28 Oct.] THE NEW ZEALAND GAZETTE 1691

5. No amount payable either as interest or as a redemption
   in respect of the said sum 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 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. 49/304/13)

Consenting to the Raising of the Balance (£87,600) of the
Palmerston North City Council’s Loan of £267,600 and
Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington this 13th day of
October 1954

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS the Palmerston North City Council (hereinafter
called the said local authority), being desirous of raising a
loan of two hundred and sixty-seven thousand six
hundred pounds, to be known as Water Supply Extension and
Distribution Loan 1952 (hereinafter called the said loan),
for the purpose of completing the city water-supply system
by installing distribution and reticulation mains and
additional filtration plant, purchasing and fencing land
comprised in the catchment area, and meeting the excess
cost of works for which the Waterworks Supply Main and
Filtration Plant Loan 1948, £100,000, and the Waterworks
Storage Dam Loan 1948, £71,000, were authorized, has
complied with the provisions of the Local Government Loans
Board Act 1926 (hereinafter called the said Act):

And whereas by Orders in Council made on the 23rd
day of June 1953, the 11th day of November 1953, and the
23rd day of June 1954 consent was given to the raising of
portions of the said loan amounting in the aggregate to one
hundred and eighty thousand pounds:

And whereas the said local authority is now desirous
of raising the balance of the said loan amounting to eighty-
seven thousand six hundred 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 eighty-seven thousand six hundred 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
   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.

SCHEDULE

4. The payment of interest and redemptions in respect
   of the said sum shall be made in New Zealand.

5. No amount payable either as interest or as a
   redemption in respect of the said sum 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 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. 49/284/37)
   B

Consenting to the Raising of the Balance (£45,000) of
the Invercargill City Council’s Loan of £87,000 and
Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government Buildings at Wellington this 20th day of
October 1954

Present:

THE HON. T. CLIFTON WEBB PRESIDING IN COUNCIL

WHEREAS the Invercargill City Council (hereinafter called
the said local authority), being desirous of raising a
loan of eighty-seven thousand pounds, to be known as
Amalgamated Area Street Works and Services Loan 1948
(hereinafter called the said loan), for the purpose of under-
taking street works and providing services in areas amal-
gamated with the city, has complied with the provisions of the
Local Government Loans Board Act 1926 (hereinafter called
the said Act):

And whereas by Orders in Council made on the 26th day
of July 1950 and the 24th day of February 1953 consent was
given to the raising of portions of the said loan amounting to
thirty thousand pounds and twenty-two thousand pounds
respectively:

And whereas the authority conferred by the Order in
Council made on the 26th day of July 1950 has lapsed in
accordance with the provisions of clause 7 thereof and it is
not now lawful or competent for the said local authority to
raise the said amount of thirty thousand pounds 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 said Act:

And whereas an amount of ten thousand pounds, being
the balance of the said amount of thirty thousand pounds, has
not yet been raised:

And whereas the said local authority is now desirous of
raising the balance of the said loan amounting to thirty-five
thousand pounds and the balance of the said amount of
thirty thousand pounds amounting to ten thousand pounds in
one amount of forty-five 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-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 fifteen 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 redemption of debentures on the dates set out in the first
   column of the Schedule hereunder of the amounts stated
   opposite each such date in the second column of the said
   Schedule.

SCHEDULE

4. The payment of interest and redemptions in respect of
   the said sum shall be made in New Zealand.

5. No amount payable either as interest or as a redemption
   in respect of the said sum 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 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. 49/233/36)