20 May]

Consenting to the Raising of the Balance (£190,100) of the
Christchurch Drainage Board's Loan of £425,000 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:

WHEREAS by Order in Council made on the 15th day
of May 1951 (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 a loan of four hundred
and twenty-five thousand pounds, to be known as Sewerage
Loan No. 1 1951 (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 loan or any portion thereof
except in accordance with the provisions 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 one hundred and ninety
thousand one hundred 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 one hundred
and ninety thousand one hundred 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 |
   |---|---|
   | Year | Amount |
   |---|---|
   | 1st | £4,100 |
   | 2nd | £4,400 |
   | 3rd | £4,500 |
   | 4th | £4,700 |
   | 5th | £4,900 |
   | 6th | £5,100 |
   | 7th | £5,300 |
   | 8th | £5,500 |
   | 9th | £5,700 |
   | 10th | £5,900 |
   | 11th | £6,200 |
   | 12th | £6,500 |
   | 13th | £6,700 |
   | 14th | £6,900 |
   | 15th | £113,700 |
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)

Consenting to the Raising of a Loan of £10,000 by the South
Canterbury Catchment Board and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 5th day of
May 1954
Present:

WHEREAS the South Canterbury Catchment Board (here-
after called the said local authority), being desirous
of raising a loan of ten thousand pounds, to be known as
Plant Loan No. 10 1954 (hereinafter called the said loan),
for the purpose of purchasing a 19 R.B. dragline for the
maintenance of the Ashburton-Hinds drainage system, 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
ten thousand pounds, 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 be eight 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 per cent per annum.
3. The said loan 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 | £1,100 | 5th | £1,300 |
   | 2nd | £1,100 | 6th | £1,300 |
   | 3rd | £1,200 | 7th | £1,400 |
   | 4th | £1,200 | 8th | £1,400 |
4. The payment of interest and redemptions in respect of
   the said loan shall be made in New Zealand.
5. No amount payable either as interest or as a redemption
   in respect of the said loan 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 loan
   or any part thereof shall not in the aggregate exceed one-half
   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. 49/724/3)

Consenting to the Raising of a Loan of £50,000 by the Kaitaia
Borough Council 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:

WHEREAS the Kaitaia Borough Council (hereinafter
called the said local authority) proposes, pursuant to
the terms of a requisition issued under section 22 of the Health
Act 1920, to raise a loan of fifty thousand pounds, to be known
as Sewerage Loan No. 1 1954 (hereinafter called the said
loan), to provide drainage works, sewerage works, and works
for the disposal of sewage:
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 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 fifty thousand pounds, 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 thirty 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 per cent per annum.
3. 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 term as determined in
   clause 1 hereof.
4. The payment of all such instalments shall be made in
   New Zealand and no such instalment shall be paid out of loan
   money.
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
   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. 49/635)