Converted securities to be cancelled,
Trustees to apportion amount of sinking fund released by conversion.
Sinking
funds relea-
sed how to be disposed of.
Creation, inscription,
issue, conver- sion and transfer of inscribed stock.
Raising of loans in Hongkong.
Repeal of Ordinance No. 1 of 1893-
Saving Clause.
154
(c.) In accordance with such terms and conditions
as may be prescribed under section 32 (a) of this Ordinance.
34. The securities exchanged or ortherwise converted into inscribe! stock under the provisions of this Ordinance shall be forthwith cancelled by the Crown Agents, and the debentures surrendered shall be cancelled and trans- mitted to the Governor of Hongkong,
35. The trustees of the sinking fund appointed under this Ordinance, and acting under any Ordinance, authoris ing the issue of any securities which may be exchanged into inscribed stock or cancelled or purchased under the provisions of this Ordinance, shall determine what amount of the sinking fund held by them and created for repayment of such securities shall be released, and in the determination of such question the trustees shall take into consideration the value of the whole investments held by them on account of such sinking funds, the amount of the debt remaining a charge on such sinking funds, and such matters as the trustees may think fit to take into account.
36. So much of the sinking funds as may be released shall either be transferred unto the trustees of the inscribed stock sinking fuud, or be disposed of in such a manner as the Governor, with the advice and consent of the Legislative Council, may direct.
37. The Crown Agents may from time to time, at the request of the Governor, make arrangements for all or any of the following things:-
(1.) For inscribing stock in their books.
(2.) For managing the creation, inscription, and
issue of inscribed stocks.
(3.) For effecting the conversion of loans into
inscribed stock.
(4.) For paying interest on inscribed stock and
managing the transfers thereof.
(5.) For issuing inscribed stock certificates to bearer, and, as often as occasion shall require, re-inscribing them.
38. This Ordinance shall be applicable only to the raising of loans in England, and nothing in this Ordinance contained shall prevent the raising of loans in the Colony upon such terms and conditions as shall be specified in any Ordinance authorising the raising of such loaus.
39. The General Loan and Inscribed Stock Ordinance, 1893, is hereby repealed.
40. Nothing in this Ordinance or in the repeal of Ordi- nauce No. of 1893 shall affect the rights of any person who holds stock or bonds issued under the authority of Ordinauce No. 1 of 1893.
Objects and Reasons,
The object of this Bill is to place on a satisfactory basis the general local Statutory Law relative to Loans raised by the Government and to provide for the Colony being able to create Inscribed Stocks and take advantage of the Imperial Acts relating thereto.
The introduction of this Bill is made in compliance with instructions from the Secretary of State for the Colonies.
JOHN A. BUCKNILL,. Attorney General
in
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