2672
THE NEW ZEALAND GAZETTE.
[No. 74

(c) Thirdly, so far as it will extend in repayment as at the date of conversion of
the principal secured by the existing securities.
(2) Interest up to the date of conversion on any existing securities so repaid in
accordance with paragraph (c) of the last preceding subclause shall be paid by the local
authority out of the local fund.

SECURITIES HELD BY TRUSTEES.

20. The provisions of sections twenty-two, twenty-three, and twenty-four of the
    New Zealand Debt Conversion Act, 1932–33 (relating to the adjustment of premiums as
    between capital and income and to the powers of trustees and other persons in relation
    thereto), shall apply with respect to existing securities converted into new securities in
    accordance with this Order in the same way as they apply with respect to securities
    converted under that Act, save that the references in the said section twenty-two to the
    first day of April, one thousand nine hundred and thirty-three, shall be construed as
    references to the day following the date of conversion.

BROKERAGE.

21. The local authority shall not, in respect of the conversion into new securities
    of any existing securities to which this Order applies, enter into any contract for the
    payment of brokerage at a rate exceeding one-quarter per centum of the amount of such
    existing securities.

FIRST SCHEDULE.
LOAN TO BE CONVERTED.

SECOND SCHEDULE.
FORMS.

(1) Notice.

[Name of local authority.]

CONVERSION under the Local Authorities Interest Reduction and Loans Conversion Act,
1932–33, and the Loans Conversion Order, 19 , of debentures issued in respect
of the following loans [Particulars of loans].

Notice is hereby given to the holders of debentures issued by the [Name of local
authority] in respect of the above-mentioned loans that it is intended to convert all such
debentures (except those in respect of which dissent is duly signified) into new debentures
having new maturity dates and bearing interest at 4½ per cent. per annum.

The conversion will take effect from [Date of conversion].

Application for conversion must be made in writing and be accompanied by the
securities to which it relates.

Dissent from the conversion of any existing debentures may be signified by the
holder by notice in writing delivered to [Name or designation and address of at least one
person authorized to receive dissents] on or before the day of , 19 .

If notice of dissent from the conversion of any debentures is not received by that
date the debentures will be converted.

The rate of interest on any debentures in respect of which dissent is signified as
aforesaid will, by virtue of section 18 of the above-mentioned Act, be reduced to two-
thirds of the original rate.

Further particulars as to the new debentures and the conversion generally may be
obtained from [Name or designation and address of at least one person authorized to give
particulars].

Dated the day of , 19 .

Chairman.

(2) New Debenture.

No. .
[Name of local authority], of [Name of district], New Zealand.

New debenture, issued pursuant to Part II of the Local Authorities Interest Reduction and Loans Conversion Act, 1932–33, and the Loans Conversion Order, 19 .
New debenture for £ , payable at , in New Zealand, on the
day of , 19 , issued by the [Name of local authority], of [Name of district],
New Zealand, under the above-mentioned Act and Order pursuant to a resolution
passed and confirmed by the Council [or Board, as the case may be] as provided by
section 9 (2) of the said Act.

(N.B.—The holder of this debenture has no claim in respect thereof upon the
Government or public revenues of New Zealand.)

On presentation of this debenture at , in New Zealand, on or after the
day of , 19 , the bearer thereof will be entitled to receive £ .

Issued under the common seal of [Name of local authority] the day
of , 19 .

[r.s.]
A.B., Chairman.
C.D., Treasurer [or other officer appointed for the purpose].