 of the Local Government Loans Board Act 1926, as set out in section 29 of the Finance Act 1932 (No. 2) His Excellency the Administrator of the Government, acting by and with the advice and consent of the Executive Council, hereby consents to the raising by the said local authority of the said loan for the said purpose up to the amount of eight hundred and forty-seven pounds (£847), 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 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 four pounds (£4) per centum per annum.

3. The said loan, 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. 49/325)