336
THE NEW ZEALAND GAZETTE
[No. 14

(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. 49/248)

Consenting to the Raising of Portion (£30,000) of the
Palmerston North Hospital Board’s Loan of £122,000
and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government Buildings at Wellington, this 23rd day
of February 1954

Present:

THE RIGHT HON. K. J. HOLYOAKE PRESIDING IN COUNCIL

WHEREAS the Palmerston North Hospital Board (hereinafter called the said local authority), being desirous
of raising a loan of one hundred and twenty-two thousand
pounds (£122,000) to be known as “Building Loan No. 2
1953” for the purpose of making additions and alterations
to the buildings at the Palmerston North Hospital, 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 in the first instance 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 nine hundred and
fifty-four pounds thirteen shillings and elevenpence
(£954 13s. 11d.) 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.
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. 49/506/12)

Varying the Determinations in Respect of the Devonport
Borough Council’s Loan of £16,000

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government Buildings at Wellington, this 23rd 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
July 1952 (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 Devonport Borough Council
(hereinafter called the said local authority) of a loan of
sixteen thousand pounds (£16,000) to be known as “Buildings
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:

1. The term for which the said loan 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 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.

3. The said loan shall be repaid as follows:

(a) By twenty equal payments of five hundred and nine
pounds three shillings and fivepence (£509 3s. 5d.),
one of such payments to be made at the end of
every half-year commencing from the date on
which the said loan 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 loan 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 loan of an amount
equal to the amount to which the principal of the
said loan 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 loan 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. 49/327/12)

Recreation Reserve in Canterbury Land District Brought
Under Part II of the Public Reserves and Domains Act
1928

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington, this 3rd day of
March 1954

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

PURSUANT to section 34 of the Public Reserves and
Domains Act 1928, His Excellency the Governor-General,
acting by and with the advice and consent of the Executive
Council, hereby orders and declares that the reserve for recreation in the Canterbury Land District described in the Schedule
hereto shall be and the same is hereby brought under the
operation of and declared to be subject to the provisions
of Part II of the said Act, and such reserve shall hereafter
be known as the Robinsons Bay Domain, and shall be
managed, administered, and dealt with as a public domain.

SCHEDULE

CANTERBURY LAND DISTRICT

RESERVE 4706, situated in Block XV, Pigeon Bay Survey
District: Area, 1 acre 3 roods 30 perches, more or less.
Subject to the reservations and conditions imposed by section
59 of the Land Act 1948. (S.O. plan 8604.)

T. J. SHERRARD,
Clerk of the Executive Council.

(L. and S. H.O. 1/1334; D.O. 13/156)