420
C.S.0. 1317/27.
Short title.
Authority to horrow by issue of bonds.
Application of loan.
Schedule.
Loan to be a chargo on general
revenue.
Redemption.
No. 15-19.8.27.—3.)
A BILL
INTITULED
An Ordinance to make provision for a loan of five million dollars for the carrying out of certain public works.
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 moncy to be borrowed under the authority of this Ordinance 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 Conneil and by the Secretary of State.
(2). It shall be lawful for the Governor to direct that any sums which uny not be required for a purpose speci- fied in the Schedule may be appropriate and applied to any other purpose there'n 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 revenne and assets of the Colony.
5.-(1) Subject to the provisions of sub-sections (2) to (8), both inelusive, 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 deumtied 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 determme.
(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 valueș as he may from time to time determine.
(4) If a day is appointed by the Governor for drawing, the Colonial Treasurer shall give, by advertisement in the Gazette, not less than fifteen days previous notice, specify- ing the day on which, and the hour and place at which, the drawing will take place, and the denominations aud respective total nominal values of the bouls to be drawn,