2880
THE NEW ZEALAND GAZETTE.
[No. 70

(b) Secondly, in payment, in accordance with the directions of the local authority,
of the costs and charges (not exceeding in the aggregate one thousand five
hundred pounds) of and incidental to the conversion of existing securities to
which this Order applies (whether issued in respect of the said loan or of any
other loan referred to in the First Schedule hereto);
(c) Thirdly, so far as it will extend and in accordance with the direction of the holder,
in repayment as at the date of conversion of the principal secured by the
existing securities issued in respect of such loan; and
(d) Fourthly, 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.

(2) Any securities included in the balance of the existing sinking fund transferred
to the Commissioners of the Consolidated Sinking Fund pursuant to the last preceding
subclause shall be realized as soon as practicable, and the proceeds of such realization
applied by such Commissioners in the purchase at par of such of the new securities as
are redeemable on the thirty-first day of May, one thousand nine hundred and sixty-five.
Any such new securities shall, on their purchase as aforesaid, be cancelled, and for the
purposes of this Order deemed to be redeemed on the date of such purchase.

CONSOLIDATED SPECIAL RATE.

18. (1) As a security for the new securities the local authority may, 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 converted into new securities in accordance with this
Order shall cease to be a security for such existing securities.

SECURITIES HELD BY TRUSTEES.

19. 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.

FIRST SCHEDULE.

LOANS TO BE CONVERTED.

SECOND SCHEDULE.

FORMS.

(1) Notice.

TAKAPUNA BOROUGH 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 Takapuna Borough
Loans Conversion Order, 1937, of debentures or other securities issued in respect of
the following loans [Particulars of loans].

Notice is hereby given to the holder of the debentures or other securities issued in
respect of the above-mentioned loans that with the consent of the holder thereof the
Takapuna Borough Council intends to convert all such debentures or other securities
into new debentures having new maturity dates and bearing interest at 4½ per cent.
per annum.

The conversion will take effect from the 30th day of November, 1937.

Consent to conversion, if given, must be made in writing on or before the 30th day
of November, 1937, and when given shall be irrevocable.

Dated the __ day of __, 1937.

, Mayor.

(2) New Debenture.

No. .

TAKAPUNA BOROUGH COUNCIL, NEW ZEALAND.

New debenture, issued pursuant to Part II of the Local Authorities Interest
Reduction and Loans Conversion Act, 1932–33, section 20 of the Finance Act (No. 2),
1935, and the Takapuna Borough Loans Conversion Order, 1937. New debenture
for £____, payable at Sydney, in Australia, on the __ day of __, 19__,
issued by the Takapuna Borough Council, New Zealand, under the above-mentioned
Acts and Order pursuant to a resolution passed and confirmed by the said Council as
provided by section 9 (2) of the said Local Authorities Interest Reduction and Loans
Conversion Act, 1932–33.

(N.B.—The holder of this debenture has no claim in respect thereof upon the
Government or public revenues of New Zealand.)