LOAN CONVERSION.
TRANSPORT BOARD DECISION. The Auckland Transport Board today resolved to issue new securities of tlio debentures or other securities in respect of loa'ns aggregating .£307.800. Reporting upon the proposal the secretary, Mr. W. St. J. Clarke, said the Bank of Xew Zealand was prepared to carry out the actual conversions of the board's loans with the actual holders of the old debentures at a fee of 1/ per cent, plus out of pocket expenses (postage, insurance, etc.) oil the total face amount of the old debentures handled. The loans conversion under review totalled £397,800, and at 1/ per cent the fee would be £108 18/. If the bank did the work it would ensure the safe transit of the debentures at a cheaper rate than the board could. The handling of the conversion by the bank would obviate the necessity of drawing some 2000 or 3000 separate cheques to be signed by members which would be the case if the board's staff handled the conversion. He recommended that the Bank of New Zealand be appointed to carry out the work. The recommendation was adopted.
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Bibliographic details
Auckland Star, Volume LXV, Issue 143, 19 June 1934, Page 9
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186LOAN CONVERSION. Auckland Star, Volume LXV, Issue 143, 19 June 1934, Page 9
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