590
THE NEW ZEALAND GAZETTE
[No. 20
Varying the Determinations in Respect of Portion (£30,000)
of the Otago Central Electric-power Board’s Loan of
£165,000
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 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 Otago Central Electric-
power Board (hereinafter called the said local authority)
of a loan of one hundred and sixty-five thousand pounds
(£165,000) known as ‘Electrical Generation and Extensions
Loan 1952’ (hereinafter called the said loan):
And whereas by Order in Council made on the 22nd
day of October 1952 the determinations aforesaid were varied
in respect of portion of the said loan amounting to sixty
thousand pounds (£60,000):
And whereas portion of the said amount of sixty
thousand pounds (£60,000) amounting to thirty thousand
pounds (£30,000) (hereinafter called 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 deter-
minations 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 nine hundred and
   fifty-four pounds thirteen shillings and elevenpence
   (£954 13s. 11d.) 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 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 the 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.
   (T. 49/210/9)
   Consenting to the Raising of a Rural Housing Loan of £10,000
   by the Wallace County Council and Prescribing the
   Conditions Thereof
   C. W. M. NORRIE, Governor-General
   ORDER IN COUNCIL
   At the Government House at Wellington, this 1st day of
   April 1953
   Present:
   HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
   WHEREAS the Wallace County Council is desirous of
   raising from the State Advances Corporation of New
   Zealand (hereinafter called the Corporation) a loan of ten
   thousand pounds (£10,000) to be known as ‘Rural Housing
   Loan No. 2 1952’ (hereinafter called the said loan) for
   the purpose of making advances to farmers in terms of the
   Rural Housing Act 1939:
   And whereas the said Council 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 by the said Council from the Corporation for
   the aforesaid purpose of a loan up to the amount of ten
   thousand pounds (£10,000), and in giving such consent hereby
   determines as follows:-
7. That the Council shall pay to the Corporation each
   half-year in reduction of the principal moneys advanced by
   the Corporation to the Council an amount equal to the sum
   of all the amounts which are expressed to be payable or are
   in fact paid to the Council during such half-year by the
   agreements entered into with the said Council by the various
   farmers to whom the said Council has advanced any of the
   loan-moneys.
8. The rate of interest that may be paid in respect of the
   said loan, or so much thereof as is for the time being raised
   and not repaid, shall be three pounds ten shillings (£3 10s.)
   per centum per annum payable half-yearly, the first such
   payment to be made not later than six months after the date
   of the payment of the first instalment of the loan by the
   Corporation to the said Council, such interest to be computed
   on the daily-debtor balances in the accounts of the Corporation.
9. No amounts payable as either interest or principal in
   respect of the said loan shall be paid out of loan-moneys.
10. No amount shall be payable for brokerage, underwriting,
    or procuration fees in respect of the raising of the said loan
    or any part thereof.
    T. J. SHERRARD,
    Clerk of the Executive Council.
    (T. 49/465/7)
    Consenting to the Raising of Portion (£10,000) of the
    Wairarapa Hospital Board’s Loan of £90,000
    C. W. M. NORRIE, Governor-General
    ORDER IN COUNCIL
    At the Government House at Wellington, this 1st day of
    April 1953
    Present:
    HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
    WHEREAS the Wairarapa Hospital Board (hereinafter
    called the said local authority) being desirous of raising,
    first, a loan of sixty-two thousand pounds (£62,000) to be
    known as ‘Buildings Loan 1952’ for the purpose of extend-
    ing the maternity ward at Masterton Hospital, providing and
    equipping a new kitchen and staff dining-rooms at Greytown
    Hospital, and meeting incidental costs and, secondly, a loan
    of twenty-eight thousand pounds (£28,000) to be known as
    ‘Buildings Loan No. 2 1952’ for the purpose of completing
    the provision of kitchen and operating theatre blocks at
    Pahiatua Hospital and meeting incidental costs, has complied
    with the provisions of the Local Government Loans Board Act
    1926 (hereinafter called the said Act):
    And whereas the said local authority is desirous of raising
    the aforesaid loans of sixty-two thousand pounds (£62,000)
    and twenty-eight thousand pounds (£28,000) in one loan of
    ninety thousand pounds (£90,000) to be known as ‘Buildings
    Loans Amalgamated Loan 1953’ (hereinafter called the said
    loan):
    And whereas the said local authority is further desirous
    in the first instance of raising portion only of the said loan
    amounting to ten thousand pounds (£10,000) (hereinafter
    called the said sum) 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 sum:
    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 sum for the aforesaid purposes, and in giving such
    consent hereby determines as follows:-
11. The term for which the said sum or any part thereof
    may be raised shall not exceed twenty (20) years.
12. 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.
13. The said sum 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.
14. The payment of such instalments shall be made in New
    Zealand and no such instalment shall be paid out of loan-
    moneys.
15. 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.
16. 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. 49/490/6)