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 procurations 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. 49/117/19)

Consenting to the Raising of Portion (£80,000) of the Gisborne Borough Council's Loan of £299,800 and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 16th day of February 1954
Present:
THE RIGHT HON. K. J. HOLYOAKE PRESIDING IN COUNCIL
WHEREAS the Gisborne Borough Council (hereinafter called the said local authority), being desirous of raising a loan of two hundred and ninety-nine thousand eight hundred pounds (£299,800) to be known as “Water Supply Pipeline Replacement Loan 1952” (hereinafter called the said loan) for the purpose of meeting the cost of renewing Waingake and Te Arai water-supply pipelines and undertaking incidental works, including the purchase of land in the vicinity of Smith’s Creek, 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 4th day of March 1953 consent was given to the raising of portion of the said loan amounting to one hundred and fifty thousand pounds (£150,000):
And whereas the said local authority is desirous of raising a further portion of the said loan amounting to eighty thousand pounds (£80,000) (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 eighty thousand pounds (£80,000), 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 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 procurations 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. 49/117/17)

Varying the Determinations in Respect of Portion (£21,000) of the Otago Electric Power Board’s Loan of £95,000

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 16th day of February 1954
Present:
THE RIGHT HON. K. J. HOLYOAKE PRESIDING IN COUNCIL
WHEREAS by Order in Council made on the 14th day of May 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 Electric Power Board (hereinafter called the said local authority), of a loan of ninety-five thousand pounds (£95,000) to be known as “General Extension and Reticulation Loan 1952” (hereinafter called the said loan):
And whereas by Order in Council made on the 16th day of September 1953 the determinations aforesaid were cancelled in respect of portion of the said loan amounting to twenty-one thousand pounds (£21,000) (hereinafter called the said sum) and new determinations made in lieu thereof:
And whereas the said sum has still not yet been raised and it is expedient to again 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 determinations aforesaid 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 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 nineteen equal payments of five hundred pounds (£500) each, 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.
   (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 eleven thousand five hundred pounds (£11,500).
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 procurations 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. 49/371/12)