JUNE 11.] THE NEW ZEALAND GAZETTE. 1127

CONSENT TO CONVERSION.

7. The consent of the holder of the existing securities to the conversion thereof in accordance with this Order shall, if given, be signified in writing not later than the date of conversion, and when given shall be irrevocable.

NEW SECURITIES.

8. The aggregate amount of principal secured by the new securities to be issued in conversion of existing securities to which this Order applies, 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 twenty-seven years, the first half-yearly instalment to fall due and be paid on the thirty-first day of December, one thousand nine hundred and thirty-six, and subsequent half-yearly instalments to fall due and be paid on every thirtieth day of June and thirty-first day of December thereafter, the last half-yearly instalment to fall due and be paid on the thirtieth day of June, one thousand nine hundred and sixty-three.

9. (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.

10. (1) The holder of any existing securities bearing interest at a rate which, as reduced in accordance with Part I of the Act, does not exceed the rate of interest payable on the new securities 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.
    (2) The holder of any existing securities bearing interest at a rate which, as reduced in accordance with Part I of the Act, exceeds the rate of interest payable on the new securities 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.
11. (1) Every premium to which any person is entitled under the last preceding clause shall be satisfied by payment of the amount thereof in cash.
    (2) All payments of cash in accordance with the last preceding subclause shall be made by the local authority out of the local fund, and charged to the appropriate account.

PLACE FOR PAYMENT OF PRINCIPAL AND INTEREST.

12. The principal and interest in respect of new securities shall be payable at such place or places in New Zealand as may be directed by the holder.

SURRENDER OF CONVERTED SECURITIES AND PAYMENT OF INTEREST THEREON.

13. The holder of the existing securities converted into new securities shall surrender the existing securities in Wellington in exchange for the new securities, and shall be entitled to receive on the date of conversion interest on the existing securities for the period ending on the date of conversion.

PAYMENT OF COSTS OF CONVERSION.

14. All costs, charges, and expenses incidental to the conversion shall be borne by the local authority.

FIRST SCHEDULE.
LOANS TO BE CONVERTED.

• Less amount of principal repaid as at date of conversion.

SECOND SCHEDULE.
FORMS.

(1) Notice.
EYRE COUNTY COUNCIL.

CONVERSION under the Local Authorities Interest Reduction and Loans Conversion Act, 1932-33, section 20 of the Finance Act (No. 2), 1935, and the Eyre County Loans Conversion Order, 1936 (No. 1), 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, with the consent of the holder thereof, the Eyre County Council intends to convert all such debentures or other securities into new debentures having new maturity dates and bearing interest at 4¼ per cent. per annum.