New Zealand Gazette – 1934 – No. 54

Page 2152

✨ Loan Conversion Order



2152
THE NEW ZEALAND GAZETTE.
[No. 54

Commissioners thereof, so far as it will extend, in or towards the following payments
in the following order of priority, namely :—

(a) First, in transferring to the Commissioners of the sinking fund hereinbefore
required to be created for the unconverted securities issued in respect of
such loan a sum which bears the same proportion to the amount of such
existing sinking fund at the date of conversion as the aggregate amount of
principal secured by such unconverted securities bears to the aggregate
amount of principal secured by all the existing securities in respect of which
such sinking fund is held ; and

(b) Secondly, in payment in accordance with the directions of the local authority
of any cash payments required by this Order to be made in respect of
premiums to which any holder is entitled on the conversion of any existing
securities to which this Order applies (whether issued in respect of such
loan or of any other loan referred to in the First Schedule hereto) ; and

(c) Thirdly, in transferring the balance to the Commissioner of the consolidated
sinking fund hereinbefore required to be created for the new securities, to
be held as part of that sinking fund.

SECURITIES HELD BY TRUSTEES.

  1. The provisions of sections twenty-two, twenty-three, and twenty-four of the
    New Zealand Debt Conversion Act, 1932–33 (relating to the adjustment of premiums as
    between capital and income and to the powers of trustees and other persons in relation
    thereto), shall apply with respect to existing securities converted into new securities in
    accordance with this Order in the same way at they apply with respect to securities
    converted under that Act, save that the references in the said section twenty-two to the
    first day of April, one thousand nine hundred and thirty-three, shall be construed as
    references to the day following the date of conversion.

BROKERAGE.

  1. The local authority shall not, in respect of the conversion into new securities
    of any existing securities to which this Order applies, enter into any contract for the
    payment of brokerage at a rate exceeding one-quarter per centum of the amount of such
    existing securities.

FIRST SCHEDULE.

LOANS TO BE CONVERTED.

Name. Amount. Rate of Interest. Date of Maturity.
Original. Existing.
Sumner Drainage Loan of £2,600, 1912 £2,600 Per Cent. 5 Per Cent. 4½
Electric Light Loan of £3,000, 1916 (No. 1) 3,000 5½ 4½
Town Hall Extension Repayment Loan 2,000 5¾ 4¾
Electric Light Loan of £3,000, 1918 (No. 2) 3,000 5½ 4½
Waterworks Extension Loan 1904 Redemption Loan, 1918 3,700 5½ 4½
Gasworks Extension Loan .. 1,000 5½ 4½
Electric Works Extension Loan 2,100 5½ 4¾
Gasworks Extension Loan of £6,250 (part) 1,000 5½ 4¾
Gasworks Extension Loan of £6,250 (part) 5,250 6 4¾
Clifton Sewage Tank Loan .. 450 5¾ 4¾
St. Leonard’s Square Extension and Improvements Loan 1,000 5¾ 4¾
Relief of Unemployment Loan, 1930 1,000 5¾ 4¾
Total .. .. £26,100

SECOND SCHEDULE.

FORMS.

(1) Notice.

[Name of local authority.]

CONVERSION under the Local Authorities Interest Reduction and Loans Conversion Act,
1932–33, and the Loans Conversion Order, 19 , of debentures or other securities
issued in respect of the following loans [Particulars of loans].

Notice is hereby given to the holders of debentures or other securities issued in
respect of the above-mentioned loans that the [Name of local authority] intends to
convert all such debentures or other securities (except those in respect of which dissent
is duly signified) into new debentures having new maturity dates and bearing interest
at 4½ per cent. per annum.



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✨ LLM interpretation of page content

💰 Sumner Borough Loans Conversion Order, 1934 (No. 1) (continued from previous page)

💰 Finance & Revenue
9 July 1934
Loans, Conversion, Local Authority, Sumner Borough Council, Debentures, Sinking Fund, Interest Rates