12 MARCH]

Varying the Determinations in Respect of Portion (£75,000)
of the Nelson Harbour Board's Loan of £500,000

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 4th day of
March 1953
Present:
His EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS by Order in Council made on the 13th day of
January 1953 (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 Nelson Harbour Board (hereinafter
called the said local authority) of the sum of seventy-five
thousand pounds (£75,000) being portion of a loan of five
hundred thousand pounds (£500,000) known as 'Nelson
Harbour Board Empowering Act 1948 Loan 1949' (hereinafter
called the said loan):
And whereas the authority conferred by the said Order in
Council has not yet been exercised and it is expedient to vary
certain of the determinations aforesaid in respect of the said
sum of seventy-five thousand pounds (£75,000) (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 Governor-
General, acting by and with the advice and consent of the
Executive Council, hereby varies the determinations aforesaid
in respect of the said sum 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 sum or any part thereof may be raised shall not exceed
   ten (10) years.
2. In lieu of repayment in the manner prescribed in
   clause 3 of the said Order in Council, 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 here-
   under of the amounts stated opposite each such date in the
   second column of the said schedule.
   SCHEDULE
   First Column.
   Second
   Column.
   Date.
   Amount.
   £
   1 April 1954
   2,000
   1 April 1955
   2,000
   1 April 1956
   2,000
   1 April 1957
   2,000
   1 April 1958
   2,000
   Second
   Column.
   Date.
   Amount.
   £
   1 April 1959
   2,000
   1 April 1960
   2,000
   1 April 1961
   2,000
   1 April 1962
   2,000
   1 April 1963
   57,000
3. In lieu of a rate not exceeding one-half per centum, as
   prescribed in clause 5 of the said Order in Council, 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 three-quarters per centum
   of any amount raised.
   T. J. SHERRARD,
   Clerk of the Executive Council.
   (T. 49/556/3)
   Varying the Determinations in Respect of the Maniototo
   County Council's Loan of £1,580
   C. W. M. NORRIE, Governor-General
   ORDER IN COUNCIL
   At the Government House at Wellington, this 4th day of
   March 1953
   Present:
   His EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
   WHEREAS by Order in Council made on the 13th day
   of January 1953 and subject to the determinations as
   to borrowing and repayment therein set out, consent was
   given to the raising in New Zealand by the Maniototo County
   Council (hereinafter called the said local authority) of a
   loan of one thousand five hundred and eighty pounds
   (£1,580) to be known as 'Ranfurly Domestic Water Supply
   Supplementary Loan 1952' (hereinafter called the said
   loan):
   And whereas the said loan has not yet been raised and
   it is expedient to cancel the determinations aforesaid in
   respect of the said loan 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 loan and in lieu thereof makes the
   following determinations:-
4. The term for which the said loan or any part thereof
   may be raised shall not exceed twenty (20) years.
5. 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.
6. The said loan shall be repaid as follows:-
   (a) By forty equal payments of forty-five pounds nine
   shillings and one penny (£45 9s. 1d.), one of such
   payments to be made at the end of every half-year
   commencing from the date on which the said loan
   is raised. Each such half-yearly payment shall
   be applied first in payment 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 loan and the balance
   of such half-yearly payment in reduction of such
   principal.
   (b) By a payment at the end of the twentieth year
   from the date of the raising of the said loan of
   a sum equal to the amount to which the principal
   of the said loan has been reduced in accordance with
   the preceding paragraph (a) hereof after payment
   of the aforesaid forty half-yearly payments.
7. 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.
8. 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.
9. 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. 49/211/6)
   Varying the Determinations in Respect of the Balance
   (£57,500) of the Te Awamutu Borough Council's Loan of
   £97,500
   C. W. M. NORRIE, Governor-General
   ORDER IN COUNCIL
   At the Government House at Wellington, this 4th day of
   March 1953
   Present:
   His EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
   WHEREAS by Order in Council made on the 20th day of
   August 1952 (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 Te Awamutu Borough Council
   (hereinafter called the said local authority) of a loan of
   ninety-seven thousand five hundred pounds (£97,500) to be
   known as 'Waterworks Extension Loan 1952' (hereinafter
   called the said loan):
   And whereas the authority conferred by the said Order in
   Council has not been exercised to the extent of fifty-seven
   thousand five hundred pounds (£57,500) (hereinafter called
   the said sum) and it is expedient to vary certain of the
   determinations aforesaid in respect of 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 Governor-
   General, 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 that 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.
   T. J. SHERRARD,
   Clerk of the Executive Council.
   (T. 49/151/15)
   Varying the Determinations in Respect of Portion (£239,040)
   of the Wellington City Council's Loan of £265,700
   C. W. M. NORRIE, Governor-General
   ORDER IN COUNCIL
   At the Government House at Wellington, this 4th day of
   March 1953
   Present:
   His EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
   WHEREAS by Order in Council made on the 19th day
   of September 1951 (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 Wellington City Council
   (hereinafter called the said local authority) of a loan of
   two hundred and sixty-five thousand seven hundred pounds
   (£265,700) to be known as 'Wellington City Water-supply
   Loan 1920, Renewal Loan 1952' (hereinafter called the
   said loan):