Varying the Determinations in Respect of Portion (£60,000)
of the Otago Central Electric Power Board's Loan of
£165,000

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 by Order in Council made on the 16th day of
April 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 Otago Central Electric
Power Board (hereinafter called the said local authority)
of a loan of one hundred and sixty-five thousand pounds
(£165,000) to be known as ‘Electrical Generation and Extensions Loan 1952’ (hereinafter called the said loan):
And whereas by Order in Council made on the 30th day
of September 1953 certain of the determinations aforesaid
were varied in respect of portion of the said loan amounting
to sixty thousand pounds (£60,000) (hereinafter called the
said sum):
And whereas 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 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 or any part thereof shall be repaid by
   the half-yearly redemption of debentures in the half-years
   set out in the first column of the Schedule hereunder of the
   amounts stated opposite each such half-year in the second
   column of the said Schedule.
   SCHEDULE
   First Column Second First Column Second
   Half-year Amount Half-year Amount
   1st 1,000 21st 1,500
   2nd 1,000 22nd 1,500
   3rd 1,000 23rd 1,500
   4th 1,000 24th 1,600
   5th 1,100 25th 1,600
   6th 1,100 26th 1,600
   7th 1,100 27th 1,700
   8th 1,200 28th 1,700
   9th 1,200 29th 1,800
   10th 1,200 30th 1,800
   11th 1,200 31st 1,800
   12th 1,200 32nd 1,900
   13th 1,200 33rd 1,900
   14th 1,300 34th 1,900
   15th 1,300 35th 2,000
   16th 1,300 36th 2,000
   17th 1,400 37th 2,000
   18th 1,400 38th 2,000
   19th 1,400 39th 2,100
   20th 1,400 40th 2,100
4. The payment of interest and redemptions in respect
   of the said sum shall be made in New Zealand.
5. No amount payable either as interest or as a redemption
   in respect of the said sum 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 three-quarters 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. 49/210/9)
   Consenting to the Raising of Portion (£12,000) of the
   Tauranga County Council’s Loan of £124,425 and Prescribing the Conditions Thereof
   C. W. M. NORRIE, Governor-General
   ORDER IN COUNCIL
   At the Government House at Wellington, this 10th day of
   February 1954
   Present:
   His Excellency the Governor-General in Council
   WHEREAS the Tauranga County Council (hereinafter called
   the said local authority), being desirous of raising a
   loan of one hundred and twenty-four thousand four hundred
   and twenty-five pounds (£124,425) to be known as “Roads
   Improvement Loan 1949” (hereinafter called the said loan)
   for the purpose of carrying out general roads improvement
   works in the county, including formation, reformation, realignment, metalling, and surfacing of county roads and main
   highways, has complied with the provisions of the Local
   Government Loans Board Act 1926 (hereinafter called the
   said Act):
   And whereas consent has been given to the raising of
   portions of the said loan amounting in the aggregate to
   eighty-five thousand pounds (£85,000):
   And whereas the said local authority is now desirous of
   raising a further portion of the said loan amounting to twelve
   thousand pounds (£12,000) (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
   twelve thousand pounds (£12,000), and in giving such consent
   hereby determines as follows:
8. The term for which the said sum or any part thereof
   may be raised shall not exceed ten (10) years.
9. 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.
10. The said sum or any part thereof shall be repaid by
    equal half-yearly instalments of principal extending over the
    term as determined in 1 above.
11. The payment of interest and the repayment of principal
    in respect of the said sum shall be made in New Zealand.
12. No amount payable either as interest or as principal
    in respect of the said sum shall be paid out of loan moneys.
13. 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.
14. 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. 49/228/30)
    Consenting to the Raising of the Balance (£32,400) of the
    Hamilton City Council’s Loan of £157,400 and Prescribing the Conditions Thereof
    C. W. M. NORRIE, Governor-General
    ORDER IN COUNCIL
    At the Government House at Wellington, this 10th day of
    February 1954
    Present:
    His Excellency the Governor-General in Council
    WHEREAS by Order in Council made on the 19th day of
    September 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 Hamilton City Council (hereinafter called
    the said local authority) of a loan of one hundred and
    fifty-seven thousand four hundred pounds (£157,400) to be
    known as ‘Gasworks Loan 1951’ (hereinafter called the
    said loan):
    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 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 an amount of thirty-two thousand four
    hundred pounds (£32,400) (hereinafter called the said sum)
    has not yet been raised: