MAY 16.]
THE NEW ZEALAND GAZETTE.
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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) 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 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 made by facsimiles thereof in lithograph 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 postponed, 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. The holder of any existing securities to which this Order applies 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, and, in addition thereto,
shall be entitled to receive a premium on such principal computed in accordance with
the Fourth Schedule hereto.
18. (1) Subject to the provisions of this clause as to payment in cash, every
premium to which any person is entitled under the last preceding clause shall be satisfied
by issuing to him additional new securities for the amount of such premium, or so much
thereof as is not paid in cash, as the case may be.
(2) The local authority shall pay in cash such portion (if any) of the aggregate
amount of premiums to which any person is entitled as may be required to reduce to
the nearest multiple of one hundred pounds the aggregate amount of principal represented by the new securities (including new securities issued by way of premium) to
which such person is entitled, and may, if it thinks fit, pay in cash the whole or any part
of the balance of any such aggregate amount of premium.