Dec. 7.] THE NEW ZEALAND GAZETTE. 3299

(2) Except as provided in the last preceding subclause, separate coupons for each
amount of interest payable on any debenture, in the form numbered (3) in the Second
Schedule hereto, and numbered consecutively for each debenture, shall be attached
thereto.

(3) The signatures to coupons may be made by facsimiles thereof in lithograph or
otherwise.

MATURITY DATES.

16. (1) Every new security shall be redeemable at par on such one of the maturity
    dates set out in the Third Schedule hereto as is specified in that behalf in the security.

(2) The local authority shall so fix the respective maturity dates of the new
securities that the aggregate amount of principal secured by the new securities maturing
on each of such dates shall, if practicable, be a multiple of one hundred pounds, and,
subject thereto, shall, as nearly as may be, bear the same proportion to the aggregate
amount of principal secured by all the new securities as the sum set opposite that date
in the Third Schedule hereto bears to the total amount specified in that Schedule.

(3) Subject to the foregoing provisions of this clause and to the express wish of
any holder who desires to have the maturity date of his securities postponed, the
maturity dates of the new securities shall as nearly as practicable be in the same
chronological order as the maturity dates of the existing securities in conversion of
which they are respectively issued.

PREMIUMS.

17. (1) The holder of any existing securities bearing interest at a rate which, as
    reduced in accordance with Part I of the Act, does not exceed the rate of interest payable
    on the new securities shall on the conversion of such securities be entitled to receive
    new securities for the same aggregate amount of principal as is secured by the existing
    securities.

(2) The holder of any existing securities bearing interest at a rate which, as reduced
in accordance with Part I of the Act, exceeds the rate of interest payable on the new
securities shall on the conversion of such securities be entitled to receive new securities
for the same aggregate amount of principal as is secured by the existing securities,
and, in addition thereto, shall be entitled to receive a premium on such principal com-
puted in accordance with the Fourth Schedule hereto.

18. (1) Every premium to which any person is entitled under the last preceding
    clause shall be satisfied by payment of the amount thereof in cash.

(2) All payments of cash in accordance with the last preceding subclause shall
be made out of the local fund and charged to the appropriate account or out of any of
the existing sinking funds pursuant to the provisions of this Order in that behalf.

PLACE FOR PAYMENT OF PRINCIPAL AND INTEREST.

19. The principal and interest in respect of new securities shall be payable in New
    Zealand.

CONSOLIDATED SINKING FUND FOR NEW SECURITIES.

20. (1) In order to provide funds for the repayment of the new securities the local
    authority shall forthwith make provision for the creation, pursuant to a resolution of
    the local authority, of a consolidated sinking fund, of which such persons as the local
    authority appoints shall be the Commissioners.

(2) For such purpose the local authority shall permanently appropriate for payment
on or before each of the maturity dates specified in the Third Schedule hereto a contri-
bution of £4,700 increased by an amount equal to four per centum of the amount of new
securities redeemable up to and including the maturity date immediately preceding
that to which the contribution relates and reduced by the aggregate of all amounts
which, during the twelve months immediately preceding the maturity date to which the
contribution relates, have pursuant to the provisions of the next succeeding clause been
paid to the Commissioners of any sinking fund for unconverted securities. Each such
contribution shall be paid by the local authority to the Commissioners on or before
the maturity date to which it relates.

(3) The provisions of sections forty to forty-four of the Local Bodies’ Loans Act,
1926, shall apply with respect to such 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 to which this Order applies 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 such persons as the local authority appoints shall
    be the 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 securities issued prior to the first day of April, one thousand
nine hundred and thirty-three, 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 accumulations 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.

APPLICATION OF EXISTING SINKING FUNDS.

22. (1) By way of equitable apportionment of the existing sinking fund of the
    Special Loan, 1922, of £326,150 referred to in the First Schedule hereto between the
    outstanding securities of such loan to which this Order does not apply and those to
    which this Order does apply, the Commissioners of such sinking fund shall as at the date
    of conversion divide the same into two parts, the first of which shall bear to the second

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