382
LEGISLATIVE COUNCIL.
No. S. 192. The following Bill was read a first time at a meeting of the Council held on the 31st May, 1934 :—
Short title.
Authority
to borrow by issue
of bonds.
Application of loan.
Schedule.
Loan to be
a charge on general
revenue,
Redemption.
A BILL
INTITULED
[No. 11-28.5.34.-6.]
An Ordinance to make provision for a loan of twenty five million dollars for the carrying out of certain public works, for the redemption of certain inscribed stock, and for other purposes.
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 Hong Kong Dollar Loan Ordinance, 1934.
2. The Governor is hereby authorised from time to time to issue bonds to an amount sufficient to produce in the aggregate a sum not exceeding twenty-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 Ordinance shall be appropriated and applied to the purposes specified in the Schedule.
(2) It shall be lawful for the Governor to direct that any sums which may not be required for a purpose specified 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 Legislative 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) The sum to be produced, not exceeding twenty five million dollars in addition to the amount necessary to defray the expenses of issuing and managing the loan, may be raised by one or more issues of bonds in accordance with the provisions of this Ordinance.
(2) The bonds of each such issue shall be redeemable at par on the 15th day of July in each of the twenty five years following the year in which they were issued, at the annual rate of one twenty-fifth of such issue.
(3) At any time after the 1st day of January, 1935, in each successive year the Governor shall appoint a day, not being later than the 30th day of June, on which bonds to the value of one twenty-fifth of each such issue shall be drawn for redemption.
(4) When a day is appointed by the Governor for drawing, the Treasurer shall give, by advertisement in the Gazette, not less than fifteen days previous notice, specifying the date, hour and place at which the drawing will take place.