16 Sept.] THE NEW ZEALAND GAZETTE 1455

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 by the said Council from the Corporation for the aforesaid purpose of a loan up to the amount of fifty thousand pounds, and in giving such consent hereby determines as follows:

1. That the Council shall pay to the Corporation each half-year in reduction of the principal moneys advanced by the Corporation to the Council an amount equal to the sum of all the amounts which are expressed to be payable to the Council during such half-year by the agreements entered into with the said Council by the various farmers to whom the said Council has advanced any of the loan moneys together with any additional amounts which may be paid.

2. The rate of interest that may be paid in respect of the said loan, or so much thereof as is for the time being raised and not repaid, shall be three and a half per cent per annum payable half-yearly, the first such payment to be made not later than six months after the date of the payment of the first instalment of the loan by the Corporation to the said Council, such interest to be computed on the daily debtor-balances in the accounts of the Corporation.

3. No amount payable as either interest or principal in respect of the said loan shall be paid out of loan money.

4. No amount shall be payable for brokerage, underwriting, or procuration fees in respect of the raising of the said loan or any part thereof.

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

(T. 49/129/15)

Consenting to the Raising of a Loan of £100,200 by the Bay of Plenty Hospital Board and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington this 8th day of September 1954

Present:

His Excellency the Governor-General in Council

WHEREAS the Bay of Plenty Hospital Board (hereinafter called the said local authority), being desirous of raising, firstly, a loan of eighty-eight thousand pounds, to be known as Nurses’ Home Additions Loan 1954, for the purpose of erecting and furnishing additions to the Whakatane Hospital Nurses’ Home, and, secondly, a loan of twelve thousand two hundred pounds, to be known as Boiler Purchase Loan 1954, for the purpose of purchasing two 40 h.p. multi-tubular boilers for installation in a proposed new boilerhouse and laundry building, has complied with the provisions of the Local Government Loans Board Act 1926 (hereinafter called the said Act):

And whereas the said local authority is desirous of raising the aforesaid loans of eighty-eight thousand pounds and twelve thousand two hundred pounds in one loan of one hundred thousand two hundred pounds, to be known as Nurses’ Home Additions and Boiler Purchase Loans Amalgamated Loan 1954 (hereinafter called the said loan), 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 one hundred thousand two hundred 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 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 loan is raised.

(b) By a payment at the end of the tenth year from the date of the raising of the said loan of an amount of fifty thousand two hundred 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. 49/589/10 and 11)

Consenting to the Raising of a Loan of £2,300 by the Opotiki Borough Council

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington this 8th day of September 1954

Present:

His Excellency the Governor-General in Council

WHEREAS by Order in Council made on the 23rd day of April 1952 (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 by the Opotiki Borough Council (hereinafter called the said local authority) of a loan of two thousand three hundred pounds, to be known as House Purchase Loan 1952 (hereinafter called the said loan):

And whereas the authority conferred by the said Order in Council has lapsed in accordance with the provisions of clause 6 thereof and it is not now lawful or competent for the said local authority to raise the loan or any portion 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 loan has not yet been raised and it is expedient to authorize the said local authority to raise the said loan 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 loan up to an amount of two thousand three hundred pounds for the purpose for which the said loan was authorized, 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 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, together with interest thereon, shall be repaid by equal aggregate annual or half-yearly instalments extending over the term as determined in clause 1 hereof.

4. The payment of all such instalments shall be made in New Zealand, and no such instalment shall be paid out of loan money.

5. 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 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. 49/248/7)

Consenting to the Raising of a Loan of £4,000 by the South Canterbury Catchment Board and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington this 8th day of September 1954

Present:

His Excellency the Governor-General in Council

WHEREAS the South Canterbury Catchment Board (hereinafter called the said local authority) proposes, pursuant to the provisions of section 30 of the Soil Conservation and Rivers Control Act 1941, to raise a loan of four thousand pounds, to be known as Orari River Mouth Works Loan No. 2 1954 (hereinafter called the said loan), for the purpose of carrying out river control works at the mouth of the Orari River:

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 consents to the raising by the said local authority of the said loan for the said purpose up to the amount of four 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 seven 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 a rate exceeding four per cent per annum.

3. The said loan or any part thereof, together with interest thereon, shall be repaid by equal aggregate annual instalments extending over the term as determined in clause 1 hereof.

4. 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. 49/724)