Dec. 7.] THE NEW ZEALAND GAZETTE. 3231

The rate of interest on any debentures or other securities 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.
[Name of local authority], 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], New Zealand, under the
above-mentioned Act and Order pursuant to a resolution passed and confirmed by the
said Council [or Board, or 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 the the day of , 19 .
A.B., Chairman.
C.D., Treasurer [or other officer appointed for the purpose].
THIRD SCHEDULE.
COMPUTATION OF PREMIUMS.

1. The amount of the premium payable on the conversion of any existing securities
   shall be equal to the product obtained by multiplying the following factors, namely:—
   (a) The difference between one year's interest on the amount of principal secured
   by the existing securities at the rate payable thereon immediately before
   the date of conversion and one year's interest on the same amount at the rate
   payable on the new securities; and
   (b) The appropriate factor specified in the Table of Factors hereinafter set out,
   according to the period between the date of conversion and the maturity
   date of the existing securities.
2. For the purpose of computing any such period as is mentioned in paragraph (b)
   of the last preceding clause, any fraction of a half-year that is not less than three
   months shall be counted as a half-year, and any such fraction that is less than three
   months shall not be taken into account.
   Table of Factors.
   | Period from Date of | Factor. | Period from Date of | Factor. |
   | Conversion to Maturity | | Conversion to Maturity | |
   | Date of Existing | | Date of Existing | |
   | Securities. | | Securities. | |
   | Years. | | Years. | |
   | 1/2 | 0·488998 | 19½ | 12·891438 |
   | 1 | 0·967235 | 20 | 13·096761 |
   | 1½ | 1·434948 | 20½ | 13·297566 |
   | 2 | 1·892370 | 21 | 13·493952 |
   | 2½ | 2·339726 | 21½ | 13·686017 |
   | 3 | 2·777238 | 22 | 13·873855 |
   | 3½ | 3·205123 | 22½ | 14·057560 |
   | 4 | 3·623592 | 23 | 14·237222 |
   | 4½ | 4·032853 | 23½ | 14·412931 |
   | 5 | 4·433108 | 24 | 14·584774 |
   | 5½ | 4·824556 | 24½ | 14·752835 |
   | 6 | 5·207389 | 25 | 14·917198 |
   | 6½ | 5·581799 | 25½ | 15·077944 |
   | 7 | 5·947970 | 26 | 15·235153 |
   | 7½ | 6·306083 | 26½ | 15·388903 |
   | 8 | 6·656316 | 27 | 15·539270 |
   | 8½ | 6·998842 | 27½ | 15·686327 |
   | 9 | 7·333831 | 28 | 15·830149 |
   | 9½ | 7·661448 | 28½ | 15·970806 |
   | 10 | 7·981856 | 29 | 16·108367 |
   | 10½ | 8·295214 | 29½ | 16·242902 |
   | 11 | 8·601676 | 30 | 16·374476 |
   | 11½ | 8·901395 | 30½ | 16·503155 |
   | 12 | 9·194518 | 31 | 16·629003 |
   | 12½ | 9·481191 | 31½ | 16·752081 |
   | 13 | 9·761556 | 32 | 16·872451 |
   | 13½ | 10·035752 | 32½ | 16·990172 |
   | 14 | 10·303914 | 33 | 17·105303 |
   | 14½ | 10·566175 | 33½ | 17·217900 |
   | 15 | 10·822665 | 34 | 17·328020 |
   | 15½ | 11·073511 | 34½ | 17·435716 |
   | 16 | 11·318837 | 35 | 17·541042 |
   | 16½ | 11·558765 | 35½ | 17·644051 |
   | 17 | 11·793413 | 36 | 17·744793 |
   | 17½ | 12·022898 | 36½ | 17·843319 |
   | 18 | 12·247333 | 37 | 17·939676 |
   | 18½ | 12·466829 | 37½ | 18·033913 |
   | 19 | 12·681496 | | |