Feb. 7] THE NEW ZEALAND GAZETTE 123

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
   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 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 be deemed to take effect shall be the first
   day of April, one thousand nine hundred and forty-six.

CONSENT TO CONVERSION

6. The consent of the holders of the existing securities to the
   conversion thereof in accordance with this Order shall, if given, be
   specified in writing, and when given shall be irrevocable.

NEW SECURITIES

7. The aggregate amount of principal secured by the new
   securities to be issued in accordance with this Order shall be repaid
   by equal half-yearly instalments of five hundred pounds (£500)
   each over a period of thirteen (13) years, the first such instalment to
   fall due and be paid on the first day of August, one thousand nine
   hundred and forty-six, and subsequent half-yearly instalments to
   fall due and be paid on every first day of February and August
   thereafter, the last half-yearly instalment to fall due and be paid on
   on the first day of February, one thousand nine hundred and fifty-
   nine.
8. (1) New securities shall be issed in the form of debentures
   in the form numbered (1) in the Second Schedule hereto.
   (2) Every new debenture shall be for a sum of five hundred
   pounds (£500) or any amount in excess of five hundred pounds
   (£500).
   (3) All new debentures shall be numbered consecutively, and as
   between the holders thereof shall rank equally.
   (4) Every new debenture shall state on its face that the holder
   has no claim in respect thereof upon the Government or public
   revenues of New Zealand.
   (5) 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.

INTEREST AND COUPONS

9. (1) The rate of interest payable on new securities shall be
   three and one-quarter per centum per annum.
   (2) The interest on new securities shall be payable half-yearly
   on the first day of February and the first day of August in every
   year.
10. (1) Separate coupons for each amount of interest payable
    on any debenture in the form numbered (2) in the Second Schedule
    hereto and numbered consecutively for each debenture shall be
    attached thereto.
    (2) The signature to coupons may be made by facsimiles thereof
    in lithograph or otherwise.

SURRENDER OF EXISTING SECURITIES AND PAYMENT OF INTEREST
THEREON

11. The holders of the existing securities shall surrender the
    existing securities 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 that date.

PLACE FOR PAYMENT OF PRINCIPAL AND INTEREST

12. The principal and interest in respect of new securities
    shall be payable in New Zealand.

SECURITY

13. (1) As a security for the new securities the local authority
    shall forthwith, by resolution gazetted (in the form numbered (3)
    in the Second Schedule hereto), make and levy a special rate upon
    all rateable property in its electric-power district to provide for the
    payment of the half-yearly instalments of principal and interest 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
    thereofore 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.
    (4) Provided, however, that nothing in this clause shall be
    deemed to extinguish the liability of any ratepayer for special rates
    outstanding in respect of the loans enumerated in the First Schedule
    hereto at the commencement of this Order.

B

COSTS OF CONVERSION

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

FIRST SCHEDULE

SECOND SCHEDULE

FORMS

(1) New Debenture

No. . . . . . .

WAITOMO ELECTRIC-POWER BOARD

New debenture issued pursuant to Part II of the Local
Authorities Interest Reduction and Loans Conversion Act, 1932–33,
and section 20 of the Finance Act (No. 2) 1935; new debenture for
£ . . . . . . payable at . . . . . . in New Zealand on the . . . . . .
day of . . . . . . , 19. ., issued by the Waitomo Electric-power
Board, New Zealand, under the above-mentioned Acts, pursuant to
a resolution passed and confirmed by the said Board 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.)
On presentation of this debenture at . . . . . . in New Zealand
on or after the . . . . . . day of . . . . . . 19. ., the bearer thereof
will be entitled to receive £ . . . . . . . Interest on this debenture
will cease after the day when the amount falls due, unless default
is made in payment. On presentation at any other branch of the
Bank of New Zealand in New Zealand, other than the Bank of New
Zealand, Te Kuiti, inland exchange will be paid by the said Board.
This debenture bears interest at the rate of three and one-quarter
per centum per annum, payable on the 1st day of February and the
1st day of August in each year on presentation of the attached
coupons.

Issued under the common seal of the Waitomo Electric-power
Board, the . . . . . . day of . . . . . . , 1946.

A. B., Chairman.
C. D., Treasurer (or other officer
appointed for the
purpose).

(2) Coupon

No. . . . . . .

New debenture No. . . . . . . of the Waitomo Electric-power
Board, New Zealand, issued under Part II of the Local Authorities
Interest Reduction and Loans Conversion Act, 1932–33, and section
20 of the Finance Act (No. 2), 1935.

On presentation of this coupon at . . . . . . in New Zealand on
or after the . . . . . . day of . . . . . . 19. ., the bearer hereof will
be entitled to receive £ . . . . . . .

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

A. B., Chairman.
C. D., Treasurer (or other officer
appointed to sign
debentures).

(3) Resolution making Special Rate

In pursuance and exercise of the powers vested in it in that
behalf by Part II of the Local Authorities Interest Reduction and
Loans Conversion Act, 1932–33, and section 20 of the Finance Act
(No. 2), 1935, the Waitomo Electric-power Board hereby resolves
as follows :—

“ That, for the purpose of providing the half-yearly instalments
of principal and the interest in respect of the new securities
authorized to be issued by the Waitomo Electric-power Board under
the above-mentioned Acts, the said Waitomo Electric-power Board
hereby makes and levies a special rate of (state amount in the pound)
upon the rateable value on the basis of (state whether capital,
unimproved or annual) value of all rateable property within its
power district; and that such special rate shall be an annually
recurring rate during the currency of such securities, and be payable
half-yearly on the . . . . . . day of . . . . . . and the . . . . . . day
of . . . . . . (or yearly on the . . . . . . day of . . . . . .) in each
and every year until the last maturity date of such securities, being
the . . . . . . day of . . . . . . , 19 . ., or until all such securities are
fully paid off.”

T. J. SHERRARD,
Acting Clerk of the Executive Council.

(T. 49/176.)