DATE OF CONVERSION.

5. The date from which the conversion of existing securities into new
   securities shall take effect shall be the first day of April, one thousand nine
   hundred and thirty-five.

NOTICE TO HOLDERS OF EXISTING SECURITIES.

6. (1) The local authority shall cause a notice in the form numbered (1)
   in the Second Schedule hereto to be published not later than fourteen days
   before the date of conversion, at least once in the Gazette and, where the address
   of any holder of existing securities to which this Order applies is known, shall
   forward by registered letter to such holder a copy of such notice accompanied
   by a copy of the prospectus (if any) issued by the local authority, or by a copy of
   this Order.
   (2) In addition to the notices required by the last preceding subclause, the
   local authority may give such further notice in relation to the conversion (whether
   by way of advertisement or otherwise) as it thinks fit.

RIGHT TO APPLY FOR OR DISSENT FROM CONVERSION.

7. The holder of any existing securities to which this Order applies may
   make application to the local authority in writing for the conversion of such
   securities into new securities in accordance with this Order. Every application
   under this clause shall be accompanied by the securities to which it relates.

8. If the holder of any existing securities to which this Order applies does
   not, within the time and in the manner provided by this Order, signify his dissent
   from the conversion of such securities into new securities, the existing securities
   shall be converted into new securities in the same manner as if application had
   been made under the last preceding clause.

9. Dissent from the conversion of any existing securities may be signified--
   $(a)$ At any time before the expiration of fourteen days from the date of
   conversion; or
   $(b)$ If the holder of the securities (or, where the holder is a trustee, any
   person whose consent would, but for this Order, be required for conversion) is during the whole of the time between the date of the
   publication of this Order in the Gazette and the expiration of the
   period referred to in the last preceding paragraph absent from New
   Zealand, at any time before the expiration of three months from the
   date of conversion; or
   (c) In the case of any particular holder, within such further time as the
   local authority may, on account of special circumstances, in its
   discretion allow.

10. The dissent of the holder of any existing securities from the conversion
    of those securities into new securities shall be signified in writing, and shall be
    deemed to be signified when such writing is received by the local authority or by
    any person authorized by the local authority to receive it.

SURRENDER OF CONVERTED SECURITIES, AND PAYMENT OF INTEREST THEREON.

11. The holder of any existing securities converted into new securities
    (whether the conversion is on application or after failure to dissent) shall not be
    entitled to demand payment of any interest payable on the existing securities, or
    to receive the new securities or any interest thereon, until he has surrendered the
    existing securities to the local authority.

12. Subject to the provisions of the last preceding clause, the interest on
    the outstanding principal represented by any such existing securities for the
    period ending on the date of conversion shall be payable not later than one month
    from the date of conversion.

NEW SECURITIES.

13. (1) New securities shall be issued in the form of debentures in the form
    numbered $(2)$ in the Second Schedule hereto.
    (2) Every new debenture shall be for a sum of five pounds, twenty-five
    pounds, fifty pounds, one hundred pounds, or any sum in excess of one hundred
    pounds.
    (3) All new debentures shall be numbered consecutively, and as between
    the holders thereof shall rank equally.
    (4) Every new debenture shall state on its face the fact that the holder
    has no claim in respect thereof upon the Government or public revenues of New
    Zealand.
    (5) Every new debenture shall be signed by the Chairman, countersigned by
    the Treasurer or some other officer appointed by the local authority for the
    purpose, and sealed with the common seal of the local authority.

INTEREST AND COUPONS.

14. (1) The rate of interest payable on new securities shall be four and
    one-quarter per centum per annum.
    (2) The interest on new securities shall be payable half-yearly on days
    corresponding to the maturity dates of the securities.

15. (1) Separate coupons for each amount of interest payable on any de-
    benture 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.