(1) The residue of the said purchase-money, after deducting the said sum of one million dollars, shall, together with the said sum of thirty thousand dollars, be payable on the date hereinbefore provided for the payment thereof, either in cash or, at the option of the Company, in debentures issued by the Crown, or partly in cash and partly in such debentures.
(2) All debentures so issued shall bear interest at the rate of four per centum per annum, and shall have a currency of seven years.
(3) All such debentures shall be charged on the public revenues of New Zealand, and shall be issued under and subject to the provisions of the New Zealand Loans Act 1908.
(4) All such debentures shall (if the Company so requires) be issued on terms conferring upon the holders thereof the right to convert the same into inscribed stock under the provisions of the New Zealand Loans Act 1908.
(5) All such inscribed stock shall be issued at the rate of two hundred and two dollars of the capital amount of such stock for every two hundred dollars of the capital amount of the debentures exchanged therefor, and the said stock shall bear interest at the rate of three and a half per centum per annum, and shall be redeemable at the same time and in the same manner as the three-and-a-half-per-cent. inscribed stock heretofore issued by the Government of New Zealand and current at the time of the passing of this Act.
The references to
“one million dollars”,
“thirty thousand dollars”,
“two hundred and two dollars”, and
“two hundred dollars” were substituted, as from 10 July 1967, for references to
“five hundred thousand pounds”,
“fifteen thousand pounds”,
“one hundred and one pounds”, and
“hundred pounds” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).