May 10.]

THE NEW ZEALAND GAZETTE.

MATURITY DATES.

16. (1) Every new security shall be redeemable at par on such one of the maturity
    dates set out in the Third Schedule hereto as is specified in that behalf in the security.
    (2) The local authority shall so fix the respective maturity dates of the new
    securities that the aggregate amount of principal secured by the new securities maturing
    on each of such dates shall, if practicable, be a multiple of one hundred pounds, and,
    subject thereto, shall, as nearly as may be, bear the same proportion to the aggregate
    amount of principal secured by all the new securities as the sum set opposite that
    date in the Third Schedule hereto bears to the total amount specified in that Schedule.
    (3) Subject to the foregoing provisions of this clause and to the express wish of
    any holder who desires to have the maturity date of his securities postponed, the
    maturity dates of the new securities shall as nearly as practicable be in the same
    chronological order as the maturity dates of the existing securities in conversion of
    which they are respectively issued.

PREMIUMS.

17. (1) The holder of any existing securities bearing interest at a rate which, as
    reduced in accordance with Part I of the Act, does not exceed the rate of interest payable
    on the new securities 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.
    (2) The holder of any existing securities bearing interest at a rate which, as reduced
    in accordance with Part I of the Act, exceeds the rate of interest payable on the new
    securities 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 Fourth Schedule hereto.
18. (1) Subject to the provisions of this clause as to payment in cash, 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, or so much
    thereof as is not paid in cash, as the case may be.
    (2) The local authority shall pay in cash the amount (if any) required to reduce to
    the nearest multiple of five pounds the aggregate amount of all such premiums to
    which any person is entitled, and may, if it thinks fit, pay in cash the whole or any part
    of the balance of any such aggregate amount.
    (3) All payments of cash in accordance with the last preceding subclause shall be
    made by the local authority out of the local fund, and charged to the appropriate account.
    (4) 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.

19. The principal and interest in respect of new securities shall be payable in New
    Zealand.

CONSOLIDATED SINKING FUND FOR NEW SECURITIES.

20. (1) In order to provide funds for the repayment of the new securities the local
    authority shall forthwith make provision for the creation, pursuant to a resolution of
    the local authority, of a consolidated sinking fund, of which the Public Trustee shall
    be the Commissioner.
    (2) For such purpose the local authority shall permanently appropriate and shall
    pay to the Commissioner of the consolidated sinking fund on each thirty-first day of
    March following the date of conversion up to and including the thirty-first day of March,
    one thousand nine hundred and fifty-eight, contributions as follows:-

On the
31st March,
1936 .. ..
1937 .. ..
1938 .. ..
1939 .. ..
1940 .. ..
1941 .. ..
1942 .. ..
1943 .. ..
1944 .. ..
1945 .. ..
1946 .. ..
1947 .. ..

£ s. d.
6,223 10 0
6,453 10 0
6,820 0 0
7,190 0 0
7,660 0 0
8,030 0 0
8,500 0 0
8,970 0 0
9,540 0 0
10,010 0 0
10,580 0 0
11,050 0 0

On the
31st March,
1948 .. ..
1949 .. ..
1950 .. ..
1951 .. ..
1952 .. ..
1953 .. ..
1954 .. ..
1955 .. ..
1956 .. ..
1957 .. ..
1958 .. ..

£ s. d.
11,620 0 0
12,290 0 0
12,860 0 0
13,430 0 0
13,400 0 0
13,400 0 0
13,400 0 0
13,400 0 0
13,400 0 0
13,400 0 0
13,400 0 0

Every such contribution shall be reduced by the aggregate of the sums which during
the twelve months preceding the date of payment of such contribution have, pursuant to
the provisions of the next succeeding clause, been paid to any sinking funds for un-
converted securities.
(3) The provisions of subsections four, five, and six of section ninety-five of the
Local Bodies' Loans Act, 1926, shall apply with respect to such sinking fund.

SINKING FUND FOR UNCONVERTED SECURITIES.

21. (1) If dissent is signified in accordance with the provisions of this Order from
    the conversion of any existing securities issued in respect of any loan referred to in the
    First Schedule hereto, and to which this Order applies, the local authority, in order to
    provide funds for the repayment of the unconverted securities issued in respect of such
    loan, shall forthwith make provision for the creation, pursuant to a resolution of the
    local authority, of a sinking fund, of which the persons who at the date of conversion
    were Sinking Fund Commissioners in respect of such loan shall be the first Com-
    missioners.