802
THE NEW ZEALAND GAZETTE.
[No. 22

Timaru Fire Board Loan Conversion Order, 1934.

BLEDISLOE, Governor-General.

ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 20th day of March, 1934.

Present:

THE RIGHT HON. G. W. FORBES PRESIDING IN COUNCIL.

WHEREAS it is provided by section nine of the Local Authorities Interest Reduction
and Loans Conversion Act, 1932–33, that, with the precedent consent of the
Governor-General, given by Order in Council under section thirteen of the said Act,
after compliance with the provisions of Part II of the Act, and subject to and in accordance
with the provisions of such Order in Council, any local authority may issue new securities
in conversion of any existing securities to which the said Act applies:

And whereas by the said section thirteen it is further provided that the Governor-General, by the Order in Council giving his consent to the conversion of existing securities
by a local authority, may make such provisions as he thinks fit with respect to all or any
of the matters specified in the said section, and that, subject to the provisions of the said
Act, every Order in Council under the said section shall have the force of law as if enacted
in the said Act, anything to the contrary in any other Act or in any regulations made
under the said Act or any other Act notwithstanding:

And whereas the Timaru Fire Board (being a local authority within the meaning of
the said Act) has issued securities in respect of the loan specified in the First Schedule
hereto, and such securities are existing securities to which the said Act applies:

And whereas the said local authority, being desirous of issuing new securities in
conversion of such existing securities, has complied with the provisions of Part II of the
said Act, and it is expedient that the precedent consent of the Governor-General to such
conversion should be given as required by the said Act, and that by this Order the
provisions hereinafter set forth should be made with respect to the matters specified in
the said section thirteen:

Now, therefore, His Excellency the Governor-General of the Dominion of New
Zealand, acting by and with the advice and consent of the Executive Council of the
said Dominion, and in pursuance and exercise of the powers and authorities conferred
on him by the said Act, and of all other powers and authorities enabling him in this
behalf, doth hereby consent to the issue by the said local authority of new securities
in conversion of any existing securities to which this Order applies, and with respect
to such conversion doth hereby make the following provisions.

PRELIMINARY.

1. This Order may be cited as the Timaru Fire Board Loan Conversion Order, 1934.
2. In this Order, unless the context otherwise requires,—

“ The Act ” means the Local Authorities Interest Reduction and Loans Conversion
Act, 1932–33 :

“ The date of conversion ” means the date specified in clause five of this Order :

“ Existing securities ” means debentures or other securities issued by the local
authority before the first day of April, one thousand nine hundred and
thirty-three ; and includes any securities issued on or after that date, but
before the date of conversion, in replacement (as that term is defined in the
Act) of any such securities :

“ The local authority ” means the Timaru Fire Board :

“ Local fund ” has the same meaning as in Part V of the Local Bodies’ Loans
Act, 1926 :

“ New securities ” or “ new debentures ” means securities or debentures issued in
accordance with this Order in conversion of existing securities to which this
Order applies :

“ Unconverted securities ” means existing securities to which this Order applies
and in respect of which dissent from conversion is signified in accordance
with the provisions of this Order.

APPLICATION OF ORDER.

3. This Order shall apply to all existing securities issued in respect of the loan
   specified in the First Schedule hereto.

SPECIAL RESOLUTION OF LOCAL AUTHORITY.

4. (1) If the local authority so resolves by a resolution passed and confirmed as
   provided by subsection two of section nine of the Act, it may, subject to and in accordance with the provisions of this Order, issue new securities in conversion of existing
   securities to which this Order applies.

(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 Chairman of the local authority 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 thirtieth day of September, one thousand nine hundred
   and thirty-four.