27 MAY] THE NEW ZEALAND GAZETTE 895

11. In the event of this Order in Council being revoked for any reason whatsoever, or upon the expiry of the period for which the licence is granted, the licensees shall, if required by the Minister to do so, remove the said factory entirely from the site and restore the site to its original condition within three months from the date of revocation or expiry, as the case may be; and, if the licensees fail so to do, the Minister may cause the said factory to be removed and the site so restored, and may recover from the licensees the costs incurred by the said removal and restoration.

12. The occupation of the said factory shall be sufficient evidence of the acceptance by the licensees of the terms and conditions of this Order in Council.

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

Validating Proceedings in Connection With the Hokonui Rabbit Board’s Loan of £3,250

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 the Hokonui Rabbit Board is proceeding by way of special order to raise a loan of three thousand two hundred and fifty pounds to be known as Housing Loan 1953 (hereinafter called the said loan):

And whereas the proceedings in connection with the said loan were irregular or defective in that, although the two public notifications in respect of the raising of the said loan as required by paragraph (b) of the definition of the expression special order contained in section 2 of the Local Bodies’ Loans Act 1926, as amended by section 2 of the Local Bodies’ Loans Amendment Act 1951, were given during the period of twenty-eight days immediately preceding the date of the subsequent meeting confirming the resolution to raise the said loan, there was an interval of less than fourteen days between the two notifications:

And whereas it appears that the ratepayers of the district have not been misled by such irregularity or defect as aforesaid and it is expedient to validate the same:

Now, therefore, pursuant to section 122 of the Local Bodies’ Loans Act 1926, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, hereby orders and declares that the proceedings in connection with the said loan shall be valid to all intents and purposes as though the said public notifications had been correctly given, and that the validity of the proceedings in connection with the said loan, or of the security for the said loan, shall not be called in question by reason only of the irregularity or defect aforesaid.

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

(T. 49/778/2)

Investment of £8,000 of the Timaru Harbour Board Funds

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 19th day of May 1954
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

PURSUANT to section 53 of the Harbours Act 1950, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, hereby authorizes the Timaru Harbour Board to invest the sum of eight thousand pounds (£8,000) of the Board’s Renewal and Reserve Fund in the Canterbury Hospital Board’s debentures maturing in 1959.

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

(M. 3/13/713)

Consenting to the Raising of Loans by Certain Local Authorities 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 the several local authorities enumerated in the Schedule hereto, being desirous of raising the respective loans stated opposite their names therein, have respectively 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 loans:

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 respective local authorities mentioned in the first column of the said Schedule of the respective loans set out in the second column of the said Schedule, up to the respective amounts specified in the third column of the said Schedule, and in giving such consent hereby determines as follows:

1. The terms for which the said loans or any parts thereof may be raised shall be the respective terms (in years) stated in the fourth column of the said Schedule.

2. The rates of interest that may be paid in respect of the said loans or any parts thereof shall be such as shall not produce to the lender or lenders a rate or rates exceeding the respective rates per cent per annum stated in the fifth column of the said Schedule.

3. The said respective local authorities shall, before raising the said respective loans or any parts thereof, make provision for the repayment thereof by establishing sinking funds under the Local Bodies’ Loans Act 1926, or under such other statutory enactment as may be applicable in any respective case, and shall thereafter make payments to such sinking funds at intervals of not more than one year, at a rate or rates per cent which shall be not less than the respective rates stated in the sixth column of the said Schedule, such payments to be made in respect of every part of the said respective loans for the time being so borrowed and not repaid, the first such payment in each respective case to be made not later than one year after the first day from which interest to the lender or lenders is computed on any loan or part thereof so raised.

4. No amount payable as either interest or sinking fund in respect of the said loans shall be paid out of loan moneys.

5. The payment of interest and repayment of principal in respect of the said loans shall be made in New Zealand.

6. The rate payable for brokerage, underwriting, and procurement fees in respect of the raising of the said respective loans or any parts 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.

SCHEDULE

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

(T. 40/416/6)