936
THE NEW ZEALAND GAZETTE.
[No. 22

North Canterbury Electric-power Board Loans Conversion Order, 1934.

BLEDISLOE, Governor-General.
ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 26th 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 securities have been issued in respect of the loans specified in the First Schedule hereto—in the case of the first and second of such loans by the Eyre County Council, in the case of the third, fourth, fifth, sixth, and seventh of such loans by the Rangiora County Council, and in the case of the remainder of such loans by the North Canterbury Electric-power Board (the said County Councils and the said Board being local authorities within the meaning of the said Act)—and whereas each of the said County Councils has been indemnified by the said North Canterbury Electric-power Board against its liabilities in respect of the securities so issued by it, and whereas all such securities so issued by either of the said County Councils or by the said Board are existing securities to which the said Act applies :

And whereas the North Canterbury Electric-power Board, 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 North Canterbury Electric-power Board Loans 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 North Canterbury Electric-power 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 loans 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 first day of May, one thousand nine hundred and thirty-four.

NOTICE TO HOLDERS OF EXISTING SECURITIES.

6. (1) The local authority shall cause a notice in the form numbered (1) in the Second Schedule hereto to be published, not later than the date of conversion, at least once in each of the following publications :—

(a) A newspaper circulating in the City of Auckland :

(b) A newspaper circulating in the City of Wellington :