942
borrow not
exceeding
Authority to 3. The Governor may at any time after the 31st day of September, 1941, borrow in accordance with the provisions $10,000,000. of this Ordinance such sums not exceeding in all ten million dollars as he thinks proper to raise for the purpose of making a gift to His Majesty's Government in the United Kingdom of the said sums to be expended within the Colony for purposes in aid of the prosecution of the war in which His Majesty is at present engaged.
Accountant - General to issue
certificates.
Repayment
of
certificates
a charge
on general
revenues.
Credits to
sinking fund.
Application
4. Any sums which may be raised under this Ordinance shall be raised by the issue through the Accountant-General of war savings certificates, and any certificate so issued shall carry such increment and shall be subject to such conditions as to repayment or otherwise as are contained in this Ordin- ance and in the regulations issued thereunder.
5.-(1) The principal of and increment on any war savings certificate issued under this Ordinance are hereby charged upon and shall be payable out of the general revenues and assets of the Colony, and, in order to facilitate the repayment of such principal and the payment of such increment, a sinking fund shall be formed in the manner set out in the following sub-section.
(2) So long as any war savings certificates remain to be repaid the Governor shall, on the first day of October, 1942. and on the same day in each succeeding year appropriate out of the general revenues and assets of the Colony a sum equal to seventy five cents for each unit certificate issued and not repaid at that date and shall place these sums to the credit of a war savings certificates sinking fund.
6. The war savings certificates sinking fund shall be of sinking applied in payment of the increment due on certificates and
repayment of the principal.
fund.
Sinking
fund to be invested.
Disposal of
moneys.
Charge upon general
revenue.
7. Subject to the provisions of this Ordinance moneys in the war savings certificates sinking fund shall not be applied in any way to the purposes of the Colony but, except in so far as any sums may be assigned to be kept in hand for the purposes of paying the increment and repaying the principal on certificates, shall, as far as is practicable be invested under the direction of the Financial Secretary in such securities or be employed at interest in such manner as shall be approved from time to time by the Governor, or, in the case of moneys remitted to London for investment, by the Secretary of State, and any such investment may at any time be changed into other like securities.
8. Any sums of money that may from time to time be required for the repayment of any certificate with the incre- ment accrued thereon under the authority of this Ordinance, may be raised by the sale of the whole or part of such securities: Provided that any sums of money which may be required for the purposes aforesaid may, with the approval of the Governor, be advanced by the Financial Secretary out of the general revenues of the Colony until they can be raised by the sale of such securities.
9. In case the sinking fund provided for by this Ordin- ance is insufficient for the repayment of all certificates and for payment of the increment accrued thereon at the time the same have become due, the Governor shall make good the deficiency out of the general revenues and assets of the Colony.