APRIL 18.] THE NEW ZEALAND GAZETTE. 1077

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.

(2) New Debenture.

No.
[Name of local authority], New Zealand.
New debenture, issued pursuant to Part II of the Local Authorities Interest Reduction and Loans Conversion Act, 1932–33, and the
Loans Conversion Order, 19
.
New debenture for £
, payable at
, in New Zealand, on the
day of
, 19
, issued by the [Name of local authority], New Zealand, under the
above-mentioned Act and Order pursuant to a resolution passed and confirmed by the
said Council [or Board, or as the case may be] as provided by section 9 (2) of the said
Act.
(N.B.—The holder of this debenture has no claim in respect thereof upon the
Government or public revenues of New Zealand.)
On presentation of this debenture at
, in New Zealand, on or after
the
day of
, 19
, the bearer thereof will be entitled to receive £
.
Interest on this debenture will cease after the day when the payment falls due unless
default is made in payment.
This debenture bears interest at the rate of
per centum per annum, payable
on the
day of
and the
day of
in each year, on
presentation of the attached coupons.
Issued under the common seal of the
the
day of
, 19
.
[L.S.]
A.B., Chairman.
C.D., Treasurer [or other officer appointed for the purpose].

(3) Coupon.

No.
New debenture No.
of the [Name of local authority], New Zealand, issued
under Part II of the Local Authorities Interest Reduction and Loans Conversion Act,
1932–33, and the
Loans Conversion Order, 19
.
On presentation of this coupon at
, in New Zealand, on or after the
day of
, 19
, the bearer hereof will be entitled to receive £
.
(N.B.—The holder of this coupon has no claim in respect thereof upon the
Government or public revenues of New Zealand.)
A.B., Chairman.
C.D., Treasurer [or other officer appointed to sign debentures].

(4) Resolution making Special Rate.

In pursuance and exercise of the powers vested in it in that behalf by Part II of the
Local Authorities Interest Reduction and Loans Conversion Act, 1932–33, and the
Loans Conversion Order, 19
, the [Name of local authority] hereby resolves
as follows :—
That, for the purpose of providing the interest, sinking fund, and other charges on
the new securities authorized to be issued by the [Name of local authority] under the
above-mentioned Act and Order in conversion of existing securities issued in respect
of the loans set out in the First Schedule to that Order, and also the interest, sinking
fund, and other charges on the unconverted securities issued in respect of such loans,
the said [Name of local authority] hereby makes and levies a special rate of [State amount
in the pound] upon the rateable value on the basis of [State whether capital, unimproved,
or annual] value of all rateable property of the district, and that such special rate shall
be an annually recurring rate during the currency of such securities, and be payable
half-yearly on the
day of
and the
day of
[or yearly on
the
day of
] in each and every year until the maturity date of
such securities, being the
day of
, 19
, or until all such securities
are fully paid off.

THIRD SCHEDULE.
COMPUTATION OF PREMIUMS.

1. THE amount of the premium payable on the conversion of any existing securities
   shall be equal to the product obtained by multiplying the following factors, namely :—
   (a) The difference between one year’s interest on the amount of principal secured
   by the existing securities at the rate payable thereon immediately before
   the date of conversion and one year’s interest on the same amount at the rate
   payable on the new securities; and
   (b) The appropriate factor specified in the Table of Factors hereinafter set out,
   according to the period between the date of conversion and the maturity
   date of the existing securities.

2. For the purpose of computing any such period as is mentioned in paragraph (b)
   of the last preceding clause, any fraction of a half-year that is not less than three
   months shall be counted as a half-year, and any such fraction that is less than three
   months shall not be taken into account.