Whereas the Hauraki Plains County Council (hereinafter called the Council) obtained the consent of the Local Government Loans Board to the raising of a loan of one hundred and twenty thousand dollars, to be known as East Water-supply Loan, 1937 (hereinafter referred to as the said loan), subject to certain terms and conditions: And whereas by Order in Council dated the eighteenth day of March, nineteen hundred and thirty-seven, made pursuant to section eleven of the Local Government Loans Board Act 1926, consent was given to the raising of the said loan subject to the determinations set out in the said Order: And whereas one of the determinations provided that no moneys should be borrowed under such consent after the expiration of the period of two years from the date of the consenting Order in Council: And whereas only sixty-two thousand two hundred dollars of the said loan was raised within that period: And whereas the sum of fifty-seven thousand eight hundred dollars, the balance of the said loan, was accordingly unlawfully borrowed after the period of two years specified in the aforesaid Order in Council: Be it therefore enacted as follows:—
The action of the Council in raising a sum of fifty-seven thousand eight hundred dollars of the said loan after the expiry of the period prescribed by the said Order in Council, dated the eighteenth day of March, nineteen hundred and thirty-seven, is hereby validated, and the said moneys shall be deemed to have been lawfully borrowed and the securities given in respect thereof to have been lawfully issued.
The references to “$120,000”
, “one hundred and twenty thousand dollars”
, “sixty-two thousand two hundred dollars”
, and “fifty-seven thousand eight hundred dollars”
were substituted, as from 10 July 1967, for references to “£60,000”
, “sixty thousand pounds”
, “thirty-one thousand one hundred pounds”
, and “twenty-eight thousand nine hundred pounds”
pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).