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New Zealand Gazette – 1935 – No. 91

Page 3765

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✨ Loan Conversion Order

Dec. 6.] THE NEW ZEALAND GAZETTE. 3765

(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.

PLACE FOR PAYMENT OF PRINCIPAL AND INTEREST.

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

CONSOLIDATED SPECIAL RATE.

(1) As a security for the new securities and the unconverted securities the local authority shall forthwith, by resolution gazetted (in the form numbered (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.

SECURITIES HELD BY TRUSTEES.

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.

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.
Potts Road Metalling Loan	600*	4½	4¼	3rd September, 1952.
Arawhata Drain Loan	200*	4½	4¼	3rd March, 1953.
Arawhata Road Loan	700*	4½	4¼	3rd March, 1953.
Kawiu Road Extension Loan	1,000*	4½	4¼	3rd March, 1953.
Tararua Road Extension Loan	950*	4½	4¼	3rd March, 1953.
Koputaroa Stream Loan	1,250*	4½	4¼	3rd September, 1953.
Heights Road Extension Loan	490*	4½	4¼	3rd September, 1953.
Hautere Road Deviation Loan	750*	4½	4¼	3rd March, 1954.
Makahika Bridge Loan	300*	4½	4¼	3rd March, 1954.
Otawhiwhi Road Loan	500*	4½	4¼	3rd September, 1954.
Te Horo Riding Roads and	1,000*	4½	4¼	3rd September, 1955.
Bridges Loan
Kawiu–Foxton Road	1,400*	4½	4¼	3rd September, 1956.
Kawiu Block–Lindsay Road Loan	1,600*	4½	4¼	3rd September, 1956.
Kuku Settlement Road Loan	500*	4½	4¼	3rd March, 1957.
Ohau East Road Loan	600*	4½	4¼	3rd September, 1957.
Lindsay Road Metalling Loan	900*	4½	4¼	3rd September, 1958.
Waikawa South Road Loan	1,000*	4½	4¼	3rd September, 1960.
Waitarere Road Loan	900*	4½	4¼	3rd September, 1961.
Te Whanga Road Loan	300*	5¼	4¼	3rd March, 1963.
Waihau Road Loan	450*	6	4¾	3rd March, 1959.
Total	£15,390

Less repayment of principal as at date of conversion.

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VUW Te Waharoa — NZ Gazette 1935, No 91

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✨ LLM interpretation of page content

💰 Horowhenua County Loans Conversion Order, 1935 (No. 1) (continued from previous page)

Domain💰 Finance & Revenue
Dated3 December 1935
KeywordsLoans, Conversion, Order in Council, Horowhenua County Council, Local Authorities, Securities, Debentures, Interest Rates, Maturity Dates, Sinking Funds

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