JULY 13.] THE NEW ZEALAND GAZETTE. 2175

(e) 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 payable on 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, twenty-five pounds,
fifty pounds, one hundred pounds, or any sum in excess of one hundred 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) 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.

(2) 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:
    Provided that in respect of any new security the specified maturity date of which is a
    date later than the first day of November, one thousand nine hundred and fifty, the local
    authority may stipulate in such new security for the redemption thereof at the option
    of the local authority on such date prior to the date so specified (but not earlier than the
    first day of November, one thousand nine hundred and fifty) as the local authority may
    fix by notice in that behalf to be published in the Gazette at least three months before
    such prior date.

(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.

(2) The local authority shall pay in cash the amount (if any) required to reduce to
the nearest multiple of five pounds the aggregate amount of all such premiums to
which any person is entitled, and may, if it thinks fit, pay in cash the whole or any part
of the balance of any such aggregate amount.

(3) All payments of cash in accordance with the last preceding subclause that
are not made out of any sinking fund pursuant to the provisions of this Order (if any)
in that behalf shall be made by the local authority out of the local fund, and charged
to the appropriate account.

(4) The power of the local authority to issue new securities in accordance with
this Order shall be deemed to include the power to issue any additional new securities
required for the purposes of this clause.

PLACE FOR PAYMENT OF PRINCIPAL AND INTEREST.

19. The principal and interest in respect of new securities shall be payable in New
    Zealand.

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