1584

THE NEW ZEALAND GAZETTE

[No. 54

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 determinations aforesaid 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 at the end of the tenth year from the date of borrowing thereof.
4. The payment of interest and the repayment of principal in respect of the said sum shall be made in New Zealand.
5. No amount payable either as interest or as principal in respect of the said sum shall be paid out of loan moneys.
6. 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.
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. 49/396/10)

Varying the Determinations in Respect of Portion (£10,000) of the Winton Borough Council’s Loan of £51,400

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL

At the Government House at Wellington, this 23rd day of September 1953
Present:

His Excellency THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS by Order in Council made on the 8th day of April 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 Winton Borough Council (hereinafter called the said local authority) of the sum of ten thousand pounds (£10,000) being portion of a loan of fifty-one thousand four hundred pounds (£51,400) known as ‘Water Supply Loan 1952’ (hereinafter called the said loan):

And whereas the said sum of ten thousand pounds (£10,000) (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 eighty-seven pounds thirteen shillings and sevenpence (£287 13s. 7d.), 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.
   (b) By a payment at the end of the tenth year from the date of the raising of the said sum of an amount 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. 49/597/3)

Consenting to the Raising of a Loan of £4,112 by the Westland Catchment Board and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 16th day of September 1953
Present:

His Excellency THE GOVERNOR-GENERAL 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 four thousand one hundred and twelve pounds (£4,112) to be known as “Works Loan No. 2, 1953” (hereinafter called the said loan) for the purpose of carrying out river control works approved by the Soil Conservation and Rivers Control Council :

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 four thousand one hundred and twelve pounds (£4,112), 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 Portion (£50,000) of the Poverty Bay Electric Power Board’s Loan of £150,000

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

His Excellency THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS the Poverty Bay Electric Power Board (hereinafter called the said local authority), being desirous of raising a loan of one hundred and fifty thousand pounds (£150,000) to be known as ‘Extensions Loan (East Coast) 1953 ’ (hereinafter called the said loan) for the purpose of supplying and distributing electrical energy for the benefit of the constituent districts of Uawa County and Waiapu County within the Poverty Bay Electric Power District, 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 fifty thousand pounds (£50,000) (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 fifty thousand pounds (£50,000), 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 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 one thousand pounds (£1,000), 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.
   (b) By a payment at the end of the tenth year from the date of the raising of the said sum of an amount of thirty thousand pounds (£30,000).

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 after the first year or as principal shall be paid out of loan moneys.

6. 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.

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. 49/242/9)