26 August] THE NEW ZEALAND GAZETTE 1361

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 4th day of August 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 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 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. 40/416/6) T. J. SHERRARD, Clerk of the Executive Council.

Consenting to the Raising of the Balance (£40,000) of the Bay of Islands Electric Power Board’s Loan of £120,000 and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington, this 18th day of August 1954

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS the Bay of Islands Electric Power Board (hereinafter called the said local authority), being desirous of raising a loan of one hundred and twenty thousand pounds, to be known as Reticulation Extension Loan No. 9 1953 (hereinafter called the said loan), for the purpose of further reticulating the Bay of Islands Electric Power District, has complied with the provisions of the Local Government Loans Board Act 1926 (hereinafter called the said Act):

And whereas by Order in Council made on the 15th day of December 1953 consent was given to the raising of portion of the said loan amounting to eighty thousand pounds:

And whereas the said local authority is now desirous of raising the balance of the said loan amounting to forty thousand pounds (hereinafter called the said sum), 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 sum:

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 forty 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 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 shall be repaid as follows:

(a) By ten equal payments of one thousand six hundred 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 tenth year from the date of the raising of the said sum of an amount of twenty-four thousand pounds.

4. The payment of interest and repayment of principal in respect of the said sum 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 procurement 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.

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. 49/664/10)