Jan. 9.] THE NEW ZEALAND GAZETTE. 35

(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 Public Trustee as Commis-
sioner of the consolidated sinking fund hereinbefore required to be
created for the new securities, to be held as part of that sinking fund.

CONSOLIDATED SPECIAL RATE.

23. (1) As a security for the new securities and the unconverted securities
    the local authority shall forthwith, by resolution gazetted (in the form
    numbered (4) 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
    interest, sinking fund, and other charges 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 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.

24. 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 con-
    verted 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.

25. 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.

• 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].
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 .