FEB. 1.]

THE NEW ZEALAND GAZETTE.

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) 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 expiration of the period 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 interest or instalment of principal and 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 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, fifty pounds, one
    hundred pounds, five hundred pounds, one thousand pounds, or a multiple of one thousand
    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 Mayor, 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) Any new debenture for one thousand pounds or a multiple of one thousand
    pounds may, if the holder so desires, be issued without coupons, and in any such case
    the interest thereon shall be payable by cheque.
    (2) 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 hereto, and numbered consecutively for each debenture, shall be attached
    thereto.
    (3) The signatures to coupons may be made by facsimiles thereof in lithograph or
    otherwise.

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.