1794

THE NEW ZEALAND GAZETTE.

[No. 47

Taumarunui County Loans Conversion Order, 1935.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 22nd day of June, 1935.
Present:
THE HONOURABLE SIR ALFRED RANSOM PRESIDING IN COUNCIL.
WHEREAS it is provided by section nine of the Local Authorities Interest Reduction
and Loans Conversion Act, 1932–33, that, with the precedent consent of the
Governor-General, given by Order in Council under section thirteen of the said Act,
after compliance with the provisions of Part II of the Act, and subject to and in accordance
with the provisions of such Order in Council, any local authority may issue new securities
in conversion of any existing securities to which the said Act applies:
And whereas by the said section thirteen it is further provided that the Governor-
General, by the Order in Council giving his consent to the conversion of existing securities
by a local authority, may make such provisions as he thinks fit with respect to all or any
of the matters specified in the said section, and that, subject to the provisions of the said
Act, every Order in Council under the said section shall have the force of law as if enacted
in the said Act, anything to the contrary in any other Act or in any regulations made
under the said Act or any other Act notwithstanding:
And whereas the Taumarunui County Council (being a local authority within the
meaning of the said Act) has issued securities in respect of the loans specified in the
First Schedule hereto, and such securities are existing securities to which the said Act
applies:
And whereas the said local authority, being desirous of issuing new securities in
conversion of such existing securities, has complied with the provisions of Part II of the
said Act, and it is expedient that the precedent consent of the Governor-General to such
conversion should be given as required by the said Act, and that by this Order the
provisions hereinafter set forth should be made with respect to the matters specified in
the said section thirteen:
Now, therefore, His Excellency the Governor-General of the Dominion of New
Zealand, acting by and with the advice and consent of the Executive Council of the
said Dominion, and in pursuance and exercise of the powers and authorities conferred
on him by the said Act, and of all other powers and authorities enabling him in this
behalf, doth hereby consent to the issue by the said local authority of new securities
in conversion of any existing securities to which this Order applies, and with respect
to such conversion doth hereby make the following provisions.
PRELIMINARY.

1. This Order may be cited as the Taumarunui County Loans Conversion Order,
3. In this Order, unless the context otherwise requires,--
   “The Act” means the Local Authorities Interest Reduction and Loans Conversion
   Act, 1932–33:
   “The date of conversion” means the date specified in clause five of this Order:
   “Existing securities” means debentures or other securities issued before the
   first day of April, one thousand nine hundred and thirty-three; and includes
   any securities issued on or after that date, but before the date of conversion,
   in replacement (as that term is defined in the Act) of any such securities:
   “The local authority” means the Taumarunui County Council:
   “Local fund” has the same meaning as in Part V of the Local Bodies' Loans
   Act, 1926:
   “New securities” or “new debentures” means securities or debentures issued in
   accordance with this Order in conversion of existing securities to which this
   Order applies:
   “Unconverted securities” means existing securities to which this Order applies
   and in respect of which dissent from conversion is signified in accordance
   with the provisions of this Order.
   References in this Order to loans of Group A or the loan of Group B shall be deemed
   to be references to the loans or loan included in that group as set out in the First
   Schedule hereto; and references to existing securities, new debentures, or unconverted
   securities of either such group shall be deemed to be references to the existing securities,
   new debentures, or unconverted securities issued in respect of any loan in that group.
   APPLICATION OF ORDER.
4. This Order shall apply to all existing securities issued in respect of the loans
   specified in the First Schedule hereto. For the purposes of this Order the loans are
   divided into two groups: Group A consisting of loans, the existing securities issued
   in respect of which are held by the State Advances Superintendent; and Group B
   consisting of a loan the existing securities issued in respect of which are held by persons
   other than the State Advances Superintendent.
   SPECIAL RESOLUTION OF LOCAL AUTHORITY.
5. (1) If the local authority so resolves by a resolution passed and confirmed as
   provided by subsection two of section nine of the Act, it may, subject to and in accord-
   ance with the provisions of this Order, issue new securities in conversion of existing
   securities to which this Order applies.
   (2) The following provisions of this Order shall come into force if such a resolution
   is passed and confirmed as aforesaid, but not otherwise:
   Provided that a certificate signed by the Chairman of the local authority and
   published in the Gazette to the effect that such a resolution has been duly passed and
   confirmed shall be conclusive evidence of the facts therein certified.
   DATE OF CONVERSION.
6. The date from which the conversion of existing securities into new securities
   shall take effect shall be the 1st day of August, one thousand nine hundred and thirty-five.