✨ Loans Conversion Order
APRIL 5.] THE NEW ZEALAND GAZETTE. 889
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.
| No. | Name. | Amount of Securities to which this Order applies. | Rate of Interest. | Date of Maturity. |
|---|---|---|---|---|
| £ | Original. | Existing. | ||
| Per Cent. | Per Cent. | |||
| 1 | Electric-power Additional Loan of £23,500 of the City of Auckland (debentures issued by the Auckland City Council) | 22,500 | 5 | 4½ |
| 2 | Electric-power Extensions Loan, 1922, of £600,000 (part) | 3,100 | 5½ | 4½ |
| 3 | Electric-power Extensions Loan, 1923, of £50,000 (part) | 23,000 | 5½ | 4½ |
| 4 | Electric-power Loan, 1924, of £250,000 (part) | 131,100 | 5½ | 4½ |
| 5 | Electric-power Extensions 5½-per-cent. 1925 Loan of £60,000 (part) | 58,300 | 5½ | 4½ |
| 6 | Water-power Conversion and General Extension Purposes 5-per-cent. 1927 Loan of £150,000 (part) | 149,500 | 5 | 4½ |
| 7 | General Extension Purposes 5½-per-cent. 1929 Loan of £25,000 | 25,000 | 5½ | 4½ |
| 8 | General Extension Purposes 5½-per-cent. 1929 Loan of £10,000 | 10,000 | 5½ | 4½ |
| 9 | General Extension Purposes 5½-per-cent. 1928 Loan of £40,000 | 40,000 | 5½ | 4½ |
| 10 | General Extension and Improvement Loan 1928 Loan of £350,000 | 250,000 | 5½ | 4½ |
| Total | £712,500 |
[NOTE.—Of the above loans some only of the debentures issued in respect thereof are liable to be converted in terms of the Local Authorities Interest Reduction and Loans Conversion Act, 1932–33, and of this Order, the estimated amount of the debentures so liable to conversion being set out in the third column.]
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 to which the above-mentioned Act applies issued in respect of the above-mentioned loans that the [Name of local authority] intends to convert all such debentures or other securities (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.
[If the local authority reserves the right conferred by clause 16 (1) of the Order to repay at an earlier date, particulars of such right to be inserted.]
Dissent from the conversion of any existing debentures or other securities may be signified by the holder by 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 or other securities is not received by that date the securities will be converted.
The rate of interest on any debentures or other securities 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 as from the [Date of conversion].
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__.
___, Chairman.
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VUW Te Waharoa —
NZ Gazette 1934, No 22
NZLII —
NZ Gazette 1934, No 22
✨ LLM interpretation of page content
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Auckland Electric-power Board Loans Conversion Order, 1934
(continued from previous page)
💰 Finance & Revenue20 March 1934
Order in Council, Loans Conversion, Local Authorities, Auckland Electric-power Board, Debentures, Sinking Fund, Premiums