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(8) From and after the day appointed for the repayment of any bond all interest on the principal moneys represented thereby shall cease and determine, whether payment of the principal shall have been demanded or not.
3. Section 7 of the War Loan Ordinance, 1916, is Amendment amcuded by the substitution of the words and figures of Ordi-
31st day of October" for the words and figures 30th day of November" in the first and second lines thereof.
uance No. 12 of 1916, s. 7.
Objects and Reasons,
It has been pointed out by the Crown Agents that the War Loan Ordinance, 1916. makes ali interest cease ou drawn bonds from the date of the drawing. The effect of this would be that a hond holder might not be able to claim his principal and interest so promptly as to avoid a certain loss of interest on the amount so claimed. It has therefore been decided to provide that at least fifteen days notice of the numbers drawn shall be given before the date on which the interest ceases to run.
The bill also provides for the mode of drawing in more detail than the principal Ordinance. It was originally intended that these details should be directed by the Governor under section 11 of the principal Ordinace, but it seems convenient to include them in this bill.
The pro- visions are based on the model of the General Loan and Inscribed Stock Or finance which is used in the case of loaus domiciled with the Crown Agents.
The bill also corrects a discrepancy between the princi- pal Ordinance and the prospectus of the loan as to the date of redemption for bouds not previously redeemed by drawing or purchase. The date adopted in the bill is the 1st November, 1928, which was the date specified in the prospectus.
J. H. KEMP,
Attorney General.
12th May, 1917.
A BILL
INTITULED
An Ordinance to provide for a temporary in- crease in the rates for the special purpose of increasing the contributions of the Colony to His Majesty's Government towards the ex- penses of the present war.
Be it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:-
and con-
struction. Ordinances
1. This Ordinance may be cited as the Rating (Special Short title War Rate) Ordinance, 1917, and shall be read and con- strued as one with the Rating Ordinance, 1901, hereinafter called the principal Ordinance, and with the Rating Nos, 6 of Amendment Ordinance, 1917.
1901 and 9 of 1917.
2. In addition to the rates payable under the principal Special war Ordinance, there shall be payable on the current valuation rate. of every tenement in the places specified in the schedule hereto a special war rate of seven per centam per annum.
3.-(1.) The said special war rate shall begin to be pay- Commence- able from the 1st July, 1917, and shall remain payable until ment and the end of the quarter during which the present war shall duration of
have come to an end.
rate.
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