New Zealand Gazette – 1935 – No. 55

Page 2079

✨ Loan Conversion Order



Aug. 1.] THE NEW ZEALAND GAZETTE. 2079

to in the last preceding clause) shall be applied by the Commissioners thereof, so far
as it will extend, in or towards making the following payments, in the following order
of priority, namely :—
(a) First, in transferring to the Commissioners of the sinking fund hereinbefore
required to be created for the unconverted securities issued in respect of
such loan a sum which bears the same proportion to the amount of such
existing sinking fund at the date of conversion as the aggregate amount of
principal secured by such unconverted securities bears to the aggregate
amount of principal secured by all the securities in respect of which such
sinking fund is held ;
(b) Secondly, in payment, in accordance with the directions of the local authority,
of any premiums required by subclause two of clause eighteen of this Order to
be made in cash to holders of existing securities issued in respect of such loan
or of any other loan referred to in the First Schedule hereto ; and
(c) Thirdly, in transferring the balance to the Commissioner 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.

  1. 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 converted 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.

  1. 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.

Name. Amount. Rate of Interest. Date of Maturity.
Original. Existing.
£ Per Cent. Per Cent.
Makaretu III Loan .. 600 5½ 4¼ 28th February, 1949.
Poututu Loan 2,200 6 4⅘ 1st February, 1955.
Motu Valley Loan of £400, 1925 400 5¾ 4⅜ 1st April, 1955.
Motu Valley Loan of £1,600, 1925 1,600 6 4⅛ 1st November, 1955.
Motu Valley Loan of £2,000, 1926 2,000 6 4⅛ 1st July, 1956.
Motu Valley Loan of £3,000, 1928 3,000 5¾ 4⅜ 1st January, 1958.
Kanakanaia VI Loan 1,000 6 4⅛ 1st February, 1957.
Ngatapa IV Loan 4,500 6 4⅛ 1st February, 1957.
Ruangarehu Loan 450 5½ 4⅜ 1st April, 1960.
Mangatu Pa Loan 400 5¾ 4⅜ 1st June, 1956.
Hospital Loan (part) 1,000* 4½ 4¼ 8th December, 1950.
Hospital Loan (10 per cent. additional) 600* 4½ 4¼ 8th December, 1954.
Motu Falls Loan (part) 750* 4½ 4¼ 8th December, 1956.
„ 750* 4½ 4¼ 8th June, 1957.
Taumata I Loan 1,500* 4½ 4¼ 8th December, 1957.
Motu Falls Loan (part) 1,000* 4½ 4¼ 8th December, 1957.
„ 1,000* 4½ 4¼ 8th June, 1958.
„ 350* 4½ 4¼ 8th June, 1959.
Mangamaia No. 4 Loan 400* 4½ 4¼ 8th December, 1959.
Moanui No. 2 Loan 1,000* 4½ 4¼ 8th December, 1948.
Taumata III Loan 300* 4½ 4¼ 8th December, 1961.
Koranga Bridge Loan 600* 4½ 4¼ 8th June, 1951.
Puhatikotiko Loan 250* 4½ 4¼ 8th December, 1944.
Koranga Loan 1,500* 4½ 4¼ 8th December, 1949.
Rakauroa Loan 1,300* 4½ 4¼ 8th June, 1947.
Makaretu No. 1 Loan 1,600* 4½ 4¼ 8th June, 1952.
Makaretu No. 2 Loan 160* 4½ 4¼ 8th December, 1953.
Te Hau Loan 1,000* 4½ 4¼ 8th December, 1950.
Kanakanaia No. 2 Loan 1,000* 4½ 4¼ 8th June, 1952.
Kanakanaia IV Loan 1,000* 4½ 4¼ 8th June, 1955.
McCredie’s Bridge Loan 200* 4½ 4¼ 8th December, 1953.
Semmen’s Bridge Loan 1,400* 4½ 4¼ 8th December, 1953.
„ 120* 4½ 4¼ 8th December, 1955.
Palmer’s Bridge Loan 600* 4½ 4¼ 8th December, 1952.
Kanakanaia V Loan 1,000* 4½ 4¼ 8th June, 1955.
Kanakanaia III Loan 2,400* 4½ 4¼ 8th June, 1955.
Motu Valley Loan (part) 2,000* 4½ 4¼ 8th December, 1958.
Ngatapa III Loan 3,250* 4½ 4¼ 8th June, 1959.
Motu Valley Loan (part) 3,000* 4½ 4¼ 8th June, 1959.
Kaitara Loan 300* 4½ 4¼ 8th June, 1959.
Motu Valley Loan (part) 2,000* 4½ 4¼ 8th December, 1959.
„ 2,000* 4½ 4¼ 8th December, 1960.
Otoko I Loan 1,000* 4½ 4¼ 8th December, 1956.
Taumata II Loan 400* 4½ 4¼ 8th December, 1949.
£52,880
  • Less amount of principal repaid as at date of conversion.


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✨ LLM interpretation of page content

💰 Waikohu County Loans Conversion Order, 1935 (continued from previous page)

💰 Finance & Revenue
30 July 1935
Loan Conversion, Local Authorities, Interest Reduction, Waikohu County Council, Order in Council