2680
THE NEW ZEALAND GAZETTE.
[No. 74

(b) If the holder of the securities (or, where the holder is a trustee, any person
whose consent would, but for this Order, be required for conversion) is during
the whole of the time between the date of the publication of this Order in
the Gazette and the expiration of the period referred to in the last preceding
paragraph absent from New Zealand, at any time before the expiration of
three months from the date of conversion; or

(c) In the case of any particular holder, within such further time as the local
authority may, on account of special circumstances, in its discretion allow.

10. The dissent of the holder of any existing securities from the conversion of those
    securities into new securities shall be signified in writing, and shall be deemed to be
    signified when such writing is received by the local authority or by any person autho-
    rized by the local authority to receive it.

SURRENDER OF CONVERTED SECURITIES, AND PAYMENT OF INTEREST THEREON.

11. The holder of any existing securities converted into new securities (whether
    the conversion is on application or after failure to dissent) shall not be entitled to
    demand payment of any interest payable on the existing securities, or to receive the
    new securities or any interest thereon, until he has surrendered the existing securities
    to the local authority.

12. Subject to the provisions of the last preceding clause, the interest on any such
    existing securities for the period ending on the date of conversion shall be payable not
    later than one month from the date of conversion.

NEW SECURITIES.

13. (1) New securities shall be issued in the form of debentures in the form
    numbered (2) in the Second Schedule hereto.

(2) Every new debenture shall be for a sum of five pounds, fifty pounds, one
hundred pounds, five hundred pounds, one thousand pounds, or a multiple of one thousand
pounds.

(3) All new debentures shall be numbered consecutively, and as between the holders
thereof shall rank equally.

(4) Every new debenture shall state on its face the fact that the holder has no
claim in respect thereof upon the Government or public revenues of New Zealand.

(5) Every new debenture shall be signed by the Chairman, countersigned by the
Treasurer or some other officer appointed by the local authority for the purpose, and
sealed with the common seal of the local authority.

INTEREST AND COUPONS.

14. (1) The rate of interest payable on new securities shall be four and one-
    quarter per centum per annum.

(2) The interest on new securities shall be payable half-yearly on days corre-
sponding to the maturity dates of the securities.

15. (1) Any new debenture for one thousand pounds or a multiple of one thousand
    pounds may, if the holder so desires, be issued without coupons, and in any such case
    the interest thereon shall be payable by cheque.

(2) Except as provided in the last preceding subclause, separate coupons for each
amount of interest payable on any debenture, in the form numbered (3) in the Second
Schedule hereto, and numbered consecutively for each debenture, shall be attached
thereto.

(3) The signatures to coupons may be made by facsimiles thereof in lithograph or
otherwise.

MATURITY DATE.

16. (1) Every new security shall be redeemable at par on such one of the maturity
    dates set out in the Third Schedule hereto as is specified in that behalf in the security.

(2) The local authority shall so fix the respective maturity dates of the new
securities that the aggregate amount of principal secured by the new securities maturing
on each of such dates shall, if practicable, be a multiple of one hundred pounds, and,
subject thereto, shall, as nearly as may be, bear the same proportion to the aggregate
amount of principal secured by all the new securities as the sum set opposite that date
in the Third Schedule hereto bears to the total amount specified in that Schedule.

PREMIUMS.

17. (1) The holder of any existing securities bearing interest at a rate which, as
    reduced in accordance with Part I of the Act, does not exceed the rate of interest payable
    on the new securities shall on the conversion of such securities be entitled to receive
    new securities for the same aggregate amount of principal as is secured by the existing
    securities.

(2) The holder of any existing securities bearing interest at a rate which, as reduced
in accordance with Part I of the Act, exceeds the rate of interest payable on the new
securities shall on the conversion of such securities be entitled to receive new securities
for the same aggregate amount of principal as is secured by the existing securities,
and, in addition thereto, shall be entitled to receive a premium on such principal com-
puted in accordance with the Fourth Schedule hereto.

18. (1) Subject to the provisions of this clause as to payment in cash, every
    premium to which any person is entitled under the last preceding clause shall be satisfied
    by issuing to him additional new securities for the amount of such premium, or so much
    thereof as is not paid in cash, as the case may be.