15 SEPT.

THE NEW ZEALAND GAZETTE

1427

Consenting to Raising of Loans by Certain Local Authorities

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington this 7th day of September 1955

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

PURSUANT to the Local Government Loans Board Act 1926, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, hereby consents to the borrowing by the local authorities mentioned in the Schedule hereto by way of loan of the whole or any part of the respective amounts specified in that Schedule.

SCHEDULE

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

Consenting to Raising of Loans by Certain Local Authorities

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington this 7th day of September 1955

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

PURSUANT to the Local Government Loans Board Act 1926, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, hereby consents to the borrowing by the local authorities mentioned in the Schedule hereto by way of loan of the whole or any part of the respective amounts specified in that Schedule.

SCHEDULE

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

Authorizing the Borrowing by the Akitio County Council by Way of Hypothecation of Debentures Issued in Respect of Loans of £4,000 and £3,000

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington this 7th day of September 1955

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS by Orders in Council made on the 24th day of February 1953 and the 14th day of April 1954, consent was given to the raising in New Zealand by the Akitio County Council (hereinafter called the said local authority) of a loan of four thousand pounds to be known as “Bridges Loan 1953” and a loan of three thousand pounds to be known as “Bridges Loan 1954” respectively:

And whereas the authorities conferred by the said Orders in Council have not been exercised to the extent of six hundred pounds and two thousand three hundred pounds respectively:

And whereas the said local authority, pending the raising of the said respective amounts of six hundred pounds and two thousand three hundred pounds, is desirous of borrowing sums of six hundred pounds and two thousand three hundred pounds each in respect of each respective loan (hereinafter called the said respective sums) by hypothecation or mortgage pursuant to section 34 of the Local Bodies’ Loans Act 1926 of the debentures authorized to be issued in respect of the said respective sums:

Now, therefore, pursuant to section 7 of the Local Authorities Interest Reduction and Loans Conversion Act 1932–33 and section 8 of the Local Authorities Interest Reduction and Loans Conversion Amendment Act 1933, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, hereby consents to the said local authority, pending the raising of the said respective amounts of six hundred pounds and two thousand three hundred pounds, borrowing the said respective sums or any parts thereof by the hypothecation or mortgage of the said debentures to the State Advances Corporation of New Zealand at a rate of interest not exceeding four per cent per annum, such interest to be computed on the daily-debtor balances in the accounts of the Corporation, repayable on demand but so that the term shall not exceed one year, and hereby prescribes that the moneys borrowed by the hypothecation or mortgage of the said debentures shall, pending the raising of the said respective amounts of six hundred pounds and two thousand three hundred pounds, be repaid by annual or half-yearly instalments equivalent to the instalments of principal which would have been repaid if on the first day on which any moneys are borrowed by such hypothecation or mortgage the whole of the amounts hereby authorized to be hypothecated or mortgaged had been raised on the conditions determined under the Local Government Loans Board Act 1926.

T. J. SHERRARD, Clerk of Executive Council.

(T. 49/180/19 and 20)