Consenting to the Raising of a Loan of £52,750 by the
Wellington City Council and Prescribing the Conditions
Thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 5th day of
May 1953
Present:
THE RIGHT HON. S. G. HOLLAND PRESIDING IN COUNCIL.
WHEREAS the Wellington City Council (hereinafter
called the said local authority), being desirous of
raising a loan of fifty-two thousand seven hundred and fifty
pounds (£52,750) to be known as 'Karori Access Reconstruction Loan 1952' (hereinafter called the said loan) for
the purpose of reconstructing roads and underground services,
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
fifty-two thousand seven hundred and fifty pounds (£52,750),
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
   two pounds fifteen shillings (£2 15s.) 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 the 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
   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. 49/168/121)

Consenting to the Raising of the Balance (£5,940) of the
Waipawa County Council's Loan of £45,000

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 5th day of
May 1953
Present:
THE RIGHT HON. S. G. HOLLAND PRESIDING IN COUNCIL
WHEREAS by Order in Council made on the 24th day of
April 1925, consent was given to the raising by the
Waipawa County Council (hereinafter called the said local
authority) of the sum of forty-five thousand pounds (£45,000)
(hereinafter called the said loan) for the construction and
reconstruction of main highways and bridges of which an
amount of five thousand nine hundred and forty pounds
(£5,940) has not been raised:
And whereas by section 9 of the Local Authorities Interest
Reduction and Loans Conversion Amendment Act 1934, the
authority conferred by the said Order in Council was revoked
in so far as it had not been exercised, and it is not now
lawful or competent for the said local authority to borrow
any moneys to which the said Order in Council relates except
in accordance with the provisions of an Order in Council that
may be made under section 11 of the Local Government
Loans Board Act 1926:
And whereas it is expedient to authorize the said local
authority to borrow on the conditions hereinafter mentioned
the said sum of five thousand nine hundred and forty pounds
(£5,940) (hereinafter called the said sum) being the balance
of the moneys to which the said Order in Council relates:
Now, therefore, pursuant to section 11 of the Local
Government Loans Board Act 1926 and section 9 of the
Local Authorities Interest Reduction and Loans Conversion
Amendment Act 1934, 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 or any part thereof
for the purpose for which the said loan was authorized as
amended pursuant to section 47 of the Finance Act 1929,
and in giving such consent hereby determines as follows:

1. The term for which the said sum 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 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, 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
   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. 49/494)

Consenting to the Raising of a Loan of £200,000 by the
Auckland Electric-power Board and Prescribing the
Conditions thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 12th day of
May 1953
Present:
THE HON. K. J. HOLYOAKE PRESIDING IN COUNCIL
WHEREAS the Auckland Electric-power Board (hereinafter
called the said local authority), being desirous of
raising a loan of two hundred thousand pounds (£200,000)
to be known as 'General Extension and Improvement Loan
1953' (hereinafter called the said loan) for the purpose
of further reticulating and extending the Auckland Electric-
power District, 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 two hundred thousand pounds (£200,000), 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 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 loan or any part thereof shall be repaid
   as follows:
   (a) By nineteen equal payments of five thousand pounds
   (£5,000) each, 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.
   (b) By a payment at the end of the twentieth half-year
   from the date of borrowing of the said loan of
   an amount of one hundred and five thousand pounds
   (£105,000).
4. The payment of interest and redemptions in respect
   of the said loan shall be made in New Zealand.
5. No amount payable either as interest or as a redemption
   in respect of the said loan shall be made 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 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. 49/410/9)