7 JAN.] THE NEW ZEALAND GAZETTE 17

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 six
   hundred pounds (£1,600) each, one of such pay-
   ments 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 forty-eight thousand pounds (£48,000).

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 or as principal
   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. 49/664/10)

Consenting to the Raising of a Loan of £198,000 by the Bay
of Islands Harbour Board and Prescribing the Conditions
Thereof

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

At the Government Buildings at Wellington, this 15th day of
December 1953

Present:

THE RIGHT HON. S. G. HOLLAND PRESIDING IN COUNCIL.

WHEREAS the Bay of Islands Harbour Board (hereinafter
called the said local authority), being desirous of
raising a loan of one hundred and ninety-eight thousand
pounds (£198,000) to be known as “Bay of Islands Harbour
Board Loan 1953” (hereinafter called the said loan) for the
purpose of carrying out the works specified in the Schedule
to the Bay of Islands Harbour Board Empowering Act 1952,
namely, (a) constructing a wharf and miscellaneous harbour
works at and in the vicinity of Opua, and (b) dredging the
Veronica channel to 24 ft. L.W.S.T. and at the wharf, 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
one hundred and ninety-eight thousand pounds (£198,000),
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 ten (10) 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 loan shall be repaid as follows:
   (a) By twenty equal payments of five thousand six
   hundred and ninety-six pounds one shilling and
   threepence (£5,696 1s. 3d.), one of such payments
   to be made at the end of every half-year com-
   mencing 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 tenth year from
   the date of the raising of the said loan of an
   amount equal to the amount to which the principal
   of the said loan has been reduced in accordance
   with the preceeding paragraph (a) hereof after
   payment of the aforesaid twenty half-yearly
   payments.

4. The payment of interest and repayment of principal
   in respect of the said loan shall be made in New Zealand.

5. No amount payable as interest after the first two years
   or as principal 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 loan
   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. 49/273/3)

C

Consenting to the Raising of the Balance (£3,000) of the
Banks Peninsula Electric Power Board’s Loan of £20,000
and Prescribing the Conditions Thereof

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

At the Government Buildings at Wellington, this 15th day of
December 1953

Present:

THE RIGHT HON. S. G. HOLLAND PRESIDING IN COUNCIL.

WHEREAS by Order in Council made on the 24th day of
October 1951 (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 Banks Peninsula Electric Power Board (hereinafter
called the said local authority) of a loan of twenty thousand
pounds (£20,000) to be known as “Reticulation Loan 1951”
(hereinafter called the said loan):

And whereas the authority conferred by the said Order in
Council has not yet been exercised to the extent of three
thousand pounds (£3,000):

And whereas the authority has lapsed in accordance with
the provisions of clause 6 of the said Order in Council and
it is not now lawful or competent for the said local authority
to raise the balance of 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 three
thousand pounds (£3,000) (hereinafter called the said sum),
and it is expedient to authorize the said local authority to
raise the said sum or any portion thereof 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 three thousand pounds (£3,000) 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 four pounds
   (£4) 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 instalment shall be paid 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. 49/363/9)

Varying the Determinations in Respect of the Pahiatua County
Council’s Loan of £10,700

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

At the Government Buildings at Wellington, this 15th day of
December 1953

Present:

THE RIGHT HON. S. G. HOLLAND PRESIDING IN COUNCIL

WHEREAS by Order in Council made on the 19th day of
December 1951 (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 Pahiatua County Council
(hereinafter called the said local authority) of a loan of ten
thousand seven hundred pounds (£10,700) to be known as
“Mangahao River Bridge Loan 1951” (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 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 as follows:

1. In lieu of a term of twenty-five (25) years, as specified
   in clause 1 of the said Order in Council, the term for which
   the said loan or any part thereof may be raised shall not
   exceed twenty (20) years.

2. No moneys shall be borrowed under the consent given
   by the said Order in Council after the expiration of four
   (4) years from the date thereof.

                            T. J. SHERRARD,
                            Clerk of the Executive Council.

(T. 49/169/17)