✨ Loan consents
- The said sum or any part thereof shall be repaid as
follows:
$(a)$ By twenty equal payments of nine hundred and
eighty-six 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 pay-
ment 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 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. - 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. - 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. - No money shall be borrowed under this consent after
the expiration of two years from the date hereof.
$\text{T. J. SHERRARD},$
Clerk of the Executive Council.
$(T .49 / 777 / 3)$
$\text { Varying the Determinations in Respect of the Balance }$
$(£ 100,000)$ of the Waitemata Electric Power Board's
Loan of $£ 200,000$
$\text { C. W. M. NORRIE, Governor-General }$
ORDER IN COUNCIL
At the Government House at Wellington, this 14th day of
July 1954
Present:
$\text { HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL }$
WHEREAS by Order in Council made on the 24th day of
March 1954 (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 Waitemata Electric Power
Board (hereinafter called the said local authority) of the
sum of one hundred thousand pounds (hereinafter called the
said sum), being the unraised balance of a loan of two
hundred thousand pounds known as Reticulation Extension
Loan 1953:
And whereas the said sum 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 sum by prescribing as follows: - In lieu of a term of ten 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
fifteen years. - In lieu of repayment in the manner prescribed in
clause 3 of the said Order in Council, the said sum or any
part thereof shall be repaid as follows:
$(a)$ By fifteen equal payments of five thousand pounds
each, one of such payments to be made at the end
of every year commencing from the date on which
the said sum is raised.
$(b)$ By a payment at the end of the fifteenth year from
the date of raising the said sum of an amount of
twenty-five thousand pounds.
$\text{T. J. SHERRARD}$,
Clerk of the Executive Council.
$(T .49 / 286 / 16)$
$\text { Consenting to the Raising of Loans or Balances Thereof by }$
the Napier City Council and Prescribing the Conditions
Thereof
$\text { C. W. M. NORRIE, Governor-General }$
ORDER IN COUNCIL
At the Government House at Wellington, this 7th day of July
1954
Present:
$\text { HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL }$
WHEREAS by Orders in Council made on the 13th day of
December 1950 and the 3rd day of April 1951
respectively (hereinafter called the said Orders in Council),
consent was given to the raising by the Napier City Council
(hereinafter called the said local authority) of the respective
loans specified in the first column of the Schedule hereto,
subject to the determinations set forth in the said Orders in
Council:
And whereas in respect of the amounts of each such loan,
the sums specified in the second column of the said Schedule
opposite such loans have not yet been raised:
And whereas the authorities conferred by the said
Orders in Council have lapsed in accordance with the pro-
visions of clause 6 of the said Orders in Council, and it is
not now lawful or competent for the said local authority to
raise the said respective loans or balances 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 the said local authority is desirous of
raising further portions of the said respective loans of the
amounts specified in the third column of the said Schedule
opposite such loans (hereinafter called the said respective
sums), and it is expedient to authorize the said local authority
to raise the said respective sums 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 respective sums up to the amounts specified in the
third column of the said Schedule for the respective purposes
for which the said loans were authorized, and in giving such
consent hereby determines as follows: - The term for which the said respective sums or any
parts thereof may be raised shall be ten years. - The rate of interest that may be paid in respect of the
said respective sums of any parts thereof shall be such as
shall not produce to the lender or lenders a rate or rates
exceeding four per cent per annum. - The said local authority shall, before raising the said
respective sums 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, 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 fourth column of
the said Schedule, such payments to be made in respect of
every part of the said respective sums 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 the said respective sums or any parts thereof
so raised. - No amount payable as either interest or sinking fund
in respect of the said respective sums shall be paid out of
loan money. - The payment of interest and repayment of principal in
respect of the said respective sums shall be made in New
Zealand. - The rate payable for brokerage, underwriting, and
procuration fees in respect of the raising of the said
respective sums or any parts thereof shall not in the
aggregate exceed one-half per cent of any amount raised. - No money shall be borrowed under this consent after
the expiration of two years from the date hereof.
SCHEDULE
| First Column | Second Column | Third Column | Fourth Column |
| --- | --- | --- | --- |
| Name of Loan | Amount of Loan Unraised | Portion of Loan Hereby Authorized to be Raised | Rate of Sinking Fund |
| General Works Loan 1950, £58,800 ... ... | £22,800 | £6,500 | £ s. d. 3 12 7 |
| Onekawa Sewer Loan No. 2 1951, £26,750 ... ... | £4,750 | £4,750 | £ s. d. 3 12 7 |
$\text{T. J. SHERRARD,}$
Clerk of the Executive Council.
$(T .49 / 147 / 39)$
Consenting to the Raising of a Loan of £200,000 by the
Northland Hospital Board and Prescribing the Conditions
Thereof
$\text { C. W. M. NORRIE, Governor-General }$
ORDER IN COUNCIL
At the Government House at Wellington, this 28th day of
July 1954
Present:
$\text { HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL }$
WHEREAS the Northland Hospital Board (hereinafter
called the said local authority), being desirous of
raising a loan of two hundred thousand pounds, to be known
as Dargaville Hospital Loan No. 2, 1954 (hereinafter called
the said loan), for the purpose of providing mechanical ser-
vices, staff residences, a boiler house chimney, an incinerator,
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VUW Te Waharoa —
NZ Gazette 1954, No 48
NZLII —
NZ Gazette 1954, No 48
✨ LLM interpretation of page content
💰 Variation of loan terms for Waitemata Electric Power Board (balance £100,000 of £200,000 loan)
💰 Finance & Revenue14 July 1954
loan variation, Waitemata Electric Power Board, repayment schedule, fifteen-year term, sinking fund
- T. J. Sherrard, Clerk of the Executive Council
- C. W. M. Norrie, Governor-General
💰 Consent to raise loans for Napier City Council (specified balances)
💰 Finance & Revenue7 July 1954
Napier City Council, loan consent, term ten years, interest up to 4%, sinking fund
- T. J. Sherrard, Clerk of the Executive Council
- C. W. M. Norrie, Governor-General
💰 Consent to raise £200,000 loan for Northland Hospital Board
💰 Finance & Revenue28 July 1954
Northland Hospital Board, loan raising, new financing, hospital facilities
- T. J. Sherrard, Clerk of the Executive Council
- C. W. M. Norrie, Governor-General