May 24.] THE NEW ZEALAND GAZETTE. 1551

WAIRARAPA ELECTRIC-POWER BOARD.

LOAN CONVERSION.

As provided for in clause 4 (2) of the Wairarapa Electric-power Board Loans Conversion Order, 1934, I hereby certify that the following resolution was duly passed at a special meeting of the Wairarapa Electric-power Board held at Carterton on Thursday, the 19th day of April, 1934, and confirmed at a subsequent special meeting of the Board held at Carterton on Thursday, the 10th day of May, 1934:—

Resolution.—“That pursuant to the provisions of section 9 of the Local Authorities Interest Reduction and Loans Conversion Act, 1932–33, and the Order in Council under the said Act dated the 9th day of April, 1934, known as ‘The Wairarapa Electric-power Board Loans Conversion Order, 1934,’ and in pursuance of all powers and authorities in it vested, the Wairarapa Electric-power Board doth resolve by way of special resolution—

“1. That subject to and in accordance with the provisions of the above-mentioned Order in Council the Wairarapa Electric-power Board issues new securities in conversion of the existing securities of the loans set out in the Schedule hereto.

“2. That such issue of new securities be known as ‘The Wairarapa Electric-power Board Conversion Loan, 1934.’

“3. That the new securities to be issued shall be issued in the form of debentures in the form numbered (2) in the Second Schedule to the said Order with the addition of the following terms: The debentures shall be made payable at the Carterton Branch of the Bank of New Zealand. Should the debenture be presented for payment at any branch of the Bank of New Zealand in New Zealand other than the branch at Carterton, inland exchange thereon will be paid by the Wairarapa Electric-power Board.

“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. All new debentures shall be numbered consecutively and as between the holders thereof shall rank equally.

“6. Every new debenture shall be signed by the Chairman, countersigned by the Treasurer, and sealed with the common seal of the Board.

“7. The rate of interest payable on new securities shall be four and one-quarter per centum per annum.

“(a) The interest on new securities shall be payable half-yearly on days corresponding to the maturity dates of the securities.

“(b) Any new debenture for one thousand pounds, or any sum in excess of one thousand pounds, may, if the person entitled thereto so desires, be issued without coupons, and in any such case the interest thereon shall be payable by cheque. If any such new debenture is issued without coupons and default is made by the local authority in payment of any interest on any such debenture (whether or not a cheque has been issued for such interest) such interest shall be deemed to be a sum secured by a coupon which has not been paid upon due presentation thereof for payment.

“(c) Except as provided in the last preceding subclause, separate coupons for each amount of interest payable on any debenture in the form numbered (3) in the Second Schedule to the said Order, and numbered consecutively for each debenture, shall be attached thereto, providing, however, that the following terms shall also be stated on the coupons:—

“The coupons shall be made payable at the Carterton Branch of the Bank of New Zealand.

“Should the coupons be presented for payment at any branch of the Bank of New Zealand in New Zealand other than the branch at Carterton, inland exchange thereon will be paid by the Wairarapa Electric-power Board.

“(d) The signatures to coupons may be made by facsimiles thereof in lithograph or otherwise.

SCHEDULE OF LOANS TO BE CONVERTED.

• Less any amounts of principal redeemed up to the date of conversion.

† The securities in respect of these loans were issued by the Martinborough Town Board (now the Martinborough Borough Council).

Dated at Carterton, this 10th day of May, 1934.

A. CAMPBELL PEARCE.
Chairman.

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