2 JULY]

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. 49/284/37)

Varying the Determinations in Respect of the Stratford
Borough Council's Loan of £7,500

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 13th day of
April 1953 (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 in New Zealand by the Stratford Borough Council
(hereinafter called the said local authority) of a loan of
seven thousand five hundred pounds (£7,500) to be known
as 'Electrical Works Extension Loan 1953' (hereinafter
called the said loan):
And whereas the said loan has not yet been raised and
it is expedient to vary certain of the determinations aforesaid
in respect 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 varies certain of the determinations
aforesaid in respect of the said loan by prescribing that in
lieu of repayment in the manner prescribed in clause 3 of
the said Order in Council, the said loan 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
| First Column | Second | First Column | Second |
| --- | --- | --- | --- |
| Half-year | Column | Half-year | Column |
| Amount | Amount | Amount | Amount |
| 1st | £ | 100 | 16th | £ | 300 |
| 2nd | 200 | 17th | 300 |
| 3rd | 200 | 18th | 200 |
| 4th | 200 | 19th | 300 |
| 5th | 200 | 20th | 200 |
| 6th | 200 | 21st | 300 |
| 7th | 200 | 22nd | 300 |
| 8th | 200 | 23rd | 300 |
| 9th | 300 | 24th | 300 |
| 10th | 200 | 25th | 300 |
| 11th | 200 | 26th | 300 |
| 12th | 200 | 27th | 300 |
| 13th | 300 | 28th | 300 |
| 14th | 200 | 29th | 300 |
| 15th | 200 | 30th | 400 |

T. J. SHERRARD,
Clerk of the Executive Council.
(T. 49/299/18)

Varying the Determinations in Respect of the Tararua
Electric-power Board's Loans of £13,000 and £5,000

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 3rd day of
June 1953 (hereinafter called the said Order in Council)
and subject to the determinations as to borrowing and repay-
ment therein set out, consent was given to the raising by the
Tararua Electric-power Board (hereinafter called the said local
authority) of loans of thirteen thousand pounds (£13,000)
and five thousand pounds (£5,000) to be known as 'Inner
Area Loan 1953' and 'Akitio Loan 1953' respectively
(hereinafter called the said respective loans):
And whereas the said respective loans have not yet been
raised and it is expedient to vary certain of the determinations
aforesaid in respect 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 varies certain of the deter-
minations aforesaid in respect of the said respective loans by
prescribing as follows:

1. In lieu of a term of twenty (20) years, as specified in
   clause 1 of the said Order in Council, the term for which the
   said respective loans or any parts thereof may be raised shall
   not exceed eleven (11) years.

2. In lieu of repayment by equal aggregate annual or
   half-yearly instalments of principal and interest, as specified
   in clause 3 of the said Order in Council, the said local
   authority shall, before raising the said respective loans or any
   parts thereof, make provision for the repayment thereof by
   establishing sinking funds 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 funds at intervals of not more than one year at a
   rate or rates per centum which shall be not less than five
   pounds three shillings and eight pence (£5 3s. 8d.), such
   payments to be made in respect of every part of the said-
   respective loans 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 respective loans or any parts thereof
   so raised.

T. J. SHERRARD,
Clerk of the Executive Council.
(T. 49/188/8 and 9)

Varying the Determinations in Respect of Portion (£40,000)
of the Palmerston North Hospital Board's Loan of
£201,150

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 11th day of
March 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 Palmerston North
Hospital Board (hereinafter called the said local authority)
of the sum of forty thousand pounds (£40,000), being portion
of a loan of two hundred and one thousand one hundred and
fifty pounds (£201,150) known as 'Building Loan 1953'
(hereinafter called the said loan):
And whereas the said sum of forty thousand pounds
(£40,000), (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 fifteen (15) 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 thirty equal payments of one thousand four
   hundred and sixty-two pounds four shillings and
   sevenpence (£1,462 4s. 7d.) one of such payments
   to be made at the end of every half-year com-
   mencing 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.
   (b) By a payment at the end of the fifteenth 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 thirty 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
   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. 49/506/11)