New Zealand Gazette – 1935 – No. 91

Page 3735

✨ Loans Conversion Order



Dec. 6.] THE NEW ZEALAND GAZETTE. 3735

(3) The first of such yearly payments shall be made not later than one year after the date on which the last annual contribution payable before the date of conversion to the existing sinking fund of such loan was payable.

(4) Subject to the provisions of this Order, the provisions of sections one hundred and fifteen to one hundred and nineteen of the Harbours Act, 1923, shall, so far as applicable and with all necessary modifications, apply with respect to such sinking fund.

APPLICATION OF EXISTING SINKING FUNDS.

  1. The existing sinking fund of every loan referred to in the First Schedule hereto 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 cash premiums to which any holder is entitled on the conversion of any existing securities to which this Order applies (whether 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 Commissioners 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.
Loan of £300,000 (part) 46,800 5½ 4⅝
„ 19,800 5¼ 4¼
„ 19,300 5¾ 4⅞
Redemption Loan of £136,000 136,000 5¼ 4¼
Redemption Loan of £56,800.. 56,800* 5½ 4⅝
£278,700
  • Less amount of principal 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].



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✨ LLM interpretation of page content

💰 Lyttelton Harbour Board Loans Conversion Order, 1935 (continued from previous page)

💰 Finance & Revenue
3 December 1935
Loans, Conversion, Order in Council, Lyttelton Harbour Board, Local Authorities, Securities, Debentures, Interest Rates, Maturity Dates, Premiums, Sinking Funds