9 APRIL]

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 four hundred and
seventy-seven pounds seven shillings (£477 7s.)
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 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
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
   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. 49/379/14)

Varying the Determinations in Respect of Portion (£13,000)
of the Tauranga County Council's Loan of £124,425

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 24th day of
March 1953
Present:
THE HON. K. J. HOLYOAKE PRESIDING IN COUNCIL
WHEREAS by Order in Council made on the 29th day of
October 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 Tauranga County
Council (hereinafter called the said local authority) of an
amount of twenty-five thousand pounds (£25,000), being
portion of a loan of one hundred and twenty-four thousand
four hundred and twenty-five pounds (£124,425) known as
‘Roads Improvement Loan 1949’ (hereinafter called the
said loan):

And whereas an amount of thirteen thousand pounds
(£13,000) (hereinafter called the said sum) has not yet been
raised and it is expedient to cancel the determinations afore-
said 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 deter-
inations 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 shall be repaid as follows:

(a) By twenty equal payments of five hundred and eighty
pounds nine shillings (£580 9s.), one of such pay-
ments 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 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 sum and the balance
of such half-yearly payment in reduction of such
principal.

(b) By a payment at the end of the tenth year from the
date of the raising of the said sum of a sum 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 twenty 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
   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.

Varying the Determinations in Respect of Portion (£50,000)
of the Poverty Bay Electric-power Board’s Loan of
£150,000

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 24th day of
March 1953
Present:
THE HON. K. J. HOLYOAKE PRESIDING IN COUNCIL
WHEREAS by Order in Council made on the 9th day of
April 1952 (hereinafter called the said Order in Council),
and subject to the determinations as to borrowing and repay-
ment therein set out, consent was given to the raising in New
Zealand by the Poverty Bay Electric-power Board (hereinafter
called the said local authority) of a loan of one hundred and
fifty thousand pounds (£150,000) to be known as ‘Extensions
Loan 1952’ (hereinafter called the said loan):

And whereas the authority conferred by the said Order
in Council has not yet been exercised to the extent of eighty-
five thousand pounds (£85,000) and it is expedient to cancel
the determinations aforesaid in respect of a portion thereof
amounting to fifty thousand pounds (£50,000) (hereinafter
called 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 shall be repaid by the half-yearly
   redemption of debentures in the half-years set out in the
   first column of the Schedule hereunder of the amounts stated
   opposite each such half-year in the third column of the said
   Schedule. Each redemption includes a repayment of principal
   of the amount stated opposite each half year in the second
   column of the said Schedule and a half-year’s interest on the
   amount of principal outstanding immediately prior to the
   date of payment of such instalment.

SCHEDULE OF REDEMPTIONS

4. The redemption of such debentures and the payment of
   interest shall be made in New Zealand and no redemptions
   or interest 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. 49/242/8)