Consenting to the Raising of Portion (£30,000) of the
Gisborne Harbour Board's Loan of £90,000 and
Prescribing the Conditions thereof
C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 26th day of
January 1954
Present:
THE HON. W. SULLIVAN PRESIDING IN COUNCIL
WHEREAS the Gisborne Harbour Board (hereinafter
called the said local authority), being desirous of
raising a loan of ninety thousand pounds (£90,000) to be
known as ‘‘Harbour Improvement Loan 1953’’ for the
purpose of constructing and carrying out works specified in
the Second Schedule to the Gisborne Harbour Board
Empowering Act 1952 (viz., lighter berth, wall, cut-off sea
wall, and the provision of necessary equipment and plant),
has complied with the provisions of the Local Government
Loans Board Act 1926 (hereinafter called the said Act):
And whereas by Order in Council made on the 2nd day
of September 1953 consent was given to raising in the first
instance of portion of the said loan amounting to thirty
thousand pounds (£30,000):
And whereas the said local authority is now desirous
of raising a further portion of the said loan amounting to
thirty thousand pounds (£30,000) (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 thirty thousand pounds (£30,000), 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 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 eight hundred and
   sixty-three pounds and ninepence (£863 0s. 9d.),
   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
   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 tenth year from the
   date of the raising of the said sum of an amount
   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 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
   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. 49/13/3)
   Consenting to the Raising of a Loan of £50,000 by the Hawke’s
   Bay Electric Power Board and Prescribing the Conditions
   Thereof
   C. W. M. NORRIE, Governor-General
   ORDER IN COUNCIL
   At the Government Buildings at Wellington, this 26th day of
   January 1954
   Present:
   THE HON. W. SULLIVAN PRESIDING IN COUNCIL
   WHEREAS the Hawke’s Bay Electric Power Board (here-
   inafter called the said local authority), being desirous
   of raising a loan of fifty thousand pounds (£50,000) to be
   known as ‘‘Reticulation Loan No. 2 1953’’ (hereinafter
   called the said loan) for the purpose of further reticulating
   the said local authority’s district, has complied with the pro-
   visions 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 fifty
   thousand pounds (£50,000), and in giving such consent hereby
   determines as follows:
7. The term for which the said loan 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 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.
9. The said loan shall be repaid as follows:
   (a) By fifteen equal half-yearly payments of one
   thousand six hundred pounds (£1,600) each, the
   first such payment to be made at the end of the
   fifth half-year from the date on which the said
   loan is raised.
   (b) By a payment at the end of the tenth year from
   the date of the raising of the said loan of an
   amount of twenty-six thousand pounds (£26,000).
10. The payment of interest and repayment of principal
    in respect of the said loan shall be made in New Zealand.
11. No amount payable either as interest or as principal
    shall be paid out of loan moneys.
12. 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.
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. 49/439/16)
    Consenting to the Raising of Portion (£3,000) of the Wairaki
    Rabbit Board’s Loan of £4,500 and Prescribing the
    Conditions Thereof
    C. W. M. NORRIE, Governor-General
    ORDER IN COUNCIL
    At the Government Buildings at Wellington, this 2nd day
    of February 1954
    Present:
    THE RIGHT HON. K. J. HOLYOAKE PRESIDING IN COUNCIL
    WHEREAS the Wairaki Rabbit Board (hereinafter called
    the said local authority), being desirous of raising a
    loan of four thousand five hundred pounds (£4,500) to be
    known as ‘‘Housing Loan No. 2 1953’’ (hereinafter called
    the said loan) for the purpose of erecting two workers’
    dwellings, 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
    portion only of the said loan amounting to three thousand
    pounds (£3,000) (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 three thousand
    pounds (£3,000), and in giving such consent hereby determines
    as follows:
14. The term for which the said sum or any part thereof
    may be raised shall not exceed twenty (20) years.
15. 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.
16. 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.
17. The payment of such instalments shall be made in New
    Zealand and no such instalments shall be paid out of loan
    moneys.
18. The rate payable for brokerage, underwriting, and pro-
    curation 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.
19. 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. 49/786/1)