SEPT. 13.]

THE NEW ZEALAND GAZETTE.

2865

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 litho-
graph 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. 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 com-
    puted 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.

CONSOLIDATED SINKING FUND FOR NEW SECURITIES.

20. (1) In order to provide funds for the repayment of the new securities
    the local authority shall forthwith make provision for the creation, pursuant
    to a resolution of the local authority, of a consolidated sinking fund, of which
    the Public Trustee shall be the Commissioner.

(2) For such purpose the local authority shall permanently appropriate and
shall pay to the Commissioner of the consolidated sinking fund on each first
day of December following the date of conversion up to and including the first
day of December, one thousand nine hundred and fifty-four, a contribution of
one hundred and sixty-two pounds, increased in respect of each contribution by
a sum equal to four and one-quarter per centum of the aggregate amount of new
securities redeemable up to and including the first day of December preceding the
date on which such contribution is payable, and reduced by the aggregate of the
sums which during the twelve months preceding the date of payment of such con-
tribution have, pursuant to the provisions of the next succeeding clause, been paid
to any sinking fund for unconverted securities.

(3) The provisions of subsections four, five, and six of section ninety-five
of the Local Bodies' Loans Act, 1926, shall apply with respect to such sinking
fund.

SINKING FUND FOR UNCONVERTED SECURITIES.

21. (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.