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(b) Secondly, as to the balance thereof, in paying to the Commissioners of the
consolidated sinking fund on each first day of July following the date of
conversion until such balance is exhausted,--
(i) All interest accrued during the preceding twelve months on the
amount of the balance for the time being in the hands of the Public
Trustee; and, in addition,
(ii) The sum of one thousand pounds, or if the amount in the hands of
the Public Trustee on the first day of July in any year is less than
one thousand pounds, the whole of the amount so held by him.

CONSOLIDATED SPECIAL RATE.

22. (1) As a security for the new securities and the unconverted securities the
    local authority shall forthwith, by resolution gazetted (in the form numbered (4) 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 interest and sinking fund 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, and as if the local authority were a local authority and its district a district
    under that Act.
    (3) Upon the making of such special rate every special rate heretofore made in
    respect of any existing securities to which this Order applies shall be deemed to be
    cancelled.

BROKERAGE.

23. 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.

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 4½ 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 .
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.

No. 26

THE NEW ZEALAND GAZETTE.