Varying the Determinations in Respect of Loans or Portions Thereof Being Raised by Certain Local Authorities

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 by Orders in Council made on the respective dates specified in the third column of the Schedule hereto, consent was given to the raising by the respective local authorities enumerated in the first column of the said Schedule of the respective loans stated in the second column of the said Schedule, subject in each case to the determinations set forth in such Orders in Council:
And whereas the authorities conferred by the said Orders in Council have not been exercised in respect of each respective loan to the extent specified in the fourth column of the said Schedule opposite each such loan:
And whereas it is expedient to vary the determinations of each respective loan in so far as such determinations apply to the raising of the sum specified in the fifth column of the said Schedule opposite each such loan (hereinafter called the said sum):
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 varies in respect of each loan referred to in the Schedule hereto, certain of the aforesaid determinations in respect of the raising of such loan in so far as such determinations apply to the raising of the said sum, by prescribing that in lieu of the rate of interest as specified in the Order in Council authorizing the raising of such loan, 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.
SCHEDULE
First Column.
Name of Local Authority.
Second Column.
Name of Loan.
Third Column.
Date of Consenting Order in Council and Amount Thereby Authorized.
Fourth Column.
Amount of Loan.
Fifth Column.
Sum in Respect of Which Rate of Interest is Hereby Varied.
Kawhia County Council
Plant and Machinery Loan 1951
16 June 1952,
£3,500
£
£3,500
Opunake Electric-power Board
Reticulation Loan 1951
3 March 1952,
£5,000
£1,700
£1,700
Opunake Electric-power Board
Load Control Equipment Loan 1952
28 May 1952,
£13,500
£10,500
£10,500
T. J. SHERRARD, Clerk of the Executive Council.
(T. 40/416/6)
(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 procurement 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. 49/194/14)
Varying the Determinations in Respect of Portion (£7,000) of the Dargaville Borough Council's Loan of £15,000
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 by Order in Council made on the 24th day of February 1953 and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising in New Zealand by the Dargaville Borough Council (hereinafter called the said local authority) of the sum of seven thousand pounds (£7,000), being portion of a loan of fifteen thousand pounds (£15,000) known as 'Road and Street Works Loan 1952' (hereinafter called the said loan):
And whereas the said sum of seven thousand pounds (£7,000) (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 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 as follows:-
   (a) By twenty equal payments of two hundred and twenty-two pounds fifteen shillings and threepence (£222 15s. 3d.) 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.
   Consenting to the Assignment to Henry Edmond Oxnam, of Owen River, Farmer, by Rudolph Wilhelm Lublow, of Murchison, Farmer, of his Rights, Powers, and Privileges Under an Order in Council Authorizing Him to Use Water for the Purpose of Generating Electricity and, to Erect and Use Certain Electric Lines
   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
   PURSUANT to the Public Works Act 1928, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, hereby consents to the assignment to Henry Edmond Oxnam, of Owen River, Farmer, by Rudolph Wilhelm Lublow, of Murchison, Farmer, of his rights, powers, and privileges under an Order in Council dated the 3rd day of September 1947, and published in the New Zealand Gazette on the 11th day of the same month, at page 1179, authorizing him to use water for the purpose of generating electricity and to erect and use certain electric lines.
   T. J. SHERRARD,
   Clerk of the Executive Council.
   (S.H.D. 11/20/1002)