SCHEDULE

First Column | Second Column | First Column | Second Column
Half-year | Amount | Half-year | Amount
--- | --- | --- | ---
1st | £2,200 | 11th | £2,700
2nd | £2,200 | 12th | £2,700
3rd | £2,300 | 13th | £2,800
4th | £2,300 | 14th | £2,800
5th | £2,400 | 15th | £2,900
6th | £2,400 | 16th | £2,900
7th | £2,500 | 17th | £3,000
8th | £2,500 | 18th | £3,100
9th | £2,600 | 19th | £3,100
10th | £2,600 | 20th | £200,000

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
   money.

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 cent of any amount raised.

7. No money 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. 49/121)

Consenting to the Raising of the Balance (£25,000) of the
Springs-Ellesmere Electric Power Board's Loan of £50,000
and Prescribing the Conditions Thereof

C. W. M. NORRIS, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 5th day of
May 1954
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS the Springs-Ellesmere Electric Power Board
(hereinafter called the said local authority), being
desirous of raising a loan of fifty thousand pounds, to be
known as No. 10 Reticulation Loan 1953, for the purpose of
further reticulating the Springs-Ellesmere Electric Power
District, 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 of portion
of the said loan amounting to twenty-five thousand pounds:
And whereas the said local authority is now desirous of
raising the balance of the said loan amounting to twenty-five
thousand pounds (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
twenty-five thousand pounds, 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 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 per cent per annum.

3. The said sum or any part thereof shall be repaid as
   follows:

(a) By twenty equal payments of nine hundred and
thirteen pounds seventeen shillings and tenpence
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 per
cent 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 money.

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 cent of any amount raised.

6. No money 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. 49/282/15)

Consenting to the Raising of the Balance (£43,000) of the
Christchurch Drainage Board's Loan of £172,000 and
Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 12th day of
May 1954
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS by Order in Council made on the 21st day
of January 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 by the Christchurch Drainage Board (hereinafter
called the said local authority) of an amount of ninety-
three thousand pounds, being the balance then unraised of a
loan of one hundred and seventy-two thousand pounds known
as New Brighton Sewerage Loan 1947 (hereinafter called the
said loan):
And whereas the authority has lapsed in accordance with
the provisions of clause 7 of the said Order in Council and
it is not now lawful or competent for the said local authority
to raise the said amount of ninety-three thousand pounds
or any portion thereof except in accordance with the pro-
visions 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 forty-three thousand pounds
(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 forty-three thousand
pounds 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 fifteen 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 per cent per annum.

3. The said sum or any part thereof shall be repaid by
   the annual redemption of debentures in the years set out in
   the first column of the Schedule hereunder of the amounts
   stated opposite each such year in the second column of the
   said Schedule.

SCHEDULE

First Column | Second Column | First Column | Second Column
Year | Amount | Year | Amount
--- | --- | --- | ---
1st | £700 | 9th | £1,000
2nd | £700 | 10th | £1,000
3rd | £800 | 11th | £1,000
4th | £800 | 12th | £1,100
5th | £800 | 13th | £1,200
6th | £900 | 14th | £1,100
7th | £900 | 15th | £30,100
8th | £900 |

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 money.

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 cent of any amount raised.

7. No money 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. 49/197/17)