592
THE NEW ZEALAND GAZETTE.
[No. 14

(b) Secondly, in payment, in accordance with the directions of the local authority, of the costs and charges (not exceeding in the aggregate twenty 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

(c) Thirdly, in repayment, as at the date of conversion of the principal secured by the existing securities issued in respect of such loan or any other loan referred to in the First Schedule hereto.

ADDITIONAL SECURITY.

19. (1) Where the local authority has heretofore executed in the favour of the holder of any existing securities issued in respect of any loan referred to in the First Schedule hereto, or in favour of any trustee for such holder, any deed of mortgage or charge over any of its property or revenues, the local authority, on the conversion of such loan shall, if so required by such holder, execute in his favour, or in favour of a trustee for him, 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.
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.

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
day of __, 19.

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

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/525.)