3. The said sum or any part thereof shall be repaid by
   the half-yearly redemption of debentures in the half-years set
   out in the first column of the Schedule hereunder of the
   amounts stated opposite each such half-year in the second
   column of the said Schedule.

SCHEDULE

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

5. No amount payable either as interest or as a redemption
   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. 49/334/13)

Consenting to the Raising of the Balance (£23,500) of the
Palmerston North City Council's Loan of £58,500 and
Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 23rd day of
June 1953
Present:

THE HON. K. J. HOLYOAKE PRESIDING IN COUNCIL

WHEREAS by Order in Council made on the 22nd day of
June 1949 (hereinafter called the said Order in Council),
and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising by the
Palmerston North City Council (hereinafter called the said
local authority) of an amount of forty-three thousand five
hundred pounds (£43,500), being the unraised balance of a
loan of fifty-eight thousand five hundred pounds (£58,500)
known as ‘Public Works Loan 1946’ (hereinafter called
the said loan):

And whereas portion of the said loan amounting to thirty-five thousand pounds (£35,000) has been raised:

And whereas the authority conferred by the said Order in
Council has now lapsed in accordance with the provisions of
clause 7 thereof and it is not now lawful or competent for the
said local authority to raise the said loan or any portion
thereof except in accordance with the provisions of a further
Order in Council that may be issued pursuant to section 11
of the Local Government Loans Board Act 1926 (hereinafter
called the said Act):

And whereas the said local authority is now desirous of
raising the balance of the said loan amounting to twenty-three
thousand five hundred pounds (£23,500) (hereinafter called the
said sum), and it is expedient to authorize the said local
authority to raise the said sum on the conditions hereinafter set
out:

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 up to the amount of twenty-three thousand five hundred
pounds (£23,500) for the purpose for which the said loan was
authorized, 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 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

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

5. No amount payable either as interest or as a redemption
   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. 49/284/30)

Consenting to the Raising of Portion (£60,000) of the
Palmerston North City Council's Loan of £267,600 and
Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 23rd day of
June 1953
Present:

THE HON. K. J. HOLYOAKE PRESIDING IN COUNCIL

WHEREAS the Palmerston North City Council (hereinafter
called the said local authority), being desirous
of raising a loan of two hundred and sixty-seven thousand
six hundred pounds (£267,600) to be known as ‘Water-
supply Extension and Distribution Loan 1952’ (hereinafter
called the said loan) for the purpose of completing the city
water-supply system by installing, distribution, and reticulation
mains and additional filtration plant, purchasing and fencing
land comprised in the catchment area, and meeting the excess
cost of works for which the Waterworks Supply Main and
Filtration Plant Loan 1948, £100,000, and the Waterworks
Storage Dam Loan 1948, £71,000, were authorized, 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
in the first instance portion of the said loan amounting to
sixty thousand pounds (£60,000) 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 sixty thousand pounds (£60,000), 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 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