Appointment
of day for drawing of debentures.
Notice of
time and place ap- pointed for drawing.
Mode of drawing.
Notice of debentures drawn for
152
18. After the date specified in the Ordinance authorising a loan as that on which the contributions to the sinking fund shall commence in respect of that loan, and so long thereafter as any of the debentures remain outstanding and unsatisfied, the Crown Agents shall, in every year, unless the whole of the money applicable in that year to the redemption of debentures has been applied in the purchase thereof, appoint a day in that year for the drawing by lot of the debentures to be redeemed.
19. If a day is appointed for drawing, the Crown Agents shall give, by advertisement in the London Times news- paper, not less than fifteen days previous notice, specifying the day on which, and the hour and place at which, the drawing will take place.
20. On the day and at the hour and place so specified, the Crown Agents shall hold a meeting, at which the holder of any debenture may if he think fit, be present, and shall then in the presence of such debenture holders, if any, as may attend, and of a notary public, draw by lot, out of the whole number of debentures for the time being outstanding, debentures of the specified nominal amount.
21. The Crown Agents shall thereupon declare the distinguishing numbers of the debentures drawn for re- redemption, demption, and shall as soon as may be, by advertisement in the London Times newspaper, specify those numbers and appoint a day, not being later as to each debenture than the day on which the then current half-year's interest thereon is payable, on which the principal moneys repre- sented by the debentures so distingnished will be repaid.
Payment of drawn debentures.
Cesser of interest from day appointed
22. On the day so appointed, the Crown Agents shall, at their office in London, on demand, pay to the holders of the debentures drawn for repayment the principal moneys. represented by those debentures, with all interest payable thereon up to that day.
23. From and after the day appointed for the repayment. of any
debenture all interest on the principal moneys represented thereby shall cease and determine, whether for payment payment of the principal shall have been demanded or not.
of principal.
Redeemed
debentures
24. Upon the payment of the principal moneys repre- sented by any debenture, the debenture with all the coupons to be cancel thereunto belonging shall be delivered up to the Crown Agents to be by them cancelled and forwarded to the Government of Hongkong. Any debenture redeemed by purchase shall likewise be so cancelled and forwarded,
led,
Borrowing upon inscri bed stock.
25. When the Governor, or the Crown Agents acting on his behalf, shall deem it expedient to raise money by the issue of Hongkong inscribed stock, then such stock shall be issued in England by the Crown Agents under the provisions of the Act of the Imperial Parliament entitled "The Colonial Stock Act 1877" upon the best and most favourable terms that can be obtained, provided that the interest on such inscribed stock shall not exceed four pounds per centum per annum.
When the 26. All the inseribed stock which may be created principal is under the provisions of this Ordinance shall be redeemable to be repaid. at par on a date to be named in that behalf by the Crown Agents when issuing the stock, such dute not being later than sixty years from the date of issue, from and after which date all the interest on the principal moneys represented thereby shall cease and determine, whether payment of the principal shall have been demanded or not.
Mode of
of interest on inscribed stock,
27. So long as any of the inscribed stock shall remain providing for unredeemed, the Governor shall, in each half-year ending the payment with the day on which the interest on such inscribed stock falls due, appropriate out of the general revenues and assets of the Colony a sum equal to one half-year's interest on the whole of such inscribed stock, and shall remit that sum to the Crown Agents at such time as will enable them to pay thereont the then current half-year's interest on the day when it falls due.
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