3292
THE NEW ZEALAND GAZETTE.
[No. 83

the first day of November, one thousand nine hundred and sixty-three, a contribution
as hereinafter in this clause determined, and shall pay such contribution to the Com-
missioners of the consolidated sinking fund.
(3) Subject to any deductions therefrom directed by the next succeeding subclause,
the amounts of the respective contributions shall be as follows :—
(a) In respect of each contribution payable in the years 1934 to 1943 (both years
being included), £9,808 6s. ;
(b) In respect of each contribution payable in the years 1944 to 1948 (both years
being included), £9,337 14s. ;
(c) In respect of each contribution payable in the years 1949 and 1950, £7,426 14s. ;
(d) In respect of each contribution payable in the years 1951, 1952, and 1953,
£6,786 4s. ;
(e) In respect of each contribution payable in the years 1954, 1955, and 1956,
£4,708 18s. ;
(f) In respect of each contribution payable in the years 1957 to 1963 (both years
being included), £2,694 8s.,—
increased in respect of each contribution by a sum equal to four and one-quarter per
centum of the total amount of new securities redeemable up to and including the first day
of November preceding the date on which such contribution is payable, and diminished
in respect of each contribution by an amount paid during the period of twelve months
preceding the date of payment of such contribution as sinking fund contributions for
unconverted securities in accordance with the provisions of the next succeeding clause.
(4) The contributions payable in the year 1944 and every year thereafter shall be
further reduced as follows :—
In respect of each of the contributions payable in the year 1944 and the four
following years, by £1,037 ;
In respect of each of the contributions payable in the years 1949 and 1950, by
£4,726 ;
In respect of each of the contributions payable in the year 1951 and the two
following years, by £6,192 5s. ;
In respect of each of the contributions payable in the year 1954 and the two following
years, by £13,209 ; and
In respect of each of the contributions payable in the year 1957 and every year
thereafter, by £16,987 5s.
(5) The provisions of sections forty to forty-four of the Local Bodies’ Loans Act,
1926, shall apply with respect to such consolidated sinking fund.

SINKING FUND FOR UNCONVERTED SECURITIES.

21. (1) If dissent is signified in accordance with the provisions of this Order from
    the conversion of any existing securities issued in respect of any loan referred to in the
    First Schedule hereto, the local authority, in order to provide funds for the repayment
    of the unconverted securities issued in respect of such loan, shall forthwith make provision
    for the creation, pursuant to a resolution of the local authority, of a sinking fund, of
    which the persons who at the date of conversion are the Commissioners of the existing
    sinking fund of such loan shall be the first Commissioners.
    (2) For such purpose the local authority shall permanently appropriate a sum which
    bears the same proportion to the annual contribution payable, before the date of
    conversion, to the existing sinking fund of such loan as the aggregate amount of
    principal secured by such unconverted securities bears to the aggregate amount of
    principal secured by all the existing securities issued in respect of such loan, and shall
    pay such sum to the Commissioners yearly and every year until the maturity date of
    such unconverted securities, or until the Commissioners are satisfied that the accumula-
    tions of sinking fund will suffice to redeem such securities at maturity.
    (3) The first of such yearly payments shall be made not later than one year after
    the date on which the last annual contribution payable before the date of conversion
    to the existing sinking fund of such loan was payable.
    (4) Subject to the provisions of this Order, the provisions of sections forty to
    forty-four of the Local Bodies’ Loans Act, 1926, shall, so far as applicable and with all
    necessary modifications, apply with respect to such sinking fund :
    Provided that nothing in the said sections or in this Order shall authorize the
    removal or suspension of the Public Trustee as Commissioner of any sinking fund.

APPLICATION OF EXISTING SINKING FUNDS.

22. (1) The existing sinking fund of every loan referred to in the First Schedule
    hereto of which the Public Trustee is Sinking Fund Commissioner shall be applied in
    or towards making the following payments, in the following order of priority, namely :—
    (a) In transferring to the Commissioners of the sinking fund hereinbefore required
    to be created for the unconverted securities issued in respect of such loan
    a sum which bears the same proportion to the amount of such existing
    sinking fund at the date of conversion as the aggregate amount of principal
    secured by such unconverted securities bears to the aggregate amount of
    principal secured by all the existing securities issued in respect of such loan.
    (b) Subject to the provisions of the preceding paragraph (a) hereof in payment
    of the interest arising from the sinking fund yearly and every year until
    the date of maturity of the loan in respect of which the sinking fund was
    created, to the Commissioners of the consolidated sinking fund referred to
    in the preceding clause twenty.
    (c) On the date of maturity of the loan in respect of which the sinking fund was
    created in transferring the balance of the sinking fund to the Commissioners
    of the aforesaid consolidated sinking fund.
23. The existing sinking fund of every loan referred to in the First Schedule (other
    than the loans referred to in the last preceding clause) shall be applied by the Com-
    missioners in or towards making the following payments in the following order of
    priority, namely :—
    (a) First, in transferring to the Commissioners of the sinking fund hereinbefore
    required to be created for the unconverted securities issued in respect of such
    loan a sum which bears the same proportion to the amount of such existing
    sinking fund at the date of conversion as the aggregate amount of principal
    secured by such unconverted securities bears to the aggregate amount of
    principal secured by all the existing securities issued in respect of such loan ;
    and