28 Oct.] THE NEW ZEALAND GAZETTE 1693

Consenting to the Raising of a Loan of £90,000 by the Marlborough Electric Power Board 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 Marlborough Electric Power Board (hereinafter called the said local authority), being desirous of raising a loan of ninety thousand pounds, to be known as Development Loan 1954 (hereinafter called the said loan), for the purpose of supplying and distributing electricity for the benefit of the Marlborough Electric Power District, 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 ninety 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 be fifteen 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 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 loan shall be made in New Zealand.

5. No amount payable either as interest or as a redemption in respect of the said loan 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 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. 49/402/7)

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Consenting to the Raising of a Loan of £43,000 by the Hutt County Council 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 Hutt County Council (hereinafter called the said local authority), being desirous of raising a loan of forty-three thousand pounds, to be known as Pinehaven Water Supply Loan 1953 (hereinafter called the said loan), for the purpose of providing a water supply for the Pinehaven 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 9th day of June 1954, and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising of portion of the said loan amounting to two thousand pounds:

And whereas the said amount of two thousand pounds has not been raised:

And whereas in lieu of raising the said amount of two thousand pounds the said local authority is now desirous of raising the full amount of the said loan amounting to forty-three thousand pounds, 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 forty-three 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 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 loan shall be made in New Zealand.

5. No amount payable either as interest or as a redemption in respect of the said loan 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 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.

8. The determinations aforesaid in respect of the said amount of two thousand pounds are hereby cancelled.

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

(T. 49/290/29)

Varying the Determinations in Respect of Portion (£16,700) of the Waitemata Electric Power Board’s Loan of £200,000

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 by Order in Council made on the 24th day of March 1954, 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 an amount of one hundred thousand pounds, being the balance then unraised of a loan of two hundred thousand pounds known as Reticulation Extension Loan 1953:

And whereas by Order in Council made on the 14th day of July 1954 certain of the determinations aforesaid were varied in respect of the said amount of one hundred thousand pounds:

And whereas portion of the said amount of one hundred thousand pounds amounting to sixteen thousand seven hundred pounds (hereinafter called the said sum) has not yet been raised:

And whereas in the Order in Council made on the 14th day of July 1954 provision is made for the repayment of the said sum at the end of the fifteenth year from the date of borrowing thereof, and it is expedient to vary the provision for repayment as hereinafter provided:

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 the provision for repayment of the said sum, as contained in clause 2 (b) of the Order in Council made on the 14th day of July 1954, by providing that the said sum or any part thereof shall be repaid at the end of the ninth year from the date of borrowing thereof.

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

(T. 49/286/16)