Dec. 7.]
THE NEW ZEALAND GAZETTE.
3275

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.\n

PRELIMINARY.

1. This Order may be cited as the Uawa County Loans Conversion Order, 1933 (No. 3).\
2. In this Order, unless the context otherwise requires,---\
   "The Act" means the Local Authorities Interest Reduction and Loans Conversion Act, 1932-33 :\
   "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 Uawa County Council :\
   "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 such of the existing securities issued in respect of the loans specified in the First Schedule hereto as are held by the Public Trustee.\

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 :\
   Provided that a certificate signed by the Chairman of the local authority and published in the Gazette to the effect that such a resolution has been duly passed and confirmed shall be conclusive evidence of the facts therein certified.\

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 March, one thousand nine hundred and thirty-four.\

NOTICE TO HOLDERS OF EXISTING SECURITIES.

6. The local authority shall cause a notice in the form numbered (1) in the Second Schedule hereto, together with a copy of this Order, to be delivered not later than fourteen days before the date of conversion to the holder of the existing securities to which this Order applies.\

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 expiration of fourteen days from the date of conversion, or (b) 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.\

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 instalment of principal and interest payable in respect thereof, until he has surrendered the existing securities to the local authority.\
    G