conversion should be given as required by the said Act, and that by this Order the
provisions hereinafter set forth should be made with respect to the matters specified in
the said section thirteen :

Now, therefore, His Excellency the Governor-General of the Dominion of New
Zealand, acting by and with the advice and consent of the Executive Council of the
said Dominion, and in pursuance and exercise of the powers and authorities conferred
on him by the said Act, and of all other powers and authorities enabling him in this
behalf, doth hereby consent to the issue by the said local authority of new securities
in conversion of any existing securities to which this Order applies, and with respect
to such conversion doth hereby make the following provisions.

PRELIMINARY.

1. This Order may be cited as the Opunake Town Board Loan Conversion Order,
   1934 (No. 2).

2. In this Order, unless the context otherwise requires,—

“ The Act ” means the Local Authorities Interest Reduction and Loans Conversion
Act, 1932–33 :

“ The date of conversion ” means the date specified in clause five of this Order :

“ Existing securities ” means debentures or other securities issued by the local
authority before the first day of April, one thousand nine hundred and
thirty-three ; and includes any securities issued on or after that date, but
before the date of conversion, in replacement (as that term is defined in the
Act) of any such securities :

“ The local authority ” means the Opunake Town Board :

“ Local fund ” has the same meaning as in Part V of the Local Bodies’ Loans
Act, 1926 :

“ 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 loan
   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 first day of October, 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 every holder of 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 at any
   time before the expiration of fourteen days from the date of conversion.

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 interest payable on 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 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.