✨ Loan Conversion Order
3312
THE NEW ZEALAND GAZETTE.
[No. 83
SECURITIES HELD BY TRUSTEES.
- 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.
- 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.
| Name. | Amount. | Rate of Interest. | Date of Maturity. |
|---|---|---|---|
| Original. | Existing. | ||
| £ | Per Cent. | Per Cent. | |
| Electric Power and Light Loan No. 1 | 50,000 | 5 | 4½ |
| Timaru Borough Council Omnibus Loan No. 3 | 9,500 | 5½ | 4½ |
| Omnibus Part Consolidated Renewal Loan No. 1 | 3,200 | 5½ | 4½ |
| Drainage and Sewerage Loan No. 6 | 1,000 | 5 | 4½ |
| Road and Asphalt Loan No. 1 | 2,000 | 5½ | 4½ |
| 2,500 | 5½ | 4½ | |
| Quarry Part Consolidated Renewal Loan No. 1 | 3,900 | 5½ | 4½ |
| Timaru Borough Waterworks Loan No. 5.. | 1,000 | 5½ | 4½ |
| Consolidated Renewal Loan No. 2 | 11,150 | 5½ | 4½ |
| Street Loan No. 6 | 1,000 | 5½ | 4½ |
| 9,000 | 5 | 4½ | |
| Part Redruth Drainage Loan | 2,100 | 5½ | 4½ |
| Sanitation Loan | 1,875 | 5½ | 4½ |
| Waimataitai Drainage Loan | 1,400 | 5½ | 4½ |
| 4,600 | 5½ | 4½ | |
| Drainage and Sewerage Loan No. 8 | 700 | 5½ | 4½ |
| Waterworks Loan No. 4 Renewal | 8,800 | 5½ | 4½ |
| Antecedent Debt Renewal Loan | 24,750 | 5½ | 4½ |
| Electric Power and Light Renewal Loan | 46,300 | 5½ | 4½ |
| Street Loan No. 1 | 6,000 | 4½ | 4½ |
| Timaru Borough Native Reserve Loan | 3,000 | 5½ | 4½ |
| 6,750 | 5½ | 4½ | |
| Drainage and Sewerage Loan | 3,600 | 5 | 4½ |
| Waterworks Loan | 1,800 | 5 | 4½ |
| Part Redruth Loan | 2,050 | 5½ | 4½ |
| Caroline Bay Loan | 6,500 | 5½ | 4½ |
| £214,475 |
SECOND SCHEDULE.
FORMS.
(1) Notice.
[Name of local authority.]
CONVERSION under the Local Authorities Interest Reduction and Loans Conversion Act, 1932–33, and the Loans Conversion Order, 19 , of debentures issued in respect of the following loans [Particulars of loans].
Notice is hereby given to the holders of debentures issued by the [Name of local authority] in respect of the above-mentioned loans that it is intended to convert all such debentures (except those in respect of which dissent is duly signified) into new debentures having new maturity dates and bearing interest at 4½ per cent. per annum.
The conversion will take effect from [Date of conversion].
Application for conversion must be made in writing and be accompanied by the securities to which it relates.
Dissent from the conversion of any existing debentures may be signified by the holder of notice in writing delivered to [Name or designation and address of at least one person authorized to receive dissents] on or before the day of , 19 .
If notice of dissent from the conversion of any debentures is not received by that date the debentures will be converted.
The rate of interest on any debentures in respect of which dissent is signified as aforesaid will, by virtue of section 18 of the above-mentioned Act, be reduced to two-thirds of the original rate.
Further particulars as to the new debentures and the conversion generally may be obtained from [Name or designation and address of at least one person authorized to give particulars].
Dated the day of , 19 .
Mayor.
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VUW Te Waharoa —
NZ Gazette 1933, No 83
NZLII —
NZ Gazette 1933, No 83
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Timaru Borough Loans Conversion Order, 1933
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💰 Finance & Revenue29 November 1933
Order in Council, Loan Conversion, Local Authorities, Timaru Borough, Sinking Fund, Public Trustee