Varying the Determinations in Respect of Portion (£24,000)
of the Mount Albert Borough Council's Loan of £107,480

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 24th day of
February 1953
Present:
THE RIGHT HON S. G. HOLLAND PRESIDING IN COUNCIL
WHEREAS by Order in Council made on the 16th day of
July 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 Mount Albert Borough
Council (hereinafter called the said local authority) of the
sum of twenty-four thousand pounds (£24,000) (hereinafter
called the said sum), being portion of a loan of one hundred
and seven thousand four hundred and eighty pounds
(£107,480) known as "Sewer and Stormwater Drainage Loan
1947":
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 aforesaid determinations
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 shall be repaid as follows:—
   (a) By thirty equal payments of six hundred and ninety
   pounds eight shillings and eight pence
   (£690 8s. 8d.), 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. Each such
   half-yearly payment shall be applied first in pay-
   ment of interest computed at the rate of four
   pounds (£4) per centum per annum on the amount
   of principal for the time being outstanding at the
   beginning of each such half-year in respect of the
   said sum and the balance of such half-yearly
   payment in reduction of such principal.
   (b) By a payment at the end of the fifteenth year from
   the date of the raising of the said sum of an
   amount equal to the amount to which the principal
   of the said sum has been reduced in accordance
   with the preceding paragraph (a) hereof after
   payment of the aforesaid thirty half-yearly
   payments.
4. The payments referred to in clause 3 hereof shall be
   made in New Zealand and no such payment shall be made
   out of loan-moneys.
5. 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.
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. 49/212/8)

Varying the Determinations in Respect of the Balance
(£40,000) of the South Canterbury Electric-power Board's
Loan of £80,000

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 24th day of
February 1953
Present:
THE RIGHT HON S. G. HOLLAND PRESIDING IN COUNCIL
WHEREAS by Order in Council made on the 9th 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 South Canterbury Electric-
power Board (hereinafter called the said local authority) of
a loan of eighty thousand pounds (£80,000) to be known as
"Electricity Development Loan 1952" (hereinafter called the
said loan):
And whereas by Order in Council made on the 17th day of
December 1952 certain of the determinations aforesaid were
varied in respect of the balance of the said loan amounting
to forty thousand pounds (£40,000) (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 aforesaid determinations
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 ten (10) 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 by
   the annual redemption of debentures on the dates set out in
   the first column of the Schedule hereunder of the amounts
   stated opposite each such date 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
   procuration fees in respect of the raising of the said sum or
   any part thereof shall not in the aggregate exceed three-
   quarters 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 £4,000 by the Tararua Electric-power Board and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 24th day of
February 1953
Present:
THE RIGHT HON S. G. HOLLAND PRESIDING IN COUNCIL
WHEREAS the Tararua Electric-power Board (hereinafter
called the said local authority), being desirous of raising
a loan of four thousand pounds (£4,000) to be known as the
"Akitio County Reticulation Supplementary Loan 1953" for
the purpose of completing the purpose for which the Akitio
County Reticulation Loan 1938 of £40,000 was authorized,
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
four thousand pounds (£4,000) 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 (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 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
   procuration 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.49/188/3)