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 four thousand pounds (£4,000) 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 not exceed twenty-five (25) 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 three pounds five shillings
   (£3 5s.) per centum per annum.
3. The said sum or any part thereof, together with interest
   thereon, shall be repaid by equal aggregate annual or half-yearly
   instalments extending over the term as determined in 1 above.
4. The payment of such instalments shall be made in New
   Zealand and no such instalments shall be paid 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. 49/233/43)

Consenting to the Raising of Portion (£25,000) of the Poverty Bay
Catchment Board's Loan of £199,450 and Prescribing the
Conditions Thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 28th day of
January 1953
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS the Poverty Bay Catchment Board (hereinafter
called the said local authority), being desirous of raising
a loan of one hundred and ninety-nine thousand four hundred and
fifty pounds (£199,450) to be known as “Waipaoa River Flood Control
Scheme Loan 1952” (hereinafter called the said loan) for the purpose
of providing the Board's proportion of the cost of carrying out the
Waipaoa River flood-control scheme including all works and expenses
incidental to the prevention of flood overflows from the channel
of the Waipaoa River from its mouth to the twenty-eight mile peg
and from the channels of the Te Arai River and Waikakariki Stream
within two miles of their respective confluence with Waipaoa River,
and the cost of providing drainage facilities to those channels and
the expenses of raising the loan, 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 twenty-five
thousand pounds (£25,000) (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 twenty-five thousand pounds (£25,000),
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 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 six hundred and sixty-six
   pounds thirteen shillings and ten pence (£666 13s. 10d.),
   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 firstly in payment of interest computed at the
   rate of four pounds (£4) per centum per annum on the
   amount of the principal for the time being outstanding
   at the beginning of each such half-year, and the balance
   of such half-yearly payment in reduction of 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 said principal has been reduced in
   accordance with the preceding paragraph (a) hereof
   after payment of the aforesaid thirty (30) 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. 49/719/1)

Varying the Determinations in Respect of the Mount Roskill Borough
Council's Loan of £9,300

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 28th day of
January 1953
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS by Order in Council made on the 20th day of
August 1952 and subject to the determinations as to
borrowing and repayment therein set out, consent was given to the
raising in New Zealand by the Mount Roskill Borough Council
(hereinafter called the said local authority) of a loan of nine thousand
three hundred pounds (£9,300) to be known as “Drainage and
Sewerage Additional Loan 1952” (hereinafter called the said loan):
And whereas the said loan has not yet been raised and it is
expedient to cancel the determinations aforesaid in respect of the
said loan 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 loan and
in lieu thereof makes the following determinations :—

1. The term for which the said loan 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
   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.
3. The said loan shall be repaid as follows :—
   (a) By thirty equal payments of two hundred and sixty-seven
   pounds ten shillings and tenpence (£267 10s. 10d.), one
   of such payments to be made at the end of every half-
   year commencing from the date on which the said loan
   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 loan 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 loan of a sum equal to
   the amount to which the principal of the said loan has
   been reduced in accordance with the preceding para-
   graph (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 procurement
   fees in respect of the raising of the said loan 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. 49/124)

Varying the Determinations in Respect of the Wairoa Electric-power
Board's Loan of £8,000

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 28th day of
January 1953
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS by Order in Council made on the 5th day of
November 1952 (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 Wairoa Electric-power Board (hereinafter called the said local
authority) of a loan of eight thousand pounds (£8,000) to be known
as “Reticulation Loan 1952” (hereinafter called the said loan):

And whereas the authority conferred by the said Order in
Council has not yet been exercised and it is expedient to vary certain
of the determinations aforesaid in respect of the said loan:

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 provision being made for the repayment
of the said loan by the establishment of a sinking fund in respect
thereof, as specified in clause 3 of the said Order in Council, the
said loan or any part thereof, together with interest thereon, shall
be repaid by equal aggregate annual or half-yearly instalments
extending over the term of twenty (20) years, as specified in clause 1
of the said Order in Council.

T. J. SHERRARD,
Clerk of the Executive Council.
(T. 49/462/7)