Dec. 7.] THE NEW ZEALAND GAZETTE. 3305

(4) Every new debenture shall state on its face the fact that the holder has no claim in respect thereof upon the Government or public revenues of New Zealand.

(5) Every new debenture shall be signed by the Chairman, countersigned by the Treasurer or some other officer appointed by the local authority for the purpose, and sealed with the common seal of the local authority.

INTEREST AND COUPONS.

14. (1) The rate of interest payable on new securities shall be four and one-quarter per centum per annum.

(2) The interest on new securities shall be payable half-yearly on days corresponding to the maturity dates of the securities.

15. (1) Any new debenture for one thousand pounds or a multiple of one thousand pounds may, if the holder so desires, be issued without coupons, and in any such case the interest thereon shall be payable by cheque.

(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 the appropriate maturity date specified in the next succeeding subclause.

(2) The maturity dates for the new securities shall be—

(a) In the case of new securities issued in respect of the 1919 Loan, the thirty-first day of March, one thousand nine hundred and fifty-eight;

(b) In the case of new securities issued in respect of the 1923 Loan, the thirty-first day of March, one thousand nine hundred and forty-eight; and

(c) In the case of new securities issued in respect of the 1930 Loan, the thirty-first day of March, one thousand nine hundred and fifty-two.

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 computed in accordance with the Third Schedule hereto.

18. (1) Subject to the provisions of this clause as to payment in cash, every premium to which any person is entitled under the last preceding clause shall be satisfied by issuing to him additional new securities for the amount of such premium, or so much thereof as is not paid in cash, as the case may be.

(2) In the case of the 1930 Loan the local authority shall pay in cash the amount (if any) required to reduce to the nearest multiple of four pounds the aggregate amount of all premiums in respect of that loan to which any person is entitled, and in the case of the 1923 Loan shall pay in cash the amount (if any) required to reduce to the nearest multiple of five pounds the aggregate amount of all premiums in respect of such loan to which any person is entitled.

(3) All payments of cash in accordance with the last preceding subclause shall be made out of the relative sinking fund pursuant to the provisions of this Order in that behalf.

(4) The power of the local authority to issue new securities in accordance with this Order shall be deemed to include the power to issue any additional new securities required for the purposes of this clause.

PLACE FOR PAYMENT OF PRINCIPAL AND INTEREST.

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

SINKING FUNDS FOR NEW SECURITIES.

20. (1) In order to provide funds for the repayment of the new securities the local authority shall in respect of each loan referred to in the First Schedule hereto forthwith make provision for the creation, pursuant to a resolution of the local authority, of a separate sinking fund, of which the Public Trustee shall be the Commissioner.

(2) For such purpose the local authority shall permanently appropriate for payment on or before the thirty-first day of March in each year following the date of conversion annual contributions as follows: (a) In respect of the 1919 Loan, the sum of £288; (b) in respect of the 1923 Loan, the sum of £289; (c) in respect of the 1930 Loan, the sum of £328; and shall pay each such contribution reduced as hereinafter provided to the Public Trustee.

(3) The amount of each annual contribution referred to in the preceding subclause shall be reduced by the amount which during the twelve months preceding the date of payment of such contribution is, pursuant to the provisions of the next succeeding clause, payable to the Sinking Fund for unconverted securities of the respective loan in respect of which the contribution is made.

(4) The provisions of subsections four, five, and six of section ninety-five of the Local Bodies' Loans Act, 1926, shall apply with respect to such sinking funds.

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