554

THE NEW ZEALAND GAZETTE.

[No. 16

(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 twentieth day of June, one thousand nine hundred and thirty-
   four.

NOTICE TO HOLDERS OF EXISTING SECURITIES.

6. The local authority shall cause a notice in the form numbered (1) in the Second
   Schedule hereto, together with a copy of this Order, to be forwarded by registered
   letter not later than fourteen days before the date of conversion to every holder of
   existing securities to which this Order applies.

RIGHT TO APPLY FOR OR DESIST 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.

9. Dissent from the conversion of any existing securities may be signified at any
   time before the date of conversion.

10. The dissent of the holder of any existing securities from the conversion of
    those securities into new securities shall be signified in writing, and shall be deemed to
    be signified when such writing is received by the local authority or by any person
    authorized by the local authority to receive it.

SURRENDER OF CONVERTED SECURITIES, AND PAYMENT OF INTEREST THEREON.

11. The holder of any existing securities converted into new securities (whether
    the conversion is on application or after failure to dissent) shall not be entitled to
    demand payment of any instalments of principal and interest payable in respect of the
    existing securities, or to receive the new securities or any instalments of principal and
    interest payable in respect thereof, until he has surrendered the existing securities to
    the local authority.

12. Subject to the provisions of the last preceding clause, the interest on the
    balance of principal moneys represented by all such existing securities for the period
    ending on the date of conversion shall be payable not later than one month from the
    date of conversion.

NEW SECURITIES.

13. The aggregate amount of principal moneys secured by the new securities to be
    issued in conversion of existing securities to which this Order applies, together with
    interest thereon computed at the rate of four and one-quarter per centum per annum,
    shall be repaid by equal half-yearly instalments over a period of fifteen years, the first
    half-yearly instalment to fall due and be paid on the twentieth day of December,
    one thousand nine hundred and thirty-four, and subsequent half-yearly instalments
    to fall due and be paid on every twentieth day of June and twentieth day of December
    thereafter, the last half-yearly instalment to fall due and be paid on the twentieth day
    of June, one thousand nine hundred and forty-nine.

14. (1) New securities for the amount of the half-yearly instalments of principal
    and interest referred to in the last preceding clause shall be issued in the form of
    debentures in the form numbered (2) in the Second Schedule hereto.

(2) All new debentures shall be numbered consecutively, and as between the holders
thereof shall rank equally.

(3) 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.

(4) Every new debenture shall be signed by the Mayor or Deputy Mayor, counter-
signed by the Treasurer or some other officer appointed by the local authority for the
purpose, and sealed with the common seal of the Corporation.

15. As the existing securities to which this Order applies bear 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, the holders of such existing securities shall on
    the conversion thereof be entitled to receive new securities for the same aggregate
    amount of principal as is secured by the existing securities, without premium.

PLACE FOR PAYMENT OF PRINCIPAL AND INTEREST.

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

CONSOLIDATED SPECIAL RATE.

17. (1) As a security for the new securities and the unconverted securities the
    local authority shall forthwith, by resolution gazetted (in the form numbered (3) in the
    Second Schedule hereto), make and levy a special rate over the whole of the district
    of the local authority to provide for the payment of the half-yearly instalments of
    principal and interest in respect of such securities.

(2) Subject to the provisions of this Order, the provisions of the Local Bodies’
Loans Act, 1926, and of any other Act shall, so far as applicable and with all necessary
modifications, apply with respect to such special rate, and with respect to the principal,
interest, and other charges in respect of such securities, as if such special rate were made
and levied in respect of a special loan raised under Part I of the said Local Bodies’
Loans Act, 1926.