1768
THE NEW ZEALAND GAZETTE.
[No. 43

“ The local authority ” means the Patangata County Council :
“ New securities ” or “ new debentures ” means securities or debentures issued in
accordance with this Order in conversion of existing securities to which this
Order applies :
“ Unconverted securities ” means existing securities to which this Order applies
and in respect of which dissent from conversion is signified in accordance
with the provisions of this Order.

APPLICATION OF ORDER.

3. This Order shall apply to all existing securities issued in respect of the loans
   specified in the First Schedule hereto.

SPECIAL RESOLUTION OF LOCAL AUTHORITY.

4. (1) If the local authority so resolves by a resolution passed and confirmed as
   provided by subsection two of section nine of the Act, it may, subject to and in accord-
   ance with the provisions of this Order, issue new securities in conversion of existing
   securities to which this Order applies.
   (2) The following provisions of this Order shall come into force if such a resolution
   is passed and confirmed as aforesaid, but not otherwise :
   Provided that a certificate signed by the Chairman of the local authority and
   published in the Gazette to the effect that such a resolution has been duly passed and
   confirmed shall be conclusive evidence of the facts therein certified.

DATE OF CONVERSION.

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

NOTICE TO HOLDERS OF EXISTING SECURITIES.

6. The local authority shall cause a notice in the form numbered (1) in the Second
   Schedule hereto, together with a copy of this Order, to be forwarded by registered
   letter not later than fourteen days before the date of conversion to the holders of the
   existing securities to which this Order applies.

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 expiration of fourteen days from the date of conversion, or (b) 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 instalment of principal and interest payable in respect of the
    existing securities, or to receive the new securities or any instalment of principal and
    interest payable in respect thereof, 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 out-
    standing 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. The aggregate amount of principal secured by the new securities to be issued in
    conversion of existing securities to which this Order applies, together with interest
    thereon computed at the rate of four and one-quarter per centum per annum, shall be
    repaid by equal half-yearly instalments over a period of twenty-four years, the first
    such half-yearly instalment to fall due and be paid on the fifth day of February, one
    thousand nine hundred and thirty-five, and subsequent half-yearly instalments on every
    fifth day of August and fifth day of February thereafter, the last half-yearly instalment
    to fall due and be paid on the fifth day of August, one thousand nine hundred and
    fifty-eight.
14. (1) New securities for the amount of each half-yearly instalment referred to
    in the preceding clause shall be issued in the form of debentures in the form numbered
    (2) in the Second Schedule hereto.
    (2) All new debentures shall be numbered consecutively, and as between the holders
    thereof shall rank equally.
    (3) 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.
    (4) 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.
15. As the existing securities to which this Order applies bear 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, the holders of such existing securities shall on the
    conversion thereof be entitled to receive new securities for the same aggregate amount of
    principal as is secured by the existing securities, without premium.