5. The date from which the conversion of existing securities into new securities
   shall take effect shall be the thirty-first day of March, one thousand nine hundred and
   thirty-five.

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 seventh day of December,
   one thousand nine hundred and thirty-four, 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 :
(c) A newspaper circulating in the City of Christchurch :
(d) A newspaper circulating in the City of Dunedin :
(e) A newspaper published in Gisborne.

And where the address of any holder of existing securities to which this Order
applies is known, shall forward by registered letter to such holder a copy of such notice
accompanied by a copy of the prospectus (if any) issued by the local authority, or, if
no prospectus is issued, by a copy of this Order.

(2) In addition to the notices required by the last preceding subclause, the local
authority may give such further notice in relation to the conversion (whether by way
of advertisement or otherwise) as it thinks fit.

RIGHT TO APPLY FOR OR DISSENT FROM CONVERSION.

7. The holder of any existing securities to which this Order applies may make
   application to the local authority in writing for the conversion of such securities into
   new securities in accordance with this Order. Every application under this clause
   shall be accompanied by the securities to which it relates.

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—
   (a) At any time before the thirty-first day of December, one thousand nine hundred
   and thirty-four ; or
   (b) If the holder of the securities (or, where the holder is a trustee, any person
   whose consent would, but for this Order, be required for conversion) is during
   the whole of the time between the date of the publication of this Order in
   the Gazette and the date referred to in the last preceding paragraph absent
   from New Zealand, at any time before the expiration of three months from
   the date of conversion ; or
   (c) In the case of any particular holder, within such further time as the local
   authority may, on account of special circumstances, in its discretion allow.

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 interest thereon, 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 outstanding principal represented by any such existing securities for the period ending on
    the date of conversion shall be payable not later than one month from the date of
    conversion.

NEW SECURITIES.

13. (1) New securities shall be issued in the form of debentures in the form
    numbered (2) in the Second Schedule hereto.
    (2) Every new debenture shall be for a sum of five pounds, twenty-five pounds,
    fifty pounds, one hundred pounds, or any sum in excess of one hundred pounds.
    (3) All new debentures shall be numbered consecutively, and as between the holders
    thereof shall rank equally.
    (4) 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.
    (5) Every new debenture shall be signed by the Chairman, 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.

INTEREST AND COUPONS.

14. (1) The rate of interest payable on new securities shall be four and one-
    quarter per centum per annum.
    (2) The interest on new securities shall be payable half-yearly on days corresponding
    to the maturity dates of the securities.

15. (1) Separate coupons for each amount of interest payable on any debenture,
    in the form numbered (3) in the Second Schedule hereto, and numbered consecutively
    for each debenture, shall be attached thereto.
    (2) The signatures to coupons may be made by facsimiles thereof in lithograph or
    otherwise.