New Zealand Gazette – 1934 – No. 69

Page 2897

✨ Loan Conversion Order



SEPT. 13.] THE NEW ZEALAND GAZETTE. 2897

(b) Secondly, in payment, in accordance with the directions of the local authority,
of any cash payments required by this Order to be made in respect of
premiums to which any holder is entitled on the conversion of any existing
securities to which this Order applies (whether issued in respect of such
loan or of any other loan referred to in the First Schedule hereto);

(c) Thirdly, in payment, in accordance with the directions of the local authority, of
the costs and charges (not exceeding in the aggregate one thousand five hundred
pounds) of and incidental to the conversion of existing securities to which this
Order applies (whether issued in respect of the said loan or of any other loan
referred to in the First Schedule hereto); and

(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.

CONSOLIDATED SPECIAL RATE.

  1. (1) As a security for the new securities and the unconverted securities the
    local authority shall forthwith, by a resolution gazetted (in the form numbered (4) 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 interest, sinking fund, and other
    charges in respect of such 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 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. Rate of Interest. Date of Maturity.
Original. Existing.
1. Borough of Sydenham Channelling and Asphalt ing Loan £ 25,000 Per Cent. 5 Per Cent. 4¼
2. Christchurch City Sanitation Empowering Act 1908 Loan of £5,000 (part) 2,000 4½ 4¼
3. Refuse Masticator Loan, 1928 3,170 5½ 4¾
4. Christchurch Roading Loan, 1928, of £220,000 (part) 10,800 5¼ 4¼
Ditto 38,000 5¼ 4¼
„ 8,000 5¼ 4¼
„ 30,200 5¼ 4¼
„ 20,000 5½ 4¾
„ 20,000 5½ 4¾
„ 5,000 5½ 4¾
„ 57,900 5½ 4¾
„ 5,900 5¼ 4¼
„ 1,100 5½ 4¾
„ 6,100 5¼ 4¼
5. Spreydon Park Loan of £3,500 (part) 2,700 5½ 4¾
Spreydon Park Loan of £3,500 (part) 800 6¼ 5¼
6. Sanitary Works Loan, 1930 2,500 5½ 4¾
7. Municipal Offices Redemption Loan, 1932 2,700 5 4¼
8. St. Albans Eastern Loan 3,000 5½ 4¾
9. Relief of Unemployment Loan, 1931, of £39,500 (part) 900 5½ 4¾
Ditto 38,600 5¼ 4¼
10. North Richmond Waterworks Redemption Loan, 1931 2,000 5½ 4¾
11. Borough of Woolston Public Works (Supplementary) Loan 2,000 4½ 4¼
12. Borough of Woolston Sanitation Loan 1,850 5¼ 4¾
13. Borough of Woolston Sanitation Supplementary Loan 150 5½ 4¾
14. Relief of Unemployment Loan, 1927 25,000 5½ 4¾
15. North Richmond Channelling Loan 700 5 4¼


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✨ LLM interpretation of page content

💰 Christchurch City Loans Conversion Order, 1934 (continued from previous page)

💰 Finance & Revenue
10 September 1934
Loan Conversion, Local Authorities, Debentures, Interest Reduction, Christchurch City Council