2364

THE NEW ZEALAND GAZETTE.

[No. 81

Cromwell Borough Loans Conversion Order, 1938.

GALWAY, Governor-General.
ORDER IN COUNCIL.

At the Government House at Wellington, this 9th day of November, 1938.
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, notwithstanding the limitation of time prescribed by section fifteen of the said
Local Authorities Interest Reduction and Loans Conversion Act, 1932-33, an Order in
Council may be issued at any time under the aforesaid section thirteen of that Act, as
extended by section twelve of the Local Authorities Interest Reduction and Loans
Conversion Amendment Act, 1934, making provision for the conversion, with the consent
of the holder, of any securities whether or not they are existing securities to which the
said Local Authorities Interest Reduction and Loans Conversion Act, 1932-33, applies:

And whereas the Cromwell Borough Council (being a local authority within the
meaning of the said Act) has issued securities in respect of the loans specified in the First
Schedule hereto and such securities are held by the State Advances Corporation of New
Zealand:

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 Cromwell Borough Loans Conversion Order, 1938.
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 in respect of
   the loans specified in the First Schedule hereto:
   "The local authority" means the Cromwell Borough 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 loans
   specified in the First Schedule hereto held by the State Advances Corporation of New
   Zealand.

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
   holder 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 such
   existing securities.
   (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 Mayor 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 fifteenth day of December, one thousand nine hundred and
   thirty-eight.

NOTICE TO HOLDER OF EXISTING SECURITIES.

6. The local authority shall cause a notice in the form numbered (1) in the Second
   Schedule hereto, together with a copy of this Order, to be forwarded by registered letter
   not later than the date of conversion to the holder of the existing securities to which this
   Order applies.