DEC. 7.] THE NEW ZEALAND GAZETTE. 3309

Act, every Order in Council under the said section shall have the force of law as if enacted
in the said Act, anything to the contrary in any other Act or in any regulations made
under the said Act or any other Act notwithstanding :

And whereas the Timaru Borough Council (being a local authority within the
meaning of the said Act) has issued securities in respect of the loans specified in the
First Schedule hereto, and such securities are existing securities to which the said Act
applies :

And whereas the said local authority, being desirous of issuing new securities in
conversion of such existing securities, has complied with the provisions of Part II of the
said Act, and it is expedient that the precedent consent of the Governor-General to such
conversion should be given as required by the said Act, and that by this Order the
provisions hereinafter set forth should be made with respect to the matters specified in
the said section thirteen :

Now, therefore, His Excellency the Governor-General of the Dominion of New
Zealand, acting by and with the advice and consent of the Executive Council of the
said Dominion, and in pursuance and exercise of the powers and authorities conferred
on him by the said Act, and of all other powers and authorities enabling him in this
behalf, doth hereby consent to the issue by the said local authority of new securities
in conversion of any existing securities to which this Order applies, and with respect
to such conversion doth hereby make the following provisions.

PRELIMINARY.

1. This Order may be cited as the Timaru Borough Loans Conversion Order, 1933
2. In this Order, unless the context otherwise requires, —
   "The Act" means the Local Authorities Interest Reduction and Loans Conversion
   Act, 1932-33 :
   "The date of conversion" means the date specified in clause five of this Order :
   "Existing securities" means debentures or other securities issued by the local
   authority before the first day of April, one thousand nine hundred and
   thirty-three ; and includes any securities issued on or after that date, but
   before the date of conversion, in replacement (as that term is defined in the
   Act) of any such securities :
   "The local authority" means the Timaru Borough Council :
   "Local fund" has the same meaning as in Part V of the Local Bodies' Loans
   Act, 1926 :
   "New securities" or "new debentures" means securities or debentures issued in
   accordance with this Order in conversion of existing securities to which this
   Order applies :
   "Unconverted securities" means existing securities to which this Order applies
   and in respect of which dissent from conversion is signified in accordance
   with the provisions of this Order.

APPLICATION OF ORDER.

3. This Order shall apply to all existing securities issued in respect of the loans
   specified in the First Schedule hereto.

SPECIAL RESOLUTION OF LOCAL AUTHORITY.

4. (1) If the local authority so resolves by a resolution passed and confirmed as
   provided by subsection two of section nine of the Act, it may, subject to and in accord-
   ance with the provisions of this Order, issue new securities in conversion of existing
   securities to which this Order applies.
   (2) The following provisions of this Order shall come into force if such a resolution
   is passed and confirmed as aforesaid, but not otherwise :
   Provided that a certificate signed by the Mayor, and published in the Gazette to the
   effect that such a resolution has been duly passed and confirmed, shall be conclusive
   evidence of the facts therein certified.

DATE OF CONVERSION.

5. The date from which the conversion of existing securities into new securities shall
   take effect shall be the thirty-first day of March, one thousand nine hundred and
   thirty-four.

NOTICE TO HOLDERS OF EXISTING SECURITIES.

6. (1) The local authority shall cause a notice in the form numbered (1) in the
   Second Schedule hereto to be published, not later than fourteen days before the date
   of conversion, at least once in each of the following publications :—
   (a) The Gazette :
   (b) A newspaper circulating in the City of Auckland :
   (c) A newspaper circulating in the City of Wellington :
   (d) A newspaper circulating in the City of Christchurch :
   (e) A newspaper circulating in the City of Dunedin :
   (f) In two newspapers published in Timaru.
   (2) In addition to the notice required by the last preceding subclause, the local
   authority may give such further notice in relation to the conversion (whether by way
   of advertisement or otherwise) as it thinks fit.

RIGHT TO APPLY FOR OR DISSENT FROM CONVERSION.

7. The holder of any existing securities to which this Order applies may make
   application to the local authority in writing for the conversion of such securities into
   new securities in accordance with this Order. Every application under this clause
   shall be accompanied by the securities to which it relates.
8. If the holder of any existing securities to which this Order applies does not,
   within the time and in the manner provided by this Order, signify his dissent from the
   conversion of such securities into new securities, the existing securities shall be converted
   into new securities in the same manner as if application had been made under the last
   preceding clause.