SEPT. 12.] THE NEW ZEALAND GAZETTE. 2623

DATE OF CONVERSION.

5. The date from which the conversion of existing securities into new
   securities shall take effect shall be the first day of December, one thousand nine
   hundred and thirty-five.

NOTICE TO HOLDERS OF EXISTING SECURITIES.

6. The local authority shall cause a notice in the form numbered (1) in the
   Second Schedule hereto, together with a copy of this Order, to be forwarded by
   registered letter not later than fourteen days before the date of conversion to
   every holder of existing securities to which this Order applies.

RIGHT TO APPLY FOR OR DISSENT FROM CONVERSION.

7. The holder of any existing securities to which this Order applies may
   make application to the local authority in writing for the conversion of such
   securities into new securities in accordance with this Order. Every application
   under this clause shall be accompanied by the 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 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 fifteen years, the first
    half-yearly instalment to fall due and be paid on the first day of June, one
    thousand nine hundred and thirty-six, and subsequent half-yearly instalments to
    fall due and be paid on every first day of December and first day of June
    thereafter, the last half-yearly instalment to fall due and be paid on the first
    day of December, one thousand nine hundred and fifty.

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 Chairman, 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) 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.

(2) 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.