288
THE NEW ZEALAND GAZETTE.
[No. 10

(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
computed in accordance with the Fourth 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) The local authority shall pay in cash such portion (if any) of the aggregate
amount of premiums to which any person is entitled as is required to reduce to the
nearest multiple of five pounds the aggregate amount of principal secured by the
new securities (including new securities issued by way of premium) to which such person
is entitled, and may, if it thinks fit, pay in cash the whole or any part of the balance of
any such aggregate amount of premiums.

(3) All payments of cash in accordance with the last preceding subclause that
are not made out of any sinking fund pursuant to the provisions of this Order (if any)
in that behalf shall be made by the local authority out of the local fund, and charged
to the appropriate account.

(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.

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 the Public Trustee shall be
    the Commissioner.

(2) For such purpose the local authority shall permanently appropriate and shall
pay to the Commissioner of the consolidated sinking fund on each first day of April
following the date of conversion up to and including the first day of April, 1961, a
contribution of £1,134 6s. 8d., increased in respect of each contribution by a sum
equal to four per centum of the aggregate amount of new securities redeemable up to
and including the first day of April preceding the date on which such contribution is
payable, and reduced by the aggregate of the sums which during the twelve months
preceding the date of payment of such contribution have, pursuant to the provisions of
the next succeeding clause, been paid to any sinking funds for unconverted securities.

(3) 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 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 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 pro-
    vision for the creation, pursuant to a resolution of the local authority, of a sinking fund,
    of which the persons who at the date of conversion were Sinking Fund Commissioners
    in respect of such loan shall be the first Commissioners.