Consenting to the Raising of a Loan of £5,000 by the
Westland Catchment Board and Prescribing the Conditions
Thereof
C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 19th day of
May 1953
Present:
THE HON. K. J. HOLYOAKE PRESIDING IN COUNCIL
WHEREAS the Westland Catchment Board (hereinafter
called the said local authority) proposes, pursuant to
the provisions of section 30 of the Soil Conservation and
Rivers Control Act 1941, to raise a loan of five thousand
pounds (£5,000) to be known as “Works Loan 1953”
(hereinafter called the said loan) for the purpose of enabling
drainage works to be undertaken at Whites Creek and
Kokatahi:
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 consents to the raising by the said
local authority of the said loan for the said purpose up to
the amount of five thousand pounds (£5,000); 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 four (4) 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 a rate exceeding four pounds (£4)
   per centum per annum.
3. The said loan or any part thereof, together with
   interest thereon shall be repaid by equal aggregate annual
   instalments extending over the term as determined in 1 above.
4. 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. 49/721)
   Consenting to the Raising of a Loan of £300 by the Ross
   Borough Council and Prescribing the Conditions Thereof
   C. W. M. NORRIE, Governor-General
   ORDER IN COUNCIL
   At the Government Buildings at Wellington, this 19th day of
   May 1953
   Present:
   THE HON. K. J. HOLYOAKE PRESIDING IN COUNCIL
   WHEREAS the Ross Borough Council (hereinafter called
   the said local authority) proposes, pursuant to the
   provisions of section 49 of the Fire Services Act 1949, to
   borrow the sum of three hundred pounds (£300) by a loan
   to be known as “Fire Appliances Loan 1953” (hereinafter
   called the said loan) for the purpose of meeting the cost of
   a trailer pump, hose, and couplings for the Ross Brigade:
   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 consents to the raising by the said
   local authority of the said loan for the said purpose up to
   the amount of three hundred pounds (£300), and in giving
   such consent hereby determines as follows:—
5. The term for which the said loan or any part thereof
   may be raised shall be eight (8) years.
6. 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 a rate exceeding four pounds (£4)
   per centum per annum.
7. The said loan or any part thereof, together with
   interest thereon, shall be repaid by equal aggregate annual
   instalments extending over the term as determined in 1 above.
8. 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. 49/374)
   Consenting to the Raising of a Loan of £30,000 by the Marl-
   borough 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 Marlborough Electric-power Board (herein-
   after called the said local authority), being desirous
   of raising a loan of thirty thousand pounds (£30,000) to be
   known as “Development Loan 1953” (hereinafter called
   the said loan) for the purpose of purchasing and installing
   equipment and extending the Board’s electrical reticulation, 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 con-
   sents to the raising in New Zealand by the said local
   authority of the said loan for the said purpose up to the
   amount of thirty thousand pounds (£30,000), and in giving
   such consent hereby determines as follows:—
9. The terms for which the said loan or any part thereof
   may be raised shall be as follows:—
   (a) In respect of portion of the said loan amounting to
   ten thousand pounds (£10,000), ten (10) years.
   (b) In respect of the balance of the said loan amounting
   to twenty thousand pounds (£20,000), twenty (20)
   years.
10. 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.
11. The said loan shall be repaid as follows: —
    (a) In respect of the said portion of ten thousand pounds
    (£10,000):—
    (i) By twenty equal payments of three
    hundred and sixty-five pounds eleven shillings and
    twopence (£365 11s. 2d.) 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 out-
    standing 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.
    (ii) 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 (i) hereof after
    payment of the aforesaid twenty half-yearly
    payments.
    (b) In respect of the said balance of twenty thousand
    pounds (£20,000), the said local authority shall,
    before raising the said balance 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 three pounds
    ten shillings and ninepence (£3 10s. 9d.) such
    payments to be made in respect of every part of the
    said balance 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 balance or any part thereof so raised.
12. 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.
13. 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.
14. 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. 49/402/6)
    Consenting to the Raising of a Loan of £100,000 by the Timaru
    Harbour 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 Timaru Harbour Board (hereinafter called
    the said local authority), being desirous of raising a
    loan of one hundred thousand pounds (£100,000) to be known
    as ‘‘Harbour Loan 1953’’ (hereinafter called the said loan)
    for the purpose of reconstructing portion of No. 2 wharf,
    repairing the Eastern Extension Mole and providing a stock-
    pile of rock, flushdecking sections of wharves, acquiring,
    erecting, and constructing plant, cranes, materials, sheds, and
    works incidental to the aforesaid harbour works, 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: