2700
THE NEW ZEALAND GAZETTE.
[No. 65

(d) Fourthly, in transferring the balance to the Commissioners 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.

24. 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 as 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.

25. 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.

• Of the securities issued in respect of this loan, this Order applies only to those to which the
  Local Authorities Interest Reduction and Loans Conversion Act, 1932–33, applies.

† Of the securities issued in respect of this loan, this Order does not apply to the debentures
bearing the following serial numbers :—

From To
621 627 (both numbers inclusive).
654 673 ,,
687 716 ,,
824
988 991 ,,
1049 1050 ,,
1225

From To
1229 1234 (both numbers inclusive).
1237 1242 ,,
1246
1288 1290 ,,
1347 1356 ,,
1551 1555 ,,
1617

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 by the
[Name of local authority] in respect of the above-mentioned loans that it is intended 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 4¼ per cent. per annum.

[If the local authority reserves the right conferred by clause 16 (1) of the Order to repay any
new security at a date prior to the date specified therein particulars of such right to be inserted.]

The conversion will take effect from [Date of conversion].

Application for conversion must be made in writing and be accompanied by the
securities to which it relates.

Dissent from the conversion of any existing debentures or other securities may be
signified by the holder by notice in writing delivered to [Name or designation and
address of at least one person authorized to receive dissents] on or before the day
of , 19 .

If notice of dissent from the conversion of any debentures or other securities is not
received by that date the securities will be converted.

The rate of interest on any debentures or other securities in respect of which dissent
is signified as aforesaid will, by virtue of section 18 of the above-mentioned Act, be reduced
to two-thirds of the original rate as from the [Date of conversion].

Further particulars as to the new debentures and the conversion generally may be
obtained from [Name or designation and address of at least one person authorized to give
particulars.]

Should the holder of any debentures or other securities issued in respect of the
1928 Redemption Loan of £200,000 hereinbefore referred to be of opinion that any of
the debentures or other securities so held by him are not liable to be converted in terms
of the Local Authorities Interest Reduction and Loans Conversion Act, 1932–33, such
holder is requested to communicate at once with the Secretary of the Otago Harbour
Board setting out the grounds on which he bases such opinion.

Dated the day of , 19 .
, Chairman.