982

THE NEW ZEALAND GAZETTE

[No. 36

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
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 one hundred and
fifty-nine pounds two shillings and fourpence 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. 49/798/1)

Varying the Determinations in Respect of Portion (£15,000)
of the Winton Borough Council’s Loan of £51,400

C. W. M. NORRIE, Governor-General

By his Deputy,

H. E. BARROWCLOUGH

ORDER IN COUNCIL

At the Government House at Wellington, this 2nd day of
June 1954

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS by Order in Council made on the 14th day
of April 1954 and subject to the determinations as to
borrowing and repayment therein set out, consent was
given to the raising in New Zealand by the Winton Borough
Council (hereinafter called the said local authority) of the
sum of fifteen thousand pounds (hereinafter called the said
sum), being portion of a loan of fifty-one thousand four
hundred pounds known as Water Supply Loan 1952:

And whereas the said sum has not yet been raised and
it is expedient to cancel certain of the determinations
aforesaid in respect of the said sum 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 determinations contained
in clause 3 of the said Order in Council relating to the
provision for the repayment of the said sum, and in lieu
thereof hereby determines that the said sum or any part
thereof shall be repaid as follows:

(a) By twenty equal payments of four hundred and
thirty-one pounds ten shillings and fivepence, 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 first 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 in respect of the said sum 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 sum of an
amount equal to the amount to which the principal
of the said sum has been reduced in accordance
with the preceding paragraph (a) hereof after
payment of the aforesaid twenty half-yearly
payments.

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

(T. 49/597/3)

Varying the Determinations in Respect of the Dunedin City
Council’s Loan of £20,000

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government House at Auckland, this 24th day of
May 1954

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS by Order in Council made on the 11th day of
November 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 Dunedin City Council (herein-
after called the said local authority) of a loan of twenty
thousand pounds to be known as City Abattoir Loan 1953
(hereinafter called the said loan):

And whereas the said loan has not yet been raised and it
is expedient to vary certain of the determinations aforesaid in
respect 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 varies certain of the determinations
aforesaid in respect of the said loan by prescribing as follows:

1. In lieu of a term of twenty-five years, as specified in
   clause 1 of the said Order in Council, the term for which the
   said loan or any part thereof may be raised shall not exceed
   ten years.

2. In lieu of repayment in the manner prescribed in clause 3
   of the said Order in Council, 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 here-
   under of the amounts stated opposite each such year in the
   second column of the said Schedule.

SCHEDULE

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

(T. 49/254/52)

Varying the Determinations in Respect of the Balance
(£15,000) of the Dunedin City Council’s Loan of
£60,000

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government House at Auckland, this 24th day of
May 1954

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS by Order in Council made on the 30th day of
July 1952 and subject to the determinations as to
borrowing and repayment therein set out, consent was given
to the raising in New Zealand by the Dunedin City Council
(hereinafter called the said local authority) of a loan of sixty
thousand pounds to be known as Quarry Development Loan
1952 (hereinafter called the said loan):

And whereas an amount of fifteen thousand pounds
(hereinafter called the said sum) has not yet been raised
and it is expedient to cancel the determinations aforesaid
in respect of the said sum 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 determinations aforesaid
in respect of the said sum and in lieu thereof makes the
following determinations:

1. The term for which the said sum or any part thereof
   may be raised shall not exceed 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
   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.