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 thirty-two
thousand four hundred pounds (£32,400) 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 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 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

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. 49/307/39)

Consenting to the Raising of the Balance (£4,100) of the Upper Hutt Borough Council's Loan of £16,100 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 23rd day of January 1951 (hereinafter called the said Order in Council) and subject to the determinations as to the borrowing and repayment therein set out, consent was given to the raising by the Upper Hutt Borough Council (hereinafter called the said local authority) of a loan of sixteen thousand one hundred pounds (£16,100) to be known as “Stormwater Drainage Loan 1950”:

And whereas the authority conferred by the said Order in Council has lapsed in accordance with the provisions of clause 6 thereof 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 four thousand one hundred pounds (£4,100) (hereinafter called the said sum) has not yet been raised and it is expedient to authorize the said local authority to raise the said sum 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 four thousand
one hundred pounds (£4,100) 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 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 one hundred and
thirty pounds nine shillings and sixpence
(£130 9s. 6d.), 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, and the balance
of such half-yearly payment in reduction of
principal.

(b) By 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 afore-
said 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. 49/191/16)

Consenting to the Raising of the Balance (£40,000) of the Taranaki Electric Power Board’s Loan of £100,000 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

WHEREAS the Taranaki Electric Power Board (hereinafter called the said local authority), being desirous of raising a loan of one hundred thousand pounds (£100,000) to be known as ‘Reticulation Extension Loan 1953’ (hereinafter called the said loan) for the purpose of further reticulating the Taranaki Electric Power District, has complied with the provisions of the Local Government Loans Board Act 1926 (hereinafter called the said Act):

And whereas by Orders in Council made on the 4th day of March 1953 and the 23rd day of September 1953 consent was given to the raising of portions of the said loan amounting in the aggregate to sixty thousand pounds (£60,000):

And whereas the said local authority is now desirous of raising the balance of the said loan amounting to forty thousand pounds (£40,000) (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 forty thousand pounds (£40,000), 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 not exceed 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 or any part thereof shall be repaid by equal half-yearly instalments of principal extending over the term as determined in 1 above.

4. The payment of interest and the 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 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 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.