4326
THE NEW ZEALAND GAZETTE.
[No. 94

(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.

ADDITIONAL SECURITY.

19. (1) If the local authority has heretofore executed in favour of the
    holder of the existing securities issued in respect of the loan referred to in the
    First Schedule hereto any deed of mortgage or charge over any of its property
    or revenues, the local authority shall on the conversion of such loan, if so required
    by such holder, execute in his favour by way of additional security for the new
    securities and unconverted securities in respect of such loan a new deed
    of mortgage or charge corresponding as nearly as circumstances will permit
    to the terms of the existing deed.
    (2) On the execution of any new deed pursuant to the last preceding sub-
    clause the existing deed shall be surrendered to the local authority and be
    deemed to be cancelled.

BROKERAGE.

20. 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.
LOAN TO BE CONVERTED.

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 loan [Particulars of loan].

Notice is hereby given to the holders of debentures or other securities issued
in respect of the above-mentioned loan 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
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 .
, Chairman.

(2) New Debenture.

No. . [Name of local authority], New Zealand.

New debenture, issued pursuant to Part II of the Local Authorities Interest
Reduction and Loans Conversion Act, 1932–33, and the Loans Conversion
Order, 19 . New debenture for £ , payable at , in New Zealand,
on the day of , 19 , issued by the [Name of local authority],
New Zealand, under the above-mentioned Act and Order pursuant to a resolution
passed and confirmed by the said Council [or Board, or as the case may be] as
provided by section 9 (2) of the said Act.

(N.B.—The holder of this debenture has no claim in respect thereof upon
the Government or public revenues of New Zealand.)

On presentation of this debenture at , in New Zealand, on or after
the day of , 19 , the bearer thereof will be entitled to receive
£ .

Issued under the common seal of the , the day
of , 19 .

[L.S.] A.B., Chairman.
C.D., Treasurer [or other officer appointed for the purpose].

A. W. MULLIGAN,
Acting Clerk of the Executive Council.

(T. 49/578/1.)