✨ Loan Conversion Order
Dec. 7.] THE NEW ZEALAND GAZETTE. 3287
(2) Subject to the provisions of this Order, the provisions of the Local Bodies’
Loans Act, 1926, and of any other Act shall, so far as applicable and with all necessary
modifications, apply with respect to such special rate, and with respect to the interest
and other charges in respect of such securities, as if such special rate were made and
levied in respect of a special loan raised under Part I of the said Local Bodies’ Loans
Act, 1926, and as if the local authority were a local authority and its district a district
under that Act.
(3) Upon the making of such special rate every special rate theretofore made in
respect of any existing securities to which this Order applies shall cease to be a security
for such existing securities.
SECURITIES HELD BY TRUSTEES.
- 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.
- 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.
LOANS TO BE CONVERTED.
| Name. | Amount. | Rate of Interest. | Date of Maturity. |
|---|---|---|---|
| Original. | Existing. | ||
| Loan, £200,000, 1925 .. | £150,000 | Per Cent. 6 | Per Cent. 4¾ |
| Loan, £200,000, 1925 .. | 50,000 | 5¾ | 4¾ |
| Part Raglan County Special Loan, £34,820, 1927 | 10,000 | 5⅞ | 4½ |
| Part Raglan County Special Loan, £34,820, 1927 | 7,000 | 5½ | 4⅞ |
| Supplementary Loan, £20,000, 1928 | 7,000 | 5⅝ | 4½ |
| Supplementary Loan, £20,000, 1928 | 5,500 | 5⅝ | 4½ |
| Supplementary Loan, £20,000, 1928 | 2,500 | 5½ | 4⅞ |
| Supplementary Loan, £20,000, 1928 | 5,000 | 5½ | 4⅞ |
| Loan, £75,000, 1929 (part) .. | 5,000 | 5⅛ | 4¼ |
| Loan, £75,000, 1929 (part) .. | 10,000 | 5⅜ | 4⅞ |
| Loan, £75,000, 1929 (part) .. | 7,600 | 5⅜ | 4⅞ |
| Loan, £75,000, 1929 (part) .. | 2,400 | 5¼ | 4¼ |
| Loan, £75,000, 1929 (part) .. | 4,400 | 5¼ | 4¼ |
| Total .. .. | £266,400 |
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 4¼ 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.
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VUW Te Waharoa —
NZ Gazette 1933, No 83
NZLII —
NZ Gazette 1933, No 83
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Franklin Electric-power Board Loans Conversion Order, 1933
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💰 Finance & Revenue6 December 1933
Order in Council, Loan Conversion, Local Authorities, Franklin Electric-power Board