25 FEB.]
THE NEW ZEALAND GAZETTE
283
Varying the Determinations in Respect of Loans or Portions Thereof Being Raised by Certain Local Authorities
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 Orders in Council made on the respective dates specified in the third column of the Schedule hereto, consent was given to the raising by the respective local authorities enumerated in the first column of the said Schedule of the respective loans stated in the second column of the said Schedule, subject in each case to the determinations set forth in such Orders in Council:
And whereas the authorities conferred by the said Orders in Council have not been exercised in respect of each respective loan to the extent specified in the fourth column of the said Schedule opposite each such loan:
And whereas it is expedient to cancel the determinations aforesaid of each respective loan in so far as such determinations apply to the raising of the sum specified in the fifth column of the said Schedule opposite each such loan (hereinafter called 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 in respect of each loan referred to in the Schedule hereto the aforesaid determinations in respect of the raising of such loan in so far as such determinations apply to the raising 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 twenty equal payments of the amount specified in the sixth column of the said Schedule opposite such sum, 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 in respect of the said sum 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 sum of a sum equal to the amount to which the principal of the said sum 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.
   SCHEDULE
   | First Column | Second Column | Third Column | Fourth Column | Fifth Column | Sixth Column |
   |---|---|---|---|---|---|
   | Name of Local Authority | Name of Loan | Date of Consenting Order in Council and Amount Thereby Authorized | Amount of Loan Unraised | Sum in Respect of Which Determinations are Hereby Varied | Half-yearly Payment |
   | Selwyn County Council | Housing Loan 1953 ... | 28 October 1953, £12,000 | £12,000 | £12,000 | £381 17 7 |
   | Horowhenua Electric Power Board | Electric Reticulation Loan No. 7, 1953 | 1 July 1953, £40,000 | £40,000 | £40,000 | £1,462 4 7 |
   | Hokitika Borough Council | Supplementary Waterworks Loan 1952 | 7 October 1953, £14,500 | £14,500 | £14,500 | £530 1 2 |
   T. J. SHERRARD, Clerk of the Executive Council.
   (T. 40/416/6)
   Varying the Determinations in Respect of the Gisborne Borough Council's Loan of £30,000
   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 22nd day of July 1953 (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 Gisborne Borough Council (hereinafter called the said local authority) of a loan of thirty thousand pounds (£30,000) to be known as 'Civic Centre Loan 1952' (hereinafter called the said loan):
   And whereas the authority conferred by the said Order in Council has not yet been exercised and it is expedient to cancel the determinations aforesaid in respect of the said loan 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 loan, and in lieu thereof makes the following determinations:
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 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 Column | First Column | Second Column |
   |---|---|---|---|
   | Half-year | Amount | Half-year | Amount |
   | 1st | £200 | 11th | £400 |
   | 2nd | £300 | 12th | £300 |
   | 3rd | £300 | 13th | £300 |
   | 4th | £200 | 14th | £400 |
   | 5th | £300 | 15th | £300 |
   | 6th | £300 | 16th | £400 |
   | 7th | £300 | 17th | £300 |
   | 8th | £300 | 18th | £400 |
   | 9th | £300 | 19th | £400 |
   | 10th | £300 | 20th | £24,000 |
10. The payment of interest and redemptions in respect of the said loan shall be made in New Zealand.
11. No amount payable either as interest or as a redemption in respect of the said loan 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 three-quarters per centum of any money 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. 49/117/20)
    B