New Zealand Gazette – 1934 – No. 73

Page 3135

✨ Loan Conversion Order

Sept. 28.] THE NEW ZEALAND GAZETTE. 3135

CONSOLIDATED SPECIAL RATE.

(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 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 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.

BROKERAGE.

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.
Streets Improvement Loan (part)	£7,000*	Per Cent. 4½	Per Cent. 4½
Ditto .. .. ..	1,000*	4½	4½
,, .. .. ..	1,000*	4½	4½
,, .. .. ..	1,000*	4½	4½
,, .. .. ..	1,000*	4½	4½
Water-supply Loan (part) ..	5,000*	4½	4½
,, ..	3,000*	4½	4½
,, ..	2,000*	4½	4½
,, ..	2,000*	4½	4½
,, ..	3,000*	4½	4½
,, ..	3,500*	4½	4½
Workers’ Dwellings Loan (part)	1,000*	4½	4½
,,	1,000*	4½	4½
Total .. ..	£31,500

Less amount of principal repaid up to date of conversion.

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 in respect of the above-mentioned loans that the [Name of local authority] intends 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 4½ per cent. per annum.

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.]

Dated the day of , 19 .

, Mayor.

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VUW Te Waharoa — NZ Gazette 1934, No 73

NZLII — NZ Gazette 1934, No 73

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✨ LLM interpretation of page content

💰 Whakatane Borough Loans Conversion Order, 1934 (No. 2) (continued from previous page)

Domain💰 Finance & Revenue
Dated24 September 1934
KeywordsLoan Conversion, Local Authority, Order in Council, Whakatane Borough Council

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