3770
THE NEW ZEALAND GAZETTE.
No. 88

69. Every debenture and every coupon attached thereto shall be transferable by delivery without assignment or endorsement, and shall entitle the bearer thereof to be paid according to the tenor thereof; but the delivery of a debenture shall not confer any title to any interest other than that represented by the coupons for the time being attached to that debenture, and the Board shall accordingly be entitled to pay direct to the original applicant for a debenture the interest for the broken period from the date of sale of that debenture to the first half-yearly date for payment of interest following the date of sale, if no coupon therefor has been issued.

70. The Board may provide that interest and principal of any series of debentures issued in New Zealand or in London shall be payable free of exchange within New Zealand or in London, as the case may be.

71. Interest on the debentures of any series may, at the option of the Board, be made payable on presentation of coupons attached thereto, or by any other method; and the Board may also direct that the interest on any debenture of a denomination of less than £100 shall be paid only on the expiration of the term of the debenture, with or without capitalization of such interest, and that any such debenture shall be repayable after a specified period computed from the actual date of sale.

72. An interest coupon will be sufficiently executed if it bears the lithographed signature of the member of the Board who has signed the debenture to which such coupon is attached.

73. If any interest coupon is lost, the Board may pay the interest to which the same relates upon such proof of loss, and subject to such terms as it may think fit.

74. If a debenture is not presented to the Board for payment on the date of maturity thereof, no interest shall accrue thereon after that date.

75. The Board may issue or sell debentures at a discount, provided that the lender does not thereby receive a return of more than £6 per centum per annum upon the money invested by him.

76. The Board may pay brokerage or commission on the sale of its debentures.

77. The expenses of issue of a series of debentures, including brokerage or commission on sale, may, in the discretion of the Board, be charged in full to the working-expenses of the Board for the year of issue, or be spread over the period of currency of the series.

78. The Board may consolidate or subdivide any debentures issued but not taken up.

79. Upon payment by the Board to the bearer of any debenture of all principal and interest owing thereunder the debenture shall be surrendered to the Board, and no formal discharge by the holder shall be necessary.

80. Every debenture surrendered to the Board, or otherwise requiring cancellation, shall be destroyed in the presence of an officer of the Board and a representative of the Controller and Auditor-General.

81. (1) Applications for debentures issued in the form numbered 7 in the Third Schedule hereto shall be delivered to the Commissioner, or to such other persons as the Board may from time to time direct, and shall be in writing in such form as the Board may prescribe.

(2) Applications for debentures issued in the form numbered 8 in the Third Schedule hereto may be made at any office of the Board, or at such other places as the Board may from time to time direct, without written application being necessary.

82. The Board shall keep registers of debentures as follows:—

(1) A register, in the form numbered 9 in the Third Schedule hereto, of all bonds issued in the form numbered 7 in the said Third Schedule; and

(2) A register, in the form numbered 10 in the Third Schedule hereto, of all debenture-certificates issued in the form numbered 8 in the said Third Schedule.

83. (1) The Board may, on application in the form numbered 12 in the Third Schedule hereto by the bearer of any debenture, accompanied by the debenture and a fee of 5s., cancel such debenture, and issue in exchange therefor inscribed stock of an equal nominal value, for the unexpired portion of the term of such debenture, and at the same rate of interest.