Varying the Determinations in Respect of Portion (£15,000)
of the Waikouaiti Borough Council’s Loan of £27,000
C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 7th day of
October 1953
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS by Order in Council made on the 5th day of
May 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 Waikouaiti Borough Council
(hereinafter called the said local authority) of the sum of
fifteen thousand pounds (£15,000) being portion of a loan
of twenty-seven thousand pounds (£27,000) known as ‘‘Water
Supply Loan 1952’’ (hereinafter called the said loan):
And whereas the said sum of fifteen thousand pounds
(£15,000) (hereinafter called the said sum) has not yet been
raised and it is expedient to cancel the determinations afore-
said 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 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 sum shall be repaid as follows:
   (a) By forty equal payments of four hundred and
   thirty-one pounds ten shillings and fivepence
   (£431 10s. 5d.), 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 twentieth 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 forty 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. 49/583/1)
   Varying the Determinations in Respect of the Balance (£28,500)
   of the Franklin Electric Power Board’s Loan of £65,000
   C. W. M. NORRIE, Governor-General
   ORDER IN COUNCIL
   At the Government House at Wellington, this 30th day of
   September 1953
   Present:
   HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
   WHEREAS by Order in Council made on the 8th day of July
   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 Franklin Electric Power Board (herein-
   after called the said local authority) of a loan of sixty-five thousand
   pounds (£65,000) to be known as ‘‘Reticulation Loan 1953’’ (here-
   inafter called the said loan):
   And whereas an amount of twenty-eight thousand five hundred
   pounds (£28,500) (hereinafter called the said sum) has not yet
   been raised and it is expedient to cancel the determinations afore-
   said 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 determinations aforesaid in respect of the said sum
   and in lieu thereof makes the following determinations:
7. The term for which the said sum or any part thereof may
   be raised shall not exceed ten (10) years.
8. 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.
9. The said sum shall be repaid at the end of the tenth year
   from the date of borrowing thereof.
10. The payment of interest and the repayment of principal
    in respect of the said sum shall be made in New Zealand.
11. No amount payable either as interest or as principal in
    respect of the said sum shall be paid out of loan moneys.
12. The rate payable for brokerage, underwriting, and procur-
    ation 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.
13. 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. 49/198/11)
    Varying the Determinations in Respect of Portion (£10,000)
    of the Petone and Lower Hutt Gas Board’s Loan of
    £12,100
    C. W. M. NORRIE, Governor-General
    ORDER IN COUNCIL
    At the Government House at Wellington, this 30th day of
    September 1953
    Present:
    HIS EXCELLENCEY THE GOVERNOR-GENERAL IN COUNCIL
    WHEREAS by Order in Council made on the 16th day of
    July 1952 (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 in
    New Zealand by the Petone and Lower Hutt Gas Board
    (hereinafter called the said local authority) of a loan of
    twelve thousand one hundred pounds (£12,100) to be known
    as ‘‘Premises and Vehicle Purchase Loan 1952’’ (hereinafter
    called the said loan):
    And whereas the said loan has not been raised and it is
    expedient to vary certain of the determinations aforesaid in
    respect of a portion of the said loan amounting to ten thousand
    pounds (£10,000) (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 certain of the determinations
    aforesaid in respect of the said sum by prescribing that in
    lieu of a rate of interest not exceeding three pounds five
    shillings (£3 5s.) per centum per annum, as specified in clause
    2 of the said Order in Council, 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.
    T. J. SHERRARD,
    Clerk of the Executive Council.
    (T. 49/215/15)
    Consenting to the Raising of a Loan of £4,500 by the Nelson
    City Council and Prescribing the Conditions Thereof
    C. W. M. NORRIE, Governor-General
    ORDER IN COUNCIL
    At the Government House at Wellington, this 7th day of
    October 1953
    Present:
    HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
    WHEREAS the Nelson City Council (hereinafter called the
    said local authority), being desirous of raising a loan
    of four thousand five hundred pounds (£4,500) to be known as
    ‘‘Maitai Camping Ground Loan 1953’’ (hereinafter called the
    said loan) for the purpose of providing a sanitary and utility
    block and laying out camping sites at the Maitai Reserve
    camping ground, has complied with the provisions of the
    Local Government Loans Board Act 1926 (hereinafter called
    the said Act), 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 loan:
    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 four
    thousand five hundred pounds (£4,500) and in giving such
    consent hereby determines as follows:
14. The term for which the said loan or any part thereof
    may be raised shall be ten (10) years.
15. 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.