APRIL 12.] THE NEW ZEALAND GAZETTE. 1111

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 signed—
   (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 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 signed in writing, and shall be
    deemed to be signed 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 principal or interest payable in respect of the
    existing securities, or to receive the new securities or any interest payable in
    respect thereof, 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 in 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
    debenture 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 by facsimiles thereof in litho-
    graph or otherwise.

MATURITY DATES.

16. (1) Every new security shall be redeemable at par on such one of the
    maturity dates set out in the Third Schedule hereto as is specified in that behalf
    in the security.
    (2) The local authority shall so fix the respective maturity dates of the new
    securities that the aggregate amount of principal secured by the new securities
    maturing on each of such dates shall, if practicable, be a multiple of one hundred
    pounds, and, subject thereto, shall, as nearly as may be, bear the same proportion
    to the aggregate amount of principal secured by all the new securities as the sum
    set opposite that date in the Third Schedule hereto bears to the total amount
    specified in that Schedule.
    (3) Subject to the foregoing provisions of this clause and to the express
    wish of any holder who desires to have the maturity date of his securities post-
    poned, the maturity dates of the new securities shall as nearly as practicable be
    in the same chronological order as the maturity dates of the existing securities in
    conversion of which they are respectively issued.

PREMIUMS.

17. (1) The holder of any existing securities bearing interest at a rate which,
    as reduced in accordance with Part I of the Act, does not exceed the rate of
    interest payable on the new securities shall on the conversion of such securities be
    entitled to receive new securities for the same aggregate amount of principal as
    is secured by the existing securities.