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 one
hundred thousand pounds (£100,000), 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 by
   the annual redemption of debentures in the years set out
   in the first column of the Schedule hereunder of the amounts
   stated opposite each such year in the second column of the
   said Schedule.

SCHEDULE OF REDEMPTIONS

4. The payment of interest and the 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 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. 49/160/6)

Consenting to the Raising of Portion (£20,000) of the Otago
Harbour Board’s Loan of (£80,000) 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 Otago Harbour Board (hereinafter called
the said local authority), being desirous of raising
a loan of eighty thousand pounds (£80,000) to be known as
‘‘ Harbour Works Loan 1953 ’’ (hereinafter called the said
loan), for the purpose of reconditioning and strengthening
1,200 ft. of Victoria Wharf (southern end) and providing
spring-fendering system for full length of structure, 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 in the
first instance of raising portion only of the said loan amounting
to twenty thousand pounds (£20,000) (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 said purpose up to the
amount of twenty thousand pounds (£20,000), 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 be 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 local authority shall, before raising the said
   sum 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 sum 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
   sum or any part thereof so raised.

4. The payment of interest and repayment of principal in
   respect of the said sum shall be made in New Zealand.

5. No amount payable as either interest or sinking fund
   in respect of the said sum 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 sum
   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. 49/314/10)

Consenting to the Raising of Portion (£40,000) of the
Wanganui-Rangitikei Electric-power Board's Loan of
£100,000 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 Wanganui-Rangitikei Electric-power Board
(hereinafter called the said local authority), being
desirous of raising a loan of one hundred thousand pounds
(£100,000) to be known as ‘‘ Development Loan 1953 ’’
(hereinafter called the said loan) for the purpose of extending
the reticulation system within the Wanganui-Rangitikei
Electric-power District and erecting buildings, 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 in the
first instance of raising portion of the said loan amounting
to forty thousand pounds (£40,000) (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 said purpose up to the amount of
forty thousand pounds (£40,000), 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 be 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 annual redemption
   of debentures in the years set out in the first column of the
   Schedule hereunder of the amounts stated opposite each such
   year in the second column of the said Schedule, the first
   such redemption to be made at the end of the fifth year
   from the date of the raising of the said sum: Provided that
   the said local authority shall, before raising the said sum or
   any part thereof, make provision for the redemption of the
   first debenture by establishing a sinking fund under the Local
   Bodies' Loans Act 1926 or under such other statutory enact-
   ment as may be applicable, and shall thereafter make payments
   to such sinking fund at intervals of not more than one year
   of an amount which shall be not less than one thousand three
   hundred pounds (£1,300), 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 amount of such
   first debenture.

SCHEDULE

4. The payment of interest and repayment of principal in
   respect of the said sum shall be made in New Zealand.

5. No amount payable either as interest or as a
   redemption or sinking fund in respect of the said sum 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 sum
   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. 49/18/5)