SEPT. 5.] THE NEW ZEALAND GAZETTE. 2453

SECURITIES HELD BY TRUSTEES.

26. 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.

27. 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.

SECOND SCHEDULE.
FORMS.

(1) Notice.

[Name of local authority.]

CONVERSION under the Local Authorities Interest Reduction and Loans Conversion
Act, 1932–33, and the Loans Conversion Order, 19 , of debentures or
other securities issued in respect of the following loans [Particulars of loans].

Notice is hereby given to the holders of debentures or other securities issued
in respect of the above-mentioned loans that the [Name of local authority]
intends to convert all such debentures or other securities (except those in
respect of which dissent is duly signified) into new debentures having new
maturity dates and bearing interest at 4½ per cent. per annum.

The conversion will take effect from [Date of conversion].

Application for conversion must be made in writing and be accompanied
by the securities to which it relates.

Dissent from the conversion of any existing debentures or other securities
may be signified by the holder by writing delivered to [Name or
designation and address of at least one person authorized to receive dissents]
on or before the day of , 19 .

If notice of dissent from the conversion of any debentures or other securities
is not received by that date the securities will be converted.

The rate of interest on any debentures or other securities in respect of which
dissent is signified as aforesaid will, by virtue of section 18 of the above-
mentioned Act, be reduced to two-thirds of the original rate as from the [Date
of conversion].

Further particulars as to the new debentures and the conversion generally
may be obtained from [Name or designation and address of at least one person
authorized to give particulars.]

Dated the day of , 19 .
, Chairman.

(2) New Debenture.

No. [Name of local authority], New Zealand.

New debenture, issued pursuant to Part II of the Local Authorities Interest
Reduction and Loans Conversion Act, 1932–33, and the Loans Conversion
Order, 19 . New debenture for £ , payable at , in New Zealand,
on the day of , 19 , issued by the [Name of local authority],
New Zealand, under the above-mentioned Act and Order pursuant to a resolution
passed and confirmed by the said Council [or Board, or as the case may be] as
provided by section 9 (2) of the said Act.

(N.B.—The holder of this debenture has no claim in respect thereof upon
the Government or public revenues of New Zealand.)