11 MARCH] THE NEW ZEALAND GAZETTE 379

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 repayment of principal
   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
   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.

(T. 49/152/14)

Consenting to the Raising of Portion (£10,000) of the
Morrinsville Borough Council’s Loan of £27,500 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 Morrinsville Borough Council (hereinafter
called the said local authority) being desirous of
raising a loan of twenty-seven thousand five hundred pounds
(£27,500) to be known as “Water Supply Improvement Loan
1953” (hereinafter called the said loan) for the purpose of
carrying out improvements to the borough water supply,
including sinking a well, provision of pumping machinery,
construction of rising main, roofing of reservoir, laying and
fitting water service mains, provision of chlorinating plant,
purchase of land, materials, plant, and tools, and payment
for labour and engineering fees in respect of such works, 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 8th day
of July 1953 consent was given to the raising in the first
instance of portion of the said loan amounting to ten
thousand pounds (£10,000):

And whereas the said local authority is now desirous of
raising a further portion of the said loan amounting to ten
thousand pounds (£10,000) (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 ten
thousand pounds (£10,000), 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 local authority shall, before raising the said
   sum or any part thereof, make provision for the repayment
   thereof by establishing a sinking fund under the Local Bodies’
   Loans Act 1926 or under such other statutory enactment as
   may be applicable, and shall thereafter make payments to
   such sinking fund at intervals of not more than one year at
   a rate or rates per centum which shall be not less than three
   pounds twelve shillings and sevenpence (£3 12s. 7d.), such
   payments to be made in respect of every part of the said
   sum for the time being so borrowed and not repaid, the first
   such payment to be made not later than one year after the
   first day from which interest to the lender or lenders is
   computed on the said sum or any part thereof so raised.

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 as either interest or sinking fund
   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.

(T. 49/264/10)

C

Consenting to the Raising of a Loan of £96,729 8s. 6d. by the
Petone and Lower Hutt Gas Board 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 Petone and Lower Hutt Gas Board (hereinafter called the said local authority), being desirous
of raising a loan of ninety-six thousand seven hundred
and twenty-nine pounds eight shillings and sixpence
(£96,729 8s. 6d.) to be known as “Repayment Loan 1954”
for the purpose of repaying on 1 April 1954 the outstanding
balances of the Gas Holder and Carbonizing Plant Extension
Loan 1940 of £19,000, the Funded Loan 1942 of £18,500, the
Extension Loan 1944 of £100,000, and the Plant Renewal and
Land Purchase Loan 1947 of £23,000, has complied with the
provisions of the Local Government Loans Board Act 1926
(hereinafter called the said Act) 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 loan:

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 loan for the said purpose up to the amount of ninety-six thousand seven hundred and twenty-nine pounds eight
shillings and sixpence (£96,729 8s. 6d.), and in giving such
consent hereby determines as follows:

1. The term for which the said loan or any part thereof
   may be raised shall not exceed fifteen (15) 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 free of principal repayments
   during the first three years from the date of borrowing
   thereof.

4. Thereafter the said loan or any part thereof, together
   with interest thereon, shall be repaid by equal aggregate
   annual or half-yearly instalments extending over the balance
   of the term amounting to twelve (12) years.

5. The payment of interest and instalments of principal
   and interest shall be made in New Zealand and no such
   interest or instalment shall be paid out of loan moneys.

6. No amount shall be payable for brokerage, underwriting, or procuration fees in respect of the raising of the
   said loan.

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

(T. 49/215)

Varying the Determinations in Respect of Portion (£25,000)
of the Raglan County Council’s Loan of £170,000

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
September 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 Raglan County Council (hereinafter called the said local authority) of the sum of forty
thousand pounds (£40,000), being portion of a loan of one
hundred and seventy thousand pounds (£170,000) known as
“Roads and Bridges Loan 1952”:

And whereas the authority conferred by the said Order
in Council has not been exercised to the extent of twenty-five thousand pounds (£25,000) (hereinafter called the said
sum) and it is expedient to vary certain of the determinations
aforesaid in respect of the said sum:

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 varies the determinations aforesaid
in respect of the said sum by prescribing that in lieu of a
term of fifteen (15) years, as specified in clause 1 of the
said Order in Council, the term for which the said sum or
any part thereof may be raised shall not exceed ten (10)
years.

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

(T. 49/103/31)