298
THE NEW ZEALAND GAZETTE.
[No. 10

(c) Thirdly, in payment, in accordance with the directions of the local
authority, of the costs and charges (not exceeding in the aggregate
four hundred and five 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.

SECURITIES HELD BY TRUSTEES.

24. 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 con-
    verted 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.

25. 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.

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 .

, Chairman.