And whereas the said loan has not yet been raised to the extent
of twenty-five thousand seven hundred pounds (£25,700) and it
is expedient to vary certain of the determinations aforesaid in
respect of a portion thereof amounting to ten thousand pounds
(£10,000) (hereinafter called the said sum):
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 varies certain of the determinations aforesaid in respect of
the said sum by prescribing as follows:—

1. In lieu of a rate of interest not exceeding three pounds five
   shillings (£3 5s.) per centum per annum, as specified in clause 2
   of the said Order in Council, 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 four
   pounds (£4) per centum per annum.

2. In lieu of repayment by equal aggregate annual or half-
   yearly instalments of principal and interest as specified in clause 3
   of the said Order in Council, the said local authority shall, before
   raising the said sum 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 two pounds fourteen
   shillings and tenpence (£2 14s. 10d.), such payments to be made in
   respect of every part of the said sum 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 sum or any part thereof so raised.

T. J. SHERRARD,
Clerk of the Executive Council.
(T. 49/279)

Varying the Determinations in Respect of Portion (£18,000) of the
Motueka Borough Council's Loan of £64,550

H. F. O'LEARY,
Administrator of the Government
ORDER IN COUNCIL
At the Government House at Wellington, this 22nd day of
October 1952
Present:
HIS EXCELLENCY THE ADMINISTRATOR OF THE GOVERNMENT
IN COUNCIL
WHEREAS by Order in Council made on the 1st day of
November 1950 (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 in New Zealand by
the Motueka Borough Council (hereinafter called the said local
authority) of a loan of sixty-four thousand five hundred and fifty
pounds (£64,550) to be known as “Drainage Loan 1950” (hereinafter
called the said loan):
And whereas the authority conferred by the said Order in
Council has not been exercised to the extent of thirty-nine thousand
five hundred and fifty pounds (£39,550) and it is expedient to vary
certain of the determinations aforesaid in respect of a portion
thereof amounting to eighteen thousand pounds (£18,000) (hereinafter
called the said sum):
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 varies certain of the determinations aforesaid in respect of
the said sum by prescribing as follows:—

1. In lieu of a rate of interest not exceeding three pounds five
   shillings (£3 5s.) per centum per annum, as specified in clause 2
   of the said Order in Council, 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 four
   pounds (£4) per centum per annum.

2. No moneys shall be borrowed under the consent given by
   the said Order in Council after the expiration of four (4) years from
   the date thereof.

T. J. SHERRARD,
Clerk of the Executive Council.
(T. 49/452/9)

Varying the Determinations in Respect of the Lyttelton Harbour
Board’s Loan of £6,500

H. F. O'LEARY,
Administrator of the Government
ORDER IN COUNCIL
At the Government House at Wellington, this 22nd day of
October 1952
Present:
HIS EXCELLENCY THE ADMINISTRATOR OF THE GOVERNMENT
IN COUNCIL
WHEREAS by Order in Council made on the 16th day of April
1952, and subject to the determinations as to borrowing and
repayment therein set out, consent was given to the raising in New
Zealand by the Lyttelton Harbour Board (hereinafter called the said
local authority) of a loan of six thousand five hundred pounds
(£6,500) to be known as “Waterfront Assembly Building Additional
Loan 1952” (hereinafter called the said loan):

And whereas by Order in Council made on the 10th day of
September 1952 certain of the determinations aforesaid were varied:
And whereas the said loan has not yet been raised and it is
expedient to again vary certain of the determinations aforesaid in
respect of the said loan:
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 varies certain of the determinations aforesaid in respect of
the said loan by prescribing as follows:—

1. In lieu of a term of twenty-five (25) years, as specified in
   clause 1 of the said Order in Council, the term for which the said
   loan or any part thereof may be raised shall not exceed thirteen
   (13) years.

2. In lieu of equal aggregate annual or half-yearly instalments of
   principal and interest, as specified in clause 3 of the said Order in
   Council, the said loan or any part thereof shall be repaid by equal
   annual instalments of principal extending over the term of the loan
   as determined in 1 above.

T. J. SHERRARD,
Clerk of the Executive Council.
(T. 49/128/4)

Varying the Determinations in Respect of Loans Being Raised by the
Palmerston North City Council

H. F. O'LEARY,
Administrator of the Government
ORDER IN COUNCIL
At the Government House at Wellington, this 22nd day of
October 1952
Present:
HIS EXCELLENCY THE ADMINISTRATOR OF THE GOVERNMENT
IN COUNCIL
WHEREAS by Orders in Council made on the respective dates
specified in the third column of the Schedule hereto consent
was given to the raising by the Palmerston North City Council
(hereinafter called the said local authority) of the respective loans
stated in the first column of the said Schedule up to the amounts
stated in the second column of the said Schedule, subject in each
case to the determinations set forth in such Orders in Council:
And whereas the authorities conferred by the said Orders in
Council have not been exercised and it is expedient to vary certain
of the determinations in respect of the said loans:
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 varies in respect of each loan referred to in the Schedule
hereto certain of the aforesaid determinations by prescribing as
follows:—

1. In lieu of the rate of interest as specified in the Order in
   Council authorizing the raising of such loan, the rate 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 four pounds (£4) per centum per annum.

2. In lieu of repayment by equal aggregate annual or half-yearly
   instalments of principal and interest, as specified in the Order in
   Council authorizing the raising of such loan, the said local authority
   shall, before raising the said loans or any parts thereof, make provision
   for the repayment thereof by establishing sinking funds 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 funds at intervals of not more than one year at a
   rate or rates per centum which shall be not less than two pounds
   fourteen shillings and tenpence (£2 14s. 10d.), such payments to be
   made in respect of every part of the said loans for the time being
   so borrowed and not repaid, the first such payments 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 loans or any parts thereof
   so raised.

SCHEDULE

T. J. SHERRARD,
Clerk of the Executive Council.
(T. 49/284)