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THE HONGKONG GOVERNMENT GAZETTE, 21st JANUARY, 1893.
Definition.
Loans to be raised by Inscribed Stock.
Loans to be
a charge upon General
Revenue.
Borrowing
wpon In- scribed Stock
When the principal is to be repaid.
Mode of pro- viding for payment of Interest and Principal
Investment
of Sinking
Fnud.
Any deficiency in Sinking Fund to be
made good out of General Revenues.
Expenses to be paid out of Sinking
Fund.
Be it therefore enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:---
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1. In this Ordinance unless the context otherwise re- quires-
The expression "Governor means the person for the time being administering the Government of Hongkong.
The expression "Crown Agents" means the person or persons for the time being acting as Crown Agents for the Colonies in England.
2. As often as by any ordinance authority shall have been given or shall hereafter be given to raise any sum of money whether by Debontures or otherwise for the purpose mentioned in such Ordinauce, the Governor may from time to time raise such sum by the issue of Inscribed Stock to Le called "Hongkong Inscribed Stock.”
3. The principal moneys and interest secured by the Inscribed Stock issued under the provisions of this Ordi- nance are hereby charged upon and shall be payable out of the General Revenues and assets of the Government of Hongkong.
4. Such Stock shall be issued in England by the Crown Agents under the provisions of the Acts of the Imperial Parliament intituled The Colonial Stock Acts 1877 and 1892, upon the best and most favourable terms that can be obtained, provided that the interest on such Inscribed Stock shall not exceed 43 per centum per annum.
5. All the Inscribed Stock which may be created under the provisions of this Ordinance shall be redeemable at par on a date to be named in that behalf by the Crown Agents when issuing the Stock, such date not being later than fifty years from the date of issue. From and after which date all interest on the principal moneys secured thereby shall cease and determine whether payment of the principal shall have been demanded or not.
6. So long as any of the Inscribed Stock shall remain unconverted or unredeemed the Governor shall in each half year ending with the day on which the interest on such Inscribed Stock falls due, appropriate out of the General Revenues and assets of the Government of Hongkong 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 thereout the then current half-year's interest on the day when it falls due. After the date specified in the Ordinance authorizing an issue of Inscribed Stock as that on which the contribu- tion to the Sinking Fund shall commence the Governor shall further appropriate out of the said Revenues and Assets in euch half-year ending as aforesaid an additional sum for the formation of a Sinking Fund equal to ten shillings per centum on the total nominal amount of such Inscribed Stock and shall remit that sum to the Crown Agents with the remittance hereinbefore mentioned.
7. The contribution to the Sinking Fund shall be applied as follows:-
(a) If the price of the Inscribed Stock be below par at the time when the contributions are received the Crown Agents may, if practicable, purchase therewith the Inscribed Stock in the market and shall cancel in the Register the Stock so pur- chased.
(b) The Crown Agents shall invest so much of the con- tributions as shall not be applied in the purchase of Inscribed Stock, and the dividends, interest, or produce of such investments in the purchase of such Debenture, Stock, or other security, as may from time to time be approved by Her Majesty's Principal Secretary of State for the Colonies, and shall hold such fund in trust for repayment of the principal moneys for the time being secured by the Inscribed Stock.
8. In case the Sinking Fund shall be insufficient to pro- vide the necessary Funds for the redemption of the Inscribed Stock when it shall become due, the deficiency shall be made good out of the General Revenues and assets of Hongkong.
9. All expenses of or incidental to the management of the Sinking Fund or to the repayment of the principal moneys borrowed shall be paid out of the Sinking Fund.