392 THE HONG KONG GOVERNMENT GAZETTE, SEPTEMBER 16, 1927.
HONG KONG.
No. 14 or 1927.
1 assent.
Short title.
Authority to borrow by issue of bonds.
Application of loan.
Schedule.
Loan to be a charge on general
revenue.
Redemption.
L.S.
C. CLEMENTI, Governor.
16th September, 1927.
An Ordinance to make provision for a loan of five million dollars for the carrying out of certain public works.
[16th September, 1927.]
Be it enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows :---
1. This Ordinance may be cited as the Public Works Loan Ordinance, 1927,
2. The Governor is hereby authorized to issue bonds to an amount sufficient to produce as nearly as may be the sum of five million dollars and such further sum as may be necessary to defray the expenses of the issue and management of the loan.'
3.--(1) The money to be borrowed under the authority of this Òrdinance shall be appropriated and applied to the purposes specified in the Schedule: Provided that no expenditure shall be incurred in respect of the third item in the Schedule unless such expenditure shall have been approved by a resolution of the Legislative Council and by the Secretary of State.
(2) It shall be lawful for the Governor to direct that any sums which may not be required for a purpose speci- fied in the Schedule may be appropriated and applied to any other purpose therein specified: Provided that no such transfer of money from one item of the Schedule to any other item thereof shall be made unless such transfer shall have been approved by a resolution of the Legisla- tive Council and by the Secretary of State.
4. The principal moneys and interest represented by the bonds issued under the provisions of this Ordinance are hereby charged upon and shall be payable out of the revenue and assets of the Colony.
5,-(1) Subject to the provisions of sub-sections (2) to (8), both inclusive, the bonds issued under the provi- sions of this Ordinance shall be redeemable at par on the 1st day of November, 1938, from and including which date all interest on the principal moneys represented there- by shall cease and determine, whether payment of the principal shall have been demanded or not.
(2) At any time or times after the 31st day of October, 1932, the Governor may approve of the redemption by purchase of bonds of such denominations and to such respective total nominal values as he may from time to time determine.
(3) At any time or times after the 31st day of October, 1932, the Governor may appoint a day for the drawing by lot of bonds of such denominations and to such respec- tive total nominal values as he may from time to time determine.