8.—6.

Interest 011 Debentures will be paid free of inland exchange on presentation of the appropriate interest coupons annexed thereto at the Reserve Bank of New Zealand, Wellington, at any branch of the Bank of New Zealand in the Dominion, or at any postal money-order office in New Zealand. Interest on Stock and Debentures of this series will commence to accrue from the date of lodgment of the application-money in respect of allotments made. The initial payment Will be made on the lst day of June, 1937, in respect of applications lodged and accepted up to that date. Interest on any applications lodged and accepted on or after the lst day of June, 1937, will be computed from the date of lodgment to the next following half-yearly interest date. The initial payment of interest in respect of Debentures will be made by cheque. Transfers. —The Register of Stock will be kept at the Reserve Bank of New Zealand, Wellington, where all transfers will be registered. Stock will be transferable in amounts of £20 or multiples thereof. Stamp Duty.—Stock and Debentures of this issue will be exempt from Stamp Duty on the transfer thereof otherwise than by way of gift. The Stock of this series is issued subject to the conditions contained in the Schedule hereto. Commission at the rate of ss. per £100 Stock or Debentures will be allowed to bankers and registered sharebrokers on allotments made in respect of applications bearing their stamp. Copies of this Prospectus and forms of application may be obtained at the Reserve Bank of New Zealand, Wellington, at any of the offices of the Corporation, at any branch of any Bank in the Dominion, at any postal money-order office in New Zealand, or from any member of any Stock Exchange affiliated to the Stock Exchange Association of New Zealand. The list for applications will be opened on the 16th day of February, 1937. Reserve Bank of New Zealand, Wellington. Date : 16th February, 1937.

Series B. Schedule to Prospectus dated 16th February, 1937, relating to the Issue op 3J per cent. Stock or Debentures, 1944, Series B, op the State Advances Corporation of New Zealand. Registration of Stock. No transfer relating to stock of this series will be Any person or corporation lending money to the Cor- registered during the fourteen days immediately preceding poration under the terms of this Prospectus on the th ® , lst Jun <l and lst , December m each year. security of stock of this series will have his, her, or its , he executors or administrators of a deceased registered name registered in the Register of Stock of the State Ad- holder of stock (not being one of several joint holders) vances Corporation of New Zealand, which will be kept ® haU be th ®. ° P e f° ns recognized by the Bank as at the Reserve Bank of New Zealand, Wellington, tavmg any title to such stock. hereinafter referred to as " the Bank." Lh ® Bank shall be at . llbert y to retain interest Registration receipts will be issued to investors when P a y able u P on an y stock in respect of which any person the stock is registered. or corporation under the last preceding condition is Every person or corporation whose name is for the time entitled to transfer until such person or corporation shall being registered in the Register as the holder of stock or duly transfer same shall be deemed to be the holder of such stock for. the No P erson who 18 not , of * uU a B e shall be eligible under amount for the time being standing to his, her, or its any circumstances to become registered as the holder credit in the Register with the right to receive interest ot stook ot tlle rPoratl°nthereon half-yearly on the dates named in this Prospectus. No notice of any trust in respect of any stock or in Certificate of Title. respect of any certificate of title to stock shall be entered On application in writing made 011 the prescribed m the Register or be receivable by the Bank, and no form obtainable from the Bank or at any office of the liability shall attach to the Bank or to any officer thereof Corporation by the registered holder of any stock issued by reason of any express, implied, or constructive notice under the provisions of this Prospectus, the Bank will of any trust affecting such stock or certificate of title. issue a certificate of title certifying that the applicant The Bank will recognize the registered holder of any i s the registered holder of the stock referred to therein stock as the absolute owner thereof and shall not be bound (being the whole or any portion [not less than £20 or a to take notice or see to the execution of any trust, whether multiple thereof] of the amount of stock of which the expressed, implied, or constructive, to which any such applicant is the registered holder). A fee of Is. will be stock or certificate of title may be subject; and the charged for the issue of each certificate of title. receipt of such holder for the interest from time to time Any such certificate of title shall be conclusive evidence accruing due in respect thereof, and for any moneys 0 f the ownership of the stock to which it relates by the payable in respect thereof, or upon the redemption of person or corporation named therein as the holder and the same, shall be a good discharge to the Bank, not- will be signed on behalf of the Bank by an officer thereof withstanding any notice it may have, whether express duly authorized in that behalf. or otherwise, of the right, title, interest, or claim of any The transfer whether by delivery or otherwise of any other person or corporation to or in such stock or moneys. such certificate of title shall not operate as a transfer When the right to any stook is acquired by any person of the legal or equitable interest of the holder in the stock or corporation on the death or bankruptcy or liquidation to which it relates. No dealings with any stock to which of the registered holder or under a writ of execution or any such certificate of title relates will be recorded by in any manner other than by way of transfer as herein- the Bank unless and until such certificate of title has after provided, the Bank on application by or on behalf been produced to the Bank and cancelled by it. of the person or corporation entitled and on being Provided that where any such certificate of title has satisfied that he, she, or it is legally entitled to be registered been lost or destroyed the Bank, on evidence to its as the holder of the stook shall enter his, her, or its name satisfaction by statutory declaration of the loss or in the Register as the holder of such stock. destruction of such certificate of title, may on such terms In the case of the death of any one of the joint holders and subject to such conditions as it thinks fit (including of any stock of the Corporation, the survivor or survivors an indemnity) issue a substituted certificate with the will alone be recognized by the Bank as having any title word " substituted " stamped or written thereon. Every to or interest in such stock, and the Bank shall be at such substituted certificate shall be deemed to have the liberty to call for such evidence by way of proof as it same effect to all intents and purposes as the original shall think fit. certificate of title for which it is substituted.

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