WHEREAS the Greymouth Borough Council (hereinafter called the Council) having complied with the provisions of the Local Government Loans Board Act, 1926, the precedent consent of the Governor-General in Council under the said Act was given to the Council to raise a loan called Relief of Unemployment (Watermain) Loan, £3,200, 1932, under the powers conferred on local authorities by the Local Authorities Empowering (Relief of Unemployment) Act, 1926, and such consent authorized the raising of the said loan for a term of thirty years at a rate of interest being such as should not produce to the lenders a rate exceeding five per centum per annum, and subject to the condition that the Council should before borrowing the said sum of three thousand two hundred pounds make provision for the repayment thereof by establishing a sinking fund under the Local Bodies’ Loans Act, 1926, and should make to such sinking fund payment of one pound ten shillings per centum per annum: And whereas a resolution of the Council was passed on the eighth day of June, nineteen hundred and thirty-three, making a special rate of eight-hundred-and-thirteen five-thousandths of a penny in the pound on the rateable value (on the basis of the unimproved value of all the rateable property of the Borough of Greymouth), but such resolution was not gazetted as required by the Local Bodies’ Loans Act, 1926: And whereas such resolution was purported to be rescinded by a resolution passed at a special meeting of the Council held on the thirty-first day of July, nineteen hundred and thirty-three, and another rate was purported to be made and levied of two-thousand-one-hundred-and-fourteen ten-thousandths of a penny in the pound upon the same basis, but such rate has not been gazetted; and at such meeting further resolutions were passed authorizing the sealing of forty debentures, each for one hundred and nineteen pounds twelve shillings, for the purpose of securing the repayment by instalments of the said loan of three thousand two hundred pounds in twenty years: And whereas there is no power vested in a local authority to rescind a resolution making a special rate: And whereas the consent of the Governor-General in Council to the repayment of the said loan by instalments as required by the Local Bodies’ Loans Act, 1926, has not been obtained: And whereas no consent was obtained from the Governor-General in Council to the alteration of the terms of the said loan: And whereas in view of the irregularities and defects it is expedient to validate all proceedings in connection with the raising of the said loan and the said debentures, and to make the same effective debentures: