8.—6,

Transfer of Stock. Provided that nothing in the foregoing shall preclude m , , , ~ c . , t „ the Bank from accepting instructions for payment of the registered holder of any stock of this series may, on gtock £ made tQ a Banker> Savings . bank> by mstrament of transfer on the prescribed form obtainable Qr & New Zealand> and the endorsement from the Bank, transfer to any other person or corporation Qr guch the whole of- such stock or any portion thereof be ng bg a y gatiaf^ ction of the intereat and ot her moneys as aforesaid .„,1 a g„d d.d,.,,, ,1, by or 011 behalf of the transferor and the transferee the Bank shall cause the name of the transferee to be entered Exchange of Stock for Debentures. in the Register as the registered holder of the stock to gtock of thig aerieg may be exc h an ged for debentures which the instrument of transfer relates. of this serieg 0 f an equivalent amount on such terms as Every such entry shall operate as a transfer of the stock tQ ent of costa ag the Corporation may prescribe, to which it relates so as to vest that stock in the transferee. 1 ■ .No transfer comprising any stock for which a certificate of title has been issued will be accepted for registration Exchange of Debentures for Stock. unless such certificate of title is contemporaneously Debentures of this series may be exchanged for surrendered for cancellation. equivalent stock of this series on surrender of the relative No stamp duty under the Stamp Duties Act, 1923, will debentures with all current and future coupons to the be payable in respect of an instrument of transfer of any B an k; together with a request in writing for the issue of stock of this issue, but the registration fee for every s tock j n exchange, provided that the minimum inscription transfer of stock shall be 6d. for every £20 included in of atoo k hereunder shall be £20. A fee of 6d. for each such transfer with a maximum of 55., and such fee must £2 0 with a maximum of ss. will be charged for every if required by the Bank be paid before the registration exc h a nge of debentures for stock. of the transfer. The interest on stock and all other moneys payable > r c T i in respect thereof may be paid by cheque or interest Payment in Stock of Principal or Interest of Land warrant sent through the post to the registered address Mortgages. of the holder or in the case of joint holders to the registered Stock will, on the tender thereof by the holder, be address of that one of the joint holders who is first named accepted by the Corporation to the extent of the nominal in the Register in respect of such stock. Every such value thereof, in payment pursuant to the statute of cheque or interest warrant shall be made payable to the principal or interest under any table mortgage or other order of the person to whom it is sent, and payment of mortgage of land held by the Corporation, provided that the cheque or interest warrant, if duly endorsed, shall the stock so tendered is part of the last issue made to the be a satisfaction of the interest and other moneys as public before the date of execution of the mortgage. 11l aforesaid and a good discharge therefor. such case the stock must be surrendered to the Corporation, If several persons or corporations are entered on the aud interest beyond the date of surrender will not be Register as joint holders of any stock, then, without payable : Provided that, in the case of mortgages transprejudice to the last preceding clause, the receipt of any fer'red to the Corporation pursuant to the statute, such such holder for the interest or other moneys from time payment shall be accepted only in securities of Series " A." to time payable in respect of such stock shall be as effective a discharge to the Bank as if the person or corporation signing or. executing the same receipt were the sole Redemption of Stock. registered holder of such stock. Stock of this series will be redeemable at par on the If any cheque or interest warrant issued in payment of Ist day of June, 1944. interest or otherwise in respect of stock of the Corporation be lost or destroyed, then, upon proof thereof to the r . satisfaction of the Bank or in default of proof on such indemnity as the Bank deems adequate being given, a Income received by way of interest on stock of the new cheque or interest warrant in lieu of that lost or Corporation will be liable for New Zealand income-tax destroyed may be given or sent to the person or corporation to the same extent as income from any other assessable entitled thereto. source.

Statement by the State Advances Corporation of New Zealand. The within Prospectus is issued by the Reserve Bank of New Zealand, by arrangement with the Board of Management of the State Advances Corporation, inviting applications for the purchase of Stock and Debentures bearing interest at the rate of 3| per cent, per annum, maturing on the Ist June, 1944. The issue is State-guaranteed, both as to principal and interest. Investments in this issue may be made in amounts to suit all classes. For further details please refer to the prospectus. The investing public throughout New Zealand is given the opportunity to place funds by way of investment in an institution which has established a system of mortgage finance in the Dominion whereby long-term mortgages for borrowers are linked to securities marketable on the Stock Exchange ior lenders. The securities issued by the Corporation, in addition to being guaranteed by the New Zealand Government, give the holders a floating charge over a large number of mortgages and other securities, for details of which reference should be made to the balance-sheet annexed. In addition there is appended— (a) Profit and Loss Account for period ended 31st March, 1936 : (b) Explanation as to amount of profits and disposal thereof : (c) Details of General Reserve Fund : (d) Table showing business transacted. Profit and Loss Account for Period ended 31st March, 1936. £ s. d. Management expenses .. .. •• 72,921 14 7 Gross income brought forward from Interest Account 491,878 11 2 Contribution to Staff Superannuation Fund .. 15,000 0 0 Discount on redemption of stock .. .. ?9 10 4 Reserve for losses .. .. .. • • 5,000 0 0 Contingent liability Account: Amount transferred under section 3, State Advances Corporation Amendment Act, 1935 .. .. •• 57,000 0 0 Xet income carried forward to Appropriation Account .. .. .. •• 341,996 611 £491,918 1 6 £491,918 1 6

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