2018

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 l 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 procur- 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. 49/688/1)

Consenting to the Raising of a Loan of £2,500 by the Geraldine Borough Council and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General ORDER IN COUNCIL At the Government House at Wellington, this 3rd day of December 1952 Present: His EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL WHEREAS the Geraldine Borough Council (hereinafter called the said local authority) proposes, pursuant to the provisions of section 151 of the Municipal Corporations Act 1933, to raise a loan of two thousand five hundred pounds (£2,500) to be known as “Raukapuka Water-supply Conversion Loan 1953” (hereinafter called the said loan) for the purpose of meeting part of the liability imposed on the said local authority pursuant to a financial adjustment made between the said local authority and the Geraldine County Council consequent on the alteration of the boundaries between the County of Geraldine and the Borough of Geraldine : Now, therefore, pursuant to section ll of the Local Government Loans Board Act 1926, 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 two thousand five hundred pounds (£2,500), 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 ten (10) 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 four pounds (£4) 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 eight pounds fourteen shillings and sixpence (£8 14s. 6d.), such payments 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 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. 49/110)

Consenting to the Raising of a Loan of £4,000 by the Wairere Electric-power Board and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General ORDER IN COUNCIL At the Government House at Wellington, this 3rd day of [December 1952 Present: His EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL WHEREAS by Order in Council made on the 18th day of October 1950 (hereinafter called the said Order in Council), and subject to the determination as to borrowing and repayment therein set out, consent was given to the raising by the Wairere Electric-power Board (hereinafter called the said local authority) of a loan of four thousand pounds (£4,000) to be known as “ Housing Loan 1950” (hereinafter called the said loan): 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 6 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 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 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 four thousand pounds (£4,000) 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 loan or any part thereof may be raised shall be 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 four pounds (£4) 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 such instalment shall be paid out of loan-moneys.

5. The rate payable for brokerage, underwriting, and procur- 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. 49/398/16)

Varying the Determinations in Respect of Portion (£50,000) of the Napier Harbour Board’s Loan of £110,000

C. W. M. NORRIE, Governor-General ORDER IN COUNCIL At the Government House at Wellington, this 3rd day of December 1952 Present: His EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL WHEREAS by Order in Council made on the 23rd 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 Napier Harbour Board (hereinafter called the said local authority) of a loan of one hundred and ten thousand pounds (£110,000) to be known as “Harbour Works Loan 1952” (hereinafter called the said loan): And whereas by Order in Council made on the 17th day of September 1952 certain of the determinations aforesaid were varied in respect of portion of the said loan amounting to fifty thousand pounds (£50,000) (hereinafter called the said sum):

And whereas the said sum has not yet been raised and it is expedient to cancel the determinations aforesaid in respect of the said sum and make new determinations in lieu thereof:

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 Governor-General, acting by and with the advice and consent of the Executive Council, hereby cancels the determinations aforesaid in respect of the said sum and in lieu thereof makes the following determinations :—

1. The term for which the said sum or any part thereof may be raised shall not exceed fifteen (15) 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 four pounds (£4) per centum per annum.

3. The said sum or any part thereof shall be repaid as follows :—

(a) By twenty-nine equal payments of one thousand pounds (£1,000) each, one of such payments to be made at the end of every half-year commencing from the date on which the said sum is raised.

(b) By a payment at the end of the thirtieth half-year from the date of borrowing of the said sum of an amount of twenty-one thousand pounds (£21,000).

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 pro-curation 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. 49/206/18)