Nov. 2.] THE NEW ZEALAND GAZETTE. 2685

And whereas the South Taranaki Electric-power Board (being a local authority
within the meaning of the said Act) has issued securities in respect of the loans specified
in the First Schedule hereto, and such securities are existing securities to which the said
Act applies :

And whereas the said local authority, being desirous of issuing new securities in
conversion of such existing securities, has complied with the provisions of Part 11 of
the said Act, and it is expedient that the precedent consent of the Governor-General to such
conversion should be given as required by the said Act, and that by this Order the
provisions hereinafter set forth should be made with respect to the matters specified in
the said section thirteen :

Now, therefore, His Excellency the Governor-General of the Dominion of New
Zealand, acting by and with the advice and consent of the Executive Council of the
said Dominion, and in pursuance and exercise of the powers and authorities conferred
on him by the said Act, and of all other powers and authorities enabling him in this
behalf, doth hereby consent to the issue by the said local authority of new securities
in conversion of any existing securities to which this Order applies, and with respect
to such conversion doth hereby make the following provisions.

PRELIMINARY.

1. This Order may be cited as the South Taranaki Electric-power Board Loans
   Conversion Order, 1933 (No. 1).

2. In this Order, unless the context otherwise requires, —

"The Act" means the Local Authorities Interest Reduction and Loans Conversion
Act, 1922-33 ;

"The date of conversion" means the date specified in clause five of this Order ;

"Existing securities" means debentures or other securities issued by the local
authority before the first day of April, one thousand nine hundred and
thirty-three ; and includes any securities issued on or after that date, but
before the date of conversion, in replacement (as that term is defined in the
Act) of any such securities ;

"The local authority" means the South Taranaki Electric-power Board ;

"Local fund" has the same meaning as in Part V of the Local Bodies' Loans
Act, 1926 ;

"New securities" or "new debentures" means securities or debentures issued in
accordance with this Order in conversion of existing securities to which this
Order applies ;

"Unconverted securities" means existing securities to which this Order applies
and in respect of which dissent from conversion is signified in accordance
with the provisions of this Order.

APPLICATION OF ORDER.

3. This Order shall apply to all existing securities issued in respect of the loans
   specified in the First Schedule hereto.

SPECIAL RESOLUTION OF LOCAL AUTHORITY.

4. (1) If the local authority so resolves by a resolution passed and confirmed as
   provided by subsection two of section nine of the Act, it may, subject to and in accordance
   with the provisions of this Order, issue new securities in conversion of existing
   securities to which this Order applies.

(2) The following provisions of this Order shall come into force if such a resolution
is passed and confirmed as aforesaid, but not otherwise.

DATE OF CONVERSION.

5. The date from which the conversion of existing securities into new securities
   shall take effect shall be the first day of April, one thousand nine hundred and thirty-four.

NOTICE TO HOLDERS OF EXISTING SECURITIES.

6. (1) The local authority shall cause a notice in the form numbered (1) in the
   Second Schedule hereto to be published not later than the first day of February, one
   thousand nine hundred and thirty-four, in the Gazette, and shall forward a copy of the
   notice by registered letter to every holder whose address is known to the local authority.

(2) In addition to the notice required by the last preceding subclause, the local
authority may give such further notice in relation to the conversion (whether by way
of advertisement or otherwise) as it thinks fit.

RIGHT TO APPLY FOR OR DISSENT FROM CONVERSION.

7. The holder of any existing securities to which this Order applies may make
   application to the local authority in writing for the conversion of such securities into
   new securities in accordance with this Order. Every application under this clause
   shall be accompanied by the securities to which it relates.

8. If the holder of any existing securities to which this Order applies does not,
   within the time and in the manner provided by this Order, signify his dissent from the
   conversion of such securities into new securities, the existing securities shall be converted
   into new securities in the same manner as if application had been made under the last
   preceding clause.

9. Dissent from the conversion of any existing securities may be signified—
   (a) At any time before the first day of March, one thousand nine hundred and
   thirty-four ; or
   (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 authorized by the local authority to receive it.