Dec. 14.] THE NEW ZEALAND GAZETTE. 3329

(d) Fourthly, in transferring on the first day of February in each year for a period
of ten years following the date of conversion to the aforesaid Commissioner
of the consolidated sinking fund to be held as part of such sinking fund a
sum equal to one-tenth of the amount of such sinking fund.

23. The existing sinking fund of every loan referred to in the First Schedule of which
    the Public Trustee is Sinking Fund Commissioner shall be applied by the Commissioner
    thereof as follows :—
    (a) In transferring to the Commissioner of the sinking fund hereinbefore required
    to be created for the unconverted securities issued in respect of such loan
    a sum which bears the same proportion to the amount of such existing
    sinking fund at the date of conversion as the aggregate amount of principal
    secured by such unconverted securities bears to the aggregate amount of
    principal secured by all the existing securities issued in respect of such loan ;
    (b) In payment in accordance with the directions of the local authority of any cash
    payments required by this Order to be made in respect of premiums ; and
    (c) In transferring the balance to the Commissioner of the consolidated sinking
    fund hereinbefore required to be created for the new securities, to be held
    as part of that sinking fund.

ADDITIONAL SECURITY.

24. (1) In any case where there has heretofore been executed in favour of the holder
    of any existing securities issued in respect of any loan referred to in the First Schedule
    hereto any deed of mortgage or charge over any land or other property now vested in
    or belonging to the local authority, the local authority shall, on the conversion of such
    loan, if so required by such holder, execute in his favour by way of additional security
    for the new securities and unconverted securities in respect of such loan a new deed
    of mortgage or charge corresponding as nearly as circumstances will permit to the terms
    of the existing deed.
    (2) On the execution of any new deed pursuant to the last preceding subclause the
    existing deed shall be deemed to be cancelled, and the persons in whose favour such
    existing deed was executed shall do all such acts and execute all such instruments as
    may be necessary effectively to discharge such property from the existing mortgage
    or charge.

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.

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 or other securities
issued in respect of the following loans [Particulars of loans].

Notice is hereby given to the holders of debentures or other securities issued in
respect of the above-mentioned loans that it is the intention of the Auckland Metropolitan
Fire Board, pursuant to the authority in that behalf vested in it by the said Act and
B