5 AUGUST] THE NEW ZEALAND GAZETTE 1257

and other essential services at Dargaville Hospital, 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 two
hundred 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 ten 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 as

follows:

    (a) By ten equal payments of eight thousand pounds

each, one of such payments to be made at the end
of every year commencing from the date on which
the said loan is raised.

    (b) By a payment at the end of the tenth year from the

date of raising the said loan of an amount of one
hundred and twenty thousand pounds.

4. The payment of interest and repayment of principal

in respect of the said loan shall be made in New Zealand.

5. No amount payable either as interest or as principal

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 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. 49/777/1)

Consenting to the Raising of a Loan of £75,000 by the Poverty Bay
Electric Power Board and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 21st day of
July 1954
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS the Poverty Bay Electric Power Board (herein-
after called the said local authority), being desirous of
raising a loan of seventy-five thousand pounds, to be known as
Extensions Loan 1954 (hereinafter called the said loan), for the
purpose of further reticulating the Poverty Bay Electric Power
District and purchasing plant, tools, equipment, and land, 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 seventy-five 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 twenty-five 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 equal

half-yearly instalments of principal extending over the term as
determined in clause 1 hereof.

4. The payment of interest and the repayment of principal

in respect of the said loan shall be made in New Zealand.

5. No amount payable either as interest or as principal in

respect of the said loan shall be paid out of loan money.

6. The rate payable for brokerage, underwriting, and procu-

ration 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. 49/242/10)

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 14th day of July 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 not exceed the respective terms (in years) specified in the

fourth column of the said Schedule.

2. The rate 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 four per cent per annum.

3. The said respective loans or any parts thereof shall be repaid as follows :

    (a) By a payment at the end of every half-year, commencing from the date on which each such respective loan is raised, of the amount

specified in the fifth column of the said Schedule opposite each such respective loan. 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 each respective loan, and the balance of such half-yearly
payment in reduction of such principal.

    (b) By a payment at the end of the term of each respective loan, as determined in clause 1 hereof, of a sum equal to the amount to which

the principal of such loan has been reduced in accordance with the preceding paragraph (a) hereof after payment of the aforesaid
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 respective loans or any parts

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.

                                    SCHEDULE

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

(T. 40/416/6)
B