8.—6.

Registered stock may be converted into stock certificates to bearer, and stock certificates maybe converted into registered stock in terms of the New Zealand Loans Act, 1932. No fee is payable in respect of any such conversion. Limitation on New Issues. —Stock and debentures surrendered for conversion will be replaced by new stock in accordance with this Prospectus and the application submitted, except that the right is reserved to limit allotments in either of the new issues to £15,000,000. Where on account of this limitation an allotment in full cannot be made the applicant will be offered conversion into the other issue. Transfers. —The Register of Stock for both the new issues will be kept at the Reserve Bank of New Zealand, Wellington, where transfers will be registered without payment of any fee. Such stock will be transferable in amounts of £5 or multiples thereof. Stock certificates (until the name of some person is inserted therein as the holder) are transferable by delivery. Certificates of Title. —If certificates of title evidencing ownership of the stock are required applications should be made on the prescribed form. No fee is payable for the issue of a certificate of title. Repayment. —If not previously redeemed stock of the 3|-per-cent. Loan 1957-60 will be repaid at par at the Reserve Bank of New Zealand on the 15th September, 1960, and stock of the 3-per-cent. Loan 1946-48 will be repaid at par at the Reserve Bank of New Zealand on the 15th September, 1948, but the Minister of Finance reserves the right to repay at par the Loan at any time on or after the 15th September, 1957, and the 3-per-cent. Loan at any time on or after the 15th September, 1946, on giving at least three months' notice in the New Zealand Gazette of his intention to repay. Interest on New Securities. —Interest on registered stock of the new issues will be paid free of inland exchange by means of interest warrants which will be transmitted by post at the risk of the stockholder. Existing instructions for the payment of interest in the Dominion will apply in respect of the new issues. Subject to the provisions of the next succeeding paragraph, interest on stock certificates to bearer will be paid free of inland exchange by means of coupons annexed to the certificates. Interest coupons may be presented at the Reserve Bank of New Zealand, Wellington, at any branch of the Bank of New Zealand, or at any postal money-order office in New Zealand. Interest payable on Stock Certificates for any period being less than a full half-year will be calculated on a daily basis and paid by warrant forwarded direct from the Reserve Bank, Wellington. The first interest coupon annexed to any stock certificate will cover the first full half-year's interest. Closing of Registers. —The Registers will be closed for all transactions relating to the 3-per-cent. stock maturing 15th July, 1941, on the evening of the 14th June, 1941, the Registers relating to the 3§-per-cent. stock maturing 15th November, 1941, on the evening of the 19th July, 1941, and the Registers relating to the 3|-per-cent. and the 4-per-cent. stock maturing 15th March, 1943, on the evening of the 16th August, 1941. The final payment of interest and the repayment of principal will be made to the persons registered as owners of the respective stocks on the appropriate closing-dates specified, and conversion will be effected only in the names of the registered holders of the stock on those dates. Commission. —Commission at the rate of five shillings per £100 nominal value of convertible securities will be allowed to bankers and registered sharebrokers on allotments made in respect of conversion acceptances bearing their stamp. Copies of this Prospectus and forms of application may be obtained at the Reserve Bank of New Zealand, Wellington ; at the District Treasury Offices at Auckland, Christchurch, or Dunedin ; at any branch of any Trading Bank in New Zealand; or at any Postal Money-order Office in the Dominion. The lists for the loans will be opened forthwith, and will be closed on the evening of the 14th June, 1941. The Reserve Bank, however, is authorized to accept applications after the closing date specified in any case where, in the opinion of the Bank, application prior to such date was impracticable. Reserve Bank of New Zealand, Wellington, 15th May, 1941.

By Authority: E. V. Paul, Government Printer, Wellington. —1941.

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