APRIL 18.] THE NEW ZEALAND GAZETTE. 1061

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 expiration of fourteen days from 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 principal or interest payable in respect of the existing
securities, or to receive the new securities or any instalment 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 out-
standing principal represented by any such existing securities for the period ending on
the date of conversion shall be payable not later than two months from the date of
conversion.

NEW SECURITIES.
13. The aggregate amount of principal secured by the new securities to be issued
in conversion of existing securities to which this Order applies (including new securities
to be issued by way of premium), 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 twenty-four and one-half years, the first half-yearly
instalment to fall due and be paid on the first day of December, one thousand nine
hundred and thirty-four, and subsequent half-yearly instalments to fall due and be
paid on every first day of June and first day of December thereafter, the last half-
yearly instalment to fall due and be paid on the first day of December, one thousand
nine hundred and fifty-eight.
14. (1) New securities for the amount of each half yearly instalment of
principal and interest referred to in the 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, countersigned by the
Treasurer or some other officer appointed by the local authority for the purpose, and
sealed with the common seal of the local authority.

PREMIUMS.
15. The holder of any existing securities to which this Order applies shall on the
conversion of such securities be entitled to receive new securities for the same aggregate
amount of principal as is secured by the existing securities, and, in addition thereto,
shall be entitled to receive a premium on such principal computed in accordance with the
Third Schedule hereto.
16. (1) Every premium to which any person is entitled under the last preceding
clause shall be satisfied by issuing to him additional new securities for the amount of
such premium.
(2) The power of the local authority to issue new securities in accordance with
this Order shall be deemed to include the power to issue any additional new securities
required for the purposes of this clause.

PLACE FOR PAYMENT OF PRINCIPAL AND INTEREST.
17. The principal and interest in respect of new securities shall be payable in New
Zealand.

CONSOLIDATED SPECIAL RATE.
18. (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 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.
(3) Upon the making of such special rate every special rate theretofore made in
respect of any existing securities to which this Order applies shall cease to be a security
for such existing securities.

SECURITIES HELD BY TRUSTEES.
19. 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.
20. 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.