3974
[No. 95
THE NEW ZEALAND GAZETTE.
Egmont County Loans Conversion Order, 1935 (No. 2).
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 12th day of December, 1935.
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.
WHEREAS it is provided by section nine of the Local Authorities Interest
Reduction and Loans Conversion Act, 1932-33, that, with the precedent
consent of the Governor-General, given by Order in Council under section thirteen
of the said Act, after compliance with the provisions of Part II of the Act, and
subject to and in accordance with the provisions of such Order in Council, any
local authority may issue new securities in conversion of any existing securities
to which the said Act applies:
And whereas by the said section thirteen it is further provided that the
Governor-General, by the Order in Council giving his consent to the conversion of
existing securities by a local authority, may make such provisions as he thinks
fit with respect to all or any of the matters specified in the said section, and that,
subject to the provisions of the said Act, every Order in Council under the said
section shall have the force of law as if enacted in the said Act, anything to the
contrary in any other Act or in any regulations made under the said Act or any
other Act notwithstanding:
And whereas it is provided by section twenty of the Finance Act (No. 2),
1935, that any Order in Council under the said section thirteen may make
provision that any securities may, with the consent of the holder thereof, be
converted in accordance with the terms of such Order in Council:
And whereas the Egmont County Council (being a local authority within
the meaning of the said Act) has issued securities in respect of the loan specified
in the First Schedule hereto:
And whereas the said local authority being desirous with the consent of the
holder of such securities, of issuing new securities in conversion thereof, has
complied with the provisions of Part II of the said Act, and it is expedient that
the precedent consent of the Governor-General to such conversion should be given
as required by the said Act, and that by this Order the provisions hereinafter set
forth should be made with respect to the matters specified in the said section
thirteen:
Now, therefore, His Excellency the Governor-General of the Dominion of
New Zealand, acting by and with the advice and consent of the Executive
Council of the said Dominion, and in pursuance and exercise of the powers and
authorities conferred on him by the said Act, and of all other powers and
authorities enabling him in this behalf, doth hereby consent to the issue by the
said local authority of new securities in conversion of any existing securities
to which this Order applies, and with respect to such conversion doth hereby make
the following provisions.
PRELIMINARY.

1. This Order may be cited as the Egmont County Loans Conversion Order,
   1935 (No. 2).
2. In this Order, unless the context otherwise requires,—
   “The Act” means the Local Authorities Interest Reduction and Loans
   Conversion Act, 1932-33:
   “The date of conversion” means the date specified in clause five of this
   Order:
   “Existing securities” means debentures or other securities issued before the
   first day of April, one thousand nine hundred and thirty-three; and
   includes any securities issued on or after that date, but before the date
   of conversion, in replacement (as that term is defined in the Act) of
   any such securities:
   “The local authority” means the Egmont County Council:
   “New securities” or “new debentures” means securities or debentures issued
   in accordance with this Order in conversion of existing securities to
   which this Order applies.
   APPLICATION OF ORDER.
3. This Order shall apply to all existing securities issued in respect of the
   loan specified in the First Schedule hereto.
   SPECIAL RESOLUTION OF LOCAL AUTHORITY.
4. (1) If the local authority so resolves by a resolution passed and confirmed
   as provided by subsection two of section nine of the Act, it may, with the consent
   of the holders of the existing securities to which this Order applies and subject
   to and in accordance with the provisions of this Order, issue new securities in
   conversion of existing securities to which this Order applies.
   (2) The following provisions of this Order shall come into force if such a
   resolution is passed and confirmed as aforesaid, but not otherwise:
   Provided that a certificate signed by the Chairman of the local authority and
   published in the Gazette to the effect that such a resolution has been duly passed
   and confirmed shall be conclusive evidence of the facts therein certified.
   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 February, one thousand nine
   hundred and thirty-six.