4 FEB.] THE NEW ZEALAND GAZETTE 175

Consenting to the Raising of Loans of £7,500 and £2,300 by the Waimea County Council and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government Buildings at Wellington, this 26th day of January 1954.

Present:

THE HON. W. SULLIVAN PRESIDING IN COUNCIL.

WHEREAS the Waimea County Council (hereinafter called the said local authority), being desirous of raising the respective loans set out in the first column of the Schedule hereto, 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 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 said local authority of the respective loans set out in the first column of the said Schedule up to the respective amounts specified in the second 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 be the respective terms (in years) stated in the third column of the said Schedule.

2. The rates 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 the respective rates per centum per annum stated in the fourth column of the said Schedule.

3. The said local authority shall, before raising the said respective loans or any parts thereof, make provision for the repayment thereof by establishing sinking-funds under the Local Bodies’ Loans Act 1926 or under such other statutory enactment as may be applicable in any respective case, and shall thereafter make payments to such sinking-funds at intervals of not more than one year, at a rate or rates per centum which shall be not less than the respective rates stated in the fifth column of the said Schedule, such payments to be made in respect of every part of the said respective loans for the time being so borrowed and not repaid, the first such payment in each respective case to be made not later than one year after the first day from which interest to the lender or lenders is computed on any loan or part thereof so raised.

4. No amount payable as either interest or sinking-fund in respect of the said loans shall be paid out of loan moneys.

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 centum of any amount raised.

6. The payment of interest and repayment of principal in respect of the said loans shall be made in New Zealand.

7. No moneys 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. 49/293/14 and 15)

Consenting to the Raising of a Loan of £12,000 by the Tararua Electric Power Board and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government Buildings at Wellington, this 26th day of January 1954.

Present:

THE HON. W. SULLIVAN PRESIDING IN COUNCIL.

WHEREAS the Tararua Electric Power Board (hereinafter called the said local authority), being desirous of raising a loan of twelve thousand pounds (£12,000) to be known as “Housing Loan 1953” (hereinafter called the said loan) for the purpose of purchasing land and providing staff housing in Eketahuna and Pahiatua, 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 twelve thousand pounds (£12,000), 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 twelve (12) 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 pounds (£4) per centum per annum.

3. The said loan shall be repaid as follows:

(a) By twenty-four equal payments of three hundred and eighty-one pounds seventeen shillings and sevenpence (£381 17s. 7d.), one of such payments to be made at the end of every half-year commencing from the date on which the said loan is raised. Each such half-yearly payment shall be applied first in payment of interest computed at the rate of four pounds (£4) per centum per annum on the amount of principal for the time being outstanding at the beginning of each such half-year in respect of the said loan, and the balance of such half-yearly payment in reduction of such principal.

(b) By a payment at the end of the twelfth year from the date of the raising of the said loan of an amount equal to the amount to which the principal of the said loan has been reduced in accordance with the preceding paragraph (a) hereof after payment of the aforesaid twenty-four 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 moneys.

5. 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 one-half per centum of any amount raised.

6. No moneys 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. 49/188/10)

Consenting to the Raising of a Loan of £4,200 by the Pukekohe Borough Council and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government Buildings at Wellington, this 26th day of January 1954.

Present:

THE HON. W. SULLIVAN PRESIDING IN COUNCIL.

WHEREAS the Pukekohe Borough Council (hereinafter called the said local authority), being desirous of raising a loan of four thousand two hundred pounds (£4,200) to be known as “Bus Terminal Loan 1953” (hereinafter called the said loan) for the purpose of purchasing land required for a Bus Terminal Scheme, 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 four thousand two hundred pounds (£4,200), 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 (15) years.