Aug. 1.] THE NEW ZEALAND GAZETTE. 2087

securities into new securities in accordance with this Order. Every application
under this clause shall be accompanied by the existing 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 instalment of principal and interest payable in
    respect of the existing securities, or to receive the new securities or any instalment
    of principal and 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. The aggregate amount of principal secured by the new securities to be
    issued in conversion of existing securities to which this Order applies (including
    new securities to be issued by way of premium), together with interest thereon
    computed at the rate of four and one-quarter per centum per annum, shall be
    repaid by equal half-yearly instalments over a period of twenty-five years, the
    first half-yearly instalment to fall due and be paid on the fifteenth day of June,
    one thousand nine hundred and thirty-six, and subsequent half-yearly instalments
    to fall due and be paid on every fifteenth day of December and fifteenth day of
    June thereafter, the last half-yearly instalment to fall due and be paid on the
    fifteenth day of December, one thousand nine hundred and sixty.

14. (1) New securities for the amount of each half-yearly instalment referred
    to in the preceding clause shall be issued in the form of debentures in the form
    numbered (2) in the Second Schedule hereto.
    (2) All new debentures shall be numbered consecutively, and as between the
    holders thereof shall rank equally.
    (3) 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.
    (4) Every new debenture shall be signed by the Mayor, 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.

PREMIUMS.

15. 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 Third Schedule hereto.

16. (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.
    (3) All payments of cash in accordance with the last preceding subclause
    shall be made by the local authority out of the local fund, and charged to the
    appropriate account.
    (4) The power of the local authority to issue new securities in accordance
    with this Order shall be deemed to include the power to issue any additional new
    securities required for the purposes of this clause.

PLACE FOR PAYMENT OF PRINCIPAL AND INTEREST.

17. The principal and interest in respect of new securities shall be payable in
    New Zealand.

SPECIAL RATE.

18. (1) As a security for the new securities and the unconverted securities
    the local authority shall forthwith, by resolution gazetted (in the form num-
    bered (3) in the Second Schedule hereto), make and levy a special rate over the
    whole of the district of the local authority to provide for the payment of the
    half-yearly instalments of principal and interest in respect of such securities.
    (2) Subject to the provisions of this Order, the provisions of the Local
    Bodies' Loans Act, 1926, and of any other Act shall, so far as applicable and
    with all necessary modifications, apply with respect to such special rate, and
    with respect to the principal, interest, and other charges in respect of such
    securities, as if such special rate were made and levied in respect of a special loan
    raised under Part I of the said Local Bodies' Loans Act, 1926.
    (3) Upon the making of such special rate every special rate theretofore made
    in respect of any existing securities to which this Order applies shall cease to be a
    security for such existing securities.