FEB. 3]

THE NEW ZEALAND GAZETTE

155

NEW SECURITIES

7. (1) New securities shall be issued to secure an aggregate amount of principal of five thousand pounds (£5,000).
   (2) The aggregate amount of principal secured by the new securities to be issued in accordance with this Order, together with interest thereon computed at a rate not exceeding three and one-eighth per centum (3⅛%) per annum, shall be repaid by equal half-yearly instalments over a period of ten (10) years, the first half-yearly instalment to fall due and be paid on the thirtieth day of September, one thousand nine hundred and forty-nine, and subsequent half-yearly instalments to fall due and be paid on every thirty-first day of March and thirtieth day of September thereafter, the last half-yearly instalment to fall due and be paid on the thirty-first day of March, one thousand nine hundred and fifty-nine.

8. (1) New securities for the amount of each half-yearly instalment shall be issued in the form of debentures in the form numbered (1) 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 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.

SURRENDER OF EXISTING SECURITIES AND PAYMENT OF INTEREST THEREON

9. The holder 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.

PREMIUM

10. The holder of the existing securities shall be entitled to receive a premium of one thousand two hundred and seventy-one pounds four shillings and tenpence (£1,271 4s. 10d.). The amount of such premium shall be paid in cash out of the existing sinking fund.

PLACE FOR PAYMENT OF PRINCIPAL AND INTEREST

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

APPLICATION OF EXISTING SINKING FUND

12. The existing sinking fund of the loan referred to in the First Schedule hereto shall at the date of conversion be applied by the Commissioners thereof, so far as it will extend in or towards making the following payments, in the following order of priority, namely :
    (a) First, in payment in accordance with the directions of the local authority of the sum of one thousand two hundred and seventy-one pounds four shillings and tenpence (£1,271 4s. 10d.), being the amount of premium payable to the holder of the existing securities pursuant to the provisions of clause ten hereof.
    (b) Secondly, 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.

SECURITY

13. (1) As a security for the new securities the local authority shall forthwith, by resolution gazetted (in the form numbered (2) 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 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.
    (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 loan specified in the First Schedule hereto at the commencement of this Order.

COSTS OF CONVERSION

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

FIRST SCHEDULE

Name. Amount. Rate of Interest.
The Waitomo Electric-power Board Completion Loan of £7,000, 1926 7,000 5¼

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, and the Waitomo Electric-power Board Loan Conversion Order 1949; 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 and Order 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 £.......
Issued under the common seal of the Waitomo Electric-power Board, the........ day of ........, 19..
A.B., Chairman.
C.D., Treasurer (or other officer appointed for the purpose).

(2) 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, and the Waitomo Electric-power Board Loan Conversion Order 1949, the Waitomo Electric-power Board hereby resolves as follows :
"That, for the purpose of providing the half-yearly instalments of principal and 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 electric-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,
Clerk of the Executive Council.
(T. 49/176/10.)

Increasing Borrowing-powers of Nelson Fire Board

B. C. FREYBERG, Governor-General ORDER IN COUNCIL
At the Government House at Wellington, this 26th day of January, 1949
Present :
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS it is provided by section thirty-one of the Fire Brigades Act, 1926 (hereinafter called the said Act), that the Governor-General in Council may, on the application of any Fire Board established under the Fire Brigades Act, 1926, extend the powers of that Board to borrow moneys in excess of the limits fixed by the said section :
And whereas by Order in Council dated the fifth day of August, one thousand nine hundred and forty-two, and published in the Gazette on the sixth day of August, one thousand nine hundred and forty-two, at page 1989, the powers of the Nelson Fire Board were extended, but not so as to exceed the sum of thirteen thousand nine hundred pounds :
And whereas application has been made by the said Nelson Fire Board for further extension of borrowing-powers and it is desirable to grant such request :
Now, therefore, His Excellency the Governor-General of the Dominion of New Zealand, in pursuance and exercise of the powers and authorities vested in him by the said Act, and acting by and with the advice and consent of the Executive Council, doth hereby declare that the powers of the said Board to borrow moneys in excess of the limits fixed by the said section thirty-one are hereby extended, but so as not to exceed the sum of sixteen thousand five hundred pounds : Provided that no moneys as aforesaid shall be borrowed except subject to the provisions of the Fire Brigades Act, 1926, and its amendments.

T. J. SHERRARD,
Clerk of the Executive Council.
(I.A. 76/3/15.)