New Zealand Gazette – 1934 – No. 93

Page 4226

✨ Loan Conversion Order



4226

THE NEW ZEALAND GAZETTE.

(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.
Municipal Theatre Loan, 1926 £2,500 6 4½
Unemployment Loan 500 6 4½
Municipal Theatre Loan, 1927 1,650 6 4½
Library Loan 600 5 4¼
Footpaths Loan, 1929 4,000 5½ 4½
Water Extension Loan, 1927.. 10,000 6 4½
Water Extension Loan, 1928.. 2,800* 6 4½
Footpaths Loan, 1929 4,000* 6 4½
Earthquake Repairs Loan No. 2 800 5¼ 4¼
Footpaths Loan, 1929 4,000 5¾ 4⅝
Footpaths Loan, 1930 2,400 5¼ 4⅜
Lighting Redemption Loan 1,050 5¾ 4⅜
Gas and Maintenance Loan 1,200 5 4¼
Municipal Theatre Loan, 1923 14,000 5½ 4⅝

Total .. £49,500

  • Less amount of principal repaid up to the 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 4¼ 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 des-
ignation 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_.

Mayo



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✨ LLM interpretation of page content

💰 Waipukurau Borough Loans Conversion Order, 1934 (No. 1) (continued from previous page)

💰 Finance & Revenue
10 December 1934
Loans, Conversion, Local Authorities, Waipukurau Borough Council, Securities, Debentures, Order in Council, Sinking Funds
  • Mayo