Dec. 7.] THE NEW ZEALAND GAZETTE. 3293

(b) Secondly, in payment in accordance with the direction of the local authority
of any cash payments required by this Order to be made in respect of
premiums; and

(c) Thirdly, in payment in accordance with the direction of the local authority of
a sum not exceeding £1,500 as costs and charges of and incidental to the
conversion of any existing securities to which this Order applies (whether issued in respect of the said loan or of any other loan referred to in the
First Schedule hereto); and

(d) Fourthly, with the consent of the holders, in repayment in whole or in part,
as at the date of conversion, of any existing securities (whether issued
in respect of the said loan or of any other loan referred to in the First
Schedule hereto): Provided that the total sum so paid out of all the existing
sinking funds to which this clause applies shall not in the aggregate exceed
£300; and

(e) Fifthly, in transferring the balance to the Commissioners of the consolidated
sinking fund hereinbefore required to be created for the new securities, to
be held as part of that sinking fund.

CONSOLIDATED SPECIAL RATE.

24. (1) As a security for the new securities and the unconverted securities the
    local authority shall forthwith, by resolution gazetted (in the form numbered (4) in the
    Second Schedule hereto), make and levy a special rate over the whole of the district
    of the local authority to provide for the payment of interest and sinking fund in respect
    of such securities.

(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.

(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.

25. 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.

26. 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.