New Zealand Gazette – 1935 – No. 66

Page 2619

✨ Loan Conversion Order Details



SEPT. 12.] THE NEW ZEALAND GAZETTE. 2619

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 power 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.
Hall, Borough Offices, and Public Library Loan 2,500 5 4¼ 1st July, 1942.
Town Hall, Borough Offices, and Public Library Completion Loan 250 5 4¼ 1st July, 1942.
Gasworks Loan 7,500 5 4¼ 1st July, 1942.
Gasworks Completion Laon 750 5 4¼ 1st July, 1942.
Municipal Buildings Improvement Loan 1,250 5 4¼ 1st July, 1942.
Municipal Buildings Improvement Completion Loan 125 5 4¼ 1st July, 1942.
Gasworks Site Loan.. 900 5 4¼ 1st July, 1942.
Coronation Park Loan 1,000 5 4¼ 1st July, 1936.
Public Morgue Loan 400 5½ 4⅖ 1st January, 1940.
Housing Loan, 1926 3,200 5¾ 4⅗ 1st October, 1962.
Workers Dwelling Loan 5,000 6 4⅘ 1st February, 1958.
Waterworks Loan 5,585 6 4⅘ 1st January, 1952.
Waterworks Extension Loan.. 2,000 5¾ 4⅗ 1st January, 1949.
Great North Road Loan 650 5¾ 4⅗ 1st January, 1939.
Pumping Plant Duplication Loan 250* 4½ 4¼ 28th March, 1950.
Duplication Engine Loan 1,500* 4½ 4¼ 28th March, 1958.
Housing Loan (part) 1,000* 4½ 4¼ 28th March, 1959.
,, 1,600* 4½ 4¼ 28th March, 1959.
,, 550* 4½ 4¼ 28th September, 1959.
,, 1,450* 4½ 4¼ 28th September, 1959.
Roads and Streets Improvement Completion Loan 390* 4½ 4¼ 28th March, 1952.
Reservoir Duplication Loan 1,600* 4½ 4¼ 28th September, 1956.
Total £39,450
  • Less amounts repaid as at date of conversion.

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 4¼ 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 notice in 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 .

, Mayor.



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✨ LLM interpretation of page content

💰 Waipawa Borough Loans Conversion Order, 1935 (continued from previous page)

💰 Finance & Revenue
9 September 1935
Loans Conversion, Waipawa Borough, Local Authorities, Securities, Order in Council