New Zealand Gazette – 1934 – No. 69

Page 2879

✨ Loan Conversion Order



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, as far as it will extend in repayment as at the date of conversion
of the principal secured by the existing securities issued in respect of such
loan and held by the Public Trustee.

(2) Interest up to the date of conversion on any existing securities so repaid in
accordance with paragraph (b) of the last preceding subclause shall be paid by the local
authority out of the local fund.

CONSOLIDATED SPECIAL RATE.

  1. (1) As a security for the new securities and the unconverted securities the
    local authority shall forthwith, by resolution gazetted (in the form numbered (3) in the
    Second Schedule hereto), make and levy a special rate over the whole of the district
    of the local authority to provide for the payment of the half-yearly instalments of
    principal and interest in respect of the new securities and of interest, sinking fund, and
    other charges in respect of the unconverted securities.

(2) Subject to the provisions of this Order, the provisions of the Local Bodies'
Loans Act, 1926, and of any other Act shall, so far as applicable and with all necessary
modifications, apply with respect to such special rate, and with respect to the principal,
interest, and other charges in respect of such securities, as if such special rate were made
and levied in respect of a special loan raised under Part I of the said Local Bodies'
Loans Act, 1926.

(3) Upon the making of such special rate every special rate theretofore made in
respect of any existing securities to which this Order applies shall cease to be a security
for such existing securities.

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 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.

  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. Rates of Interest. Date of Maturity.
Original Existing
Wairau Road Board Tummil Bridge of £500, 1917 £500 5½ 4¼
Spring Creek Road Board Bridges Loan of £3,500, 1913 3,500 5 4¼
Spring Creek Road Board Opawa Bridge Completion Loan of £770, 1916 770 5¼ 4¼
Picton Road Board Opawa Bridge Contribution Loan of £2,100, 1914 2,100 5 4¼
Marlborough County Machinery and Plant Loan of £10,000, 1925 10,000 6 4¾
Marlborough County Bridges Loan of £5,000, 1925 5,000 6 4⅞
Wairau Road Board Hospital and Charitable Aid Board's Contribution Loan of £2,515, 1920 2,515 6 4⅞
Omaka Road Board Hospital Contribution Loan of £666, 1916 666 5¼ 4½
Omaka Road Board Hospital and Charitable Aid Board's Contribution Loan of £1,850, 1920 1,850 5¼ 4¼
Omaka Road Board Redemption Loan of £1,000, 1921 1,000 5³/₄ 4²/₅
Spring Creek Road Board Hospital Contribution Loan of £1,200, 1923 1,200 6 4²/₅
Pelorus Road Board Hospital and Charitable Aid Board's Contribution Loan of £1,140, 1930 1,140 5½ 4²/₅
Pelorus Road Board Antecedent Liability Loan of £2,600, 1922 2,600 6 4²/₅
Marlborough County Hospital Board Capital Expenditure Redemption Loan of £1,050, 1925 1,050 6 4²/₅
Total ... £33,891


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✨ LLM interpretation of page content

💰 Marlborough County Loans Conversion Order, 1934 (No. 1) (continued from previous page)

💰 Finance & Revenue
10 September 1934
Loan Conversion, Local Authorities, Debentures, Marlborough County, Order in Council