Aug. 21.] THE NEW ZEALAND GAZETTE. 2667

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 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
    outstanding 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 (including
    new securities to be issued by way of premium), 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 thirty-four years, the first half-
    yearly instalment to fall due and be paid on the first day of May, one thousand
    nine hundred and thirty-five, and subsequent half-yearly instalments to fall due
    and be paid on every first day of November and first day of May thereafter, the
    last half-yearly instalment to fall due and be paid on the first day of November,
    one thousand nine hundred and sixty-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.

PREMIUMS.

15. The holder of any existing securities to which this Order applies 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 Third Schedule hereto.

16. (1) 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.
    (2) 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.

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

SINKING FUND FOR UNCONVERTED SECURITIES.

18. (1) If dissent is signified in accordance with the provisions of this Order
    from the conversion of any existing securities issued in respect of any loan in the
    First Schedule hereto for which a sinking fund was provided, the local authority, in
    order to provide funds for the repayment of the unconverted securities issued in
    respect of such loan, shall forthwith make provision for the creation, pursuant to a
    resolution of the local authority, of a sinking fund, of which the persons who at the
    date of conversion were Sinking Fund Commissioners in respect of such loan shall
    be the first Commissioners.
    (2) For such purpose the local authority shall permanently appropriate a sum
    which bears the same proportion to the annual contribution payable, before the
    date of conversion, to the existing sinking fund of such loan 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
    existing sinking fund is held, and shall pay such sum to the Commissioners yearly
    and every year until the maturity date of such unconverted securities, or until the
    Commissioners are satisfied that the accumulations of sinking fund will suffice to
    redeem such securities at maturity.
    (3) The first of such yearly payments shall be made not later than one year
    after the date on which the last annual contribution payable before the date of
    conversion to the existing sinking fund of such loan was payable.
    (4) Subject to the provisions of this Order, the provisions of sections forty
    to forty-four of the Local Bodies’ Loans Act, 1926, shall, so far as applicable and
    with all necessary modifications, apply with respect to such sinking fund :
    Provided that nothing in the said sections or in this Order shall authorize the
    removal or suspension of the Public Trustee as Commissioner of any sinking fund.

APPLICATION OF EXISTING SINKING FUNDS.

19. (1) The existing sinking fund of every loan in the First Schedule hereto
    shall be applied by the Commissioner thereof in or towards making the following
    payments, in the following order of priority, namely :—
    (a) First, in transferring to the Commissioner of the sinking fund herein-
    before required to be created for the unconverted securities issued in
    respect of such loan a sum which bears the same proportion to the