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New Zealand Gazette – 1934 – No. 26

Page 1005

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✨ Loan Conversion Order Details

PRIL 18.] THE NEW ZEALAND GAZETTE. 1005

ADDITIONAL SECURITY.

(1) In any case where the local authority has heretofore executed in favour of the holder of any existing securities issued in respect of any loan referred to in the First Schedule hereto any deed of mortgage or charge over any of its property or revenues, the local authority shall on the conversion of such loan, if so required by such holder, execute in his favour by way of additional security for the new securities and unconverted securities in respect of such loan a new deed of mortgage or charge corresponding as nearly as circumstances will permit to the terms of the existing deed.
(2) On the execution of any new deed pursuant to the last preceding subclause the existing deed shall be surrendered to the local authority and be deemed to be cancelled.

SECURITIES HELD BY TRUSTEES.

The provisions of sections twenty-two, twenty-three, and twenty-four of the New Zealand Debt Conversion Act, 1932–33 (relating to the adjustment of premiums as between capital and income and to the powers of trustees and other persons in relation thereto), shall apply with respect to existing securities converted into new securities in accordance with this Order in the same way as they apply with respect to securities converted under that Act, save that the references in the said section twenty-two to the first day of April, one thousand nine hundred and thirty-three, shall be construed as references to the day following the date of conversion.

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.

Name.	Amount.	Rate of Interest.	Date of Maturity.
		Original.	Existing.
	£	Per Cent.	Per Cent.
Auckland Hospital Board 1911 Loan	70,000*	4½	4¼
Auckland Hospital Board 1916 Loan	15,000*	5¼	4¼
Auckland Hospital Board 1917 Loan	6,000*	5¼	4¼
Auckland Hospital Board 1918 Loan	9,000*	5¼	4¼
Buildings Loan of £75,000 (being balance of £300,000) Loan No. 3, Issue No. 11	25,000	5¾	4¾
Buildings Loan of £75,000 (being balance of £300,000) Loan No. 3, Issue No. 12	10,000	5½	4¾
Buildings Loan of £75,000 (being balance of £300,000) Loan No. 3, Issue No. 13	15,000	5½	4¾
Buildings Loan 1928 of £25,000 Loan No. 4, Issue No. 1	10,000	5½	4¾
Buildings Loan 1928 of £25,000 Loan No. 4, Issue No. 2	15,000	5½	4¾
Buildings Loan 1931 of £10,000 Loan No. 5, Issue No. 1	9,800	5½	4¾
Total .. ..	£184,800

Less any portion of principal redeemed up to date of conversion.

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 issued by the [Name of local authority] in respect of the above-mentioned loans that it is intended 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 4¼ 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.

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 .

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VUW Te Waharoa — NZ Gazette 1934, No 26

NZLII — NZ Gazette 1934, No 26

The Old Government Buildings (depicted) were completed in 1876 and initially housed the entire Wellington-based civil service as well as the entire New Zealand Cabinet. The Executive Council met there until 1948.

✨ LLM interpretation of page content

💰 Auckland Hospital Board Loans Conversion Order, 1934 (continued from previous page)

Domain💰 Finance & Revenue
Dated9 April 1934
KeywordsLoans, Conversion, Auckland Hospital Board, Order in Council, Securities, Debentures, Interest, Coupons, Maturity Dates, Premiums, Sinking Funds

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