882 THE HONGKONG GOVERNMENT GAZETTE, 17TH OCTOBER, 1885.
A BILL
Preamble.
Loans to be raised by
Debentures, or
Hongkong Inscribed Stock.
Loans to be a charge upon
general
revenues.
Borrowing upon Deban- tures.
Amount of each Debenture.
Registry of Debentures.
Interest Coupons.
Form of Debentures and Coupons.
Debentures and Coupons transferable by delivery.
Mode of
providing for payment of interest and principal of Debentures.
ENTITLED
The Loan Ordinance, 1885.
HEREAS it is expedient to raise on loan a sum not
sale of Debentures or of Inscribed Stock, to be expended on certain Public Works and Fortifications. And Whereas it is also expedient to provide for the creation of Inscribed Stock, and to enable this Colony to take advantage of the provisions of an Act of the Imperial Parliament cutituled "The Colonial Stock Act, 1877"; Be it therefore enacted by the Governor of Hongkong, with the advice of the Legislative Council thereof, as follows:
1. This Ordinance may be cited for all purposes as The Loan Ordinance, 1885.
2. The Governor may from time to time raise such sum or sums of money as he may deem expedient, not exceeding in all Two Hundred Thousand Pounds, either by Deben- tures or by Hongkong Inscribed Stock, or partly by Deben- tures and partly by such Inscribed Stock.
3. The principal moneys and interest secured by the Debentures or Iuscribed Stock issued under the provisions of this Ordinance are hereby charged upon and shall be payable out of the General Revenues and Assets of the Government of Hongkong.
4. When the borrowing shall be upon Debentures, such Debentures shall be issued in London on behalf of the Government of Hongkong by the Crown Agents for the Colonies, upon the best and most favourable terms that can be obtained, and shall be signed by any two of them on that behalf.
5. Every Debenture issued under the provisions of this Ordinance shall be for a sum of not less than One Hundred Pounds Sterling, and shall bear interest at a rate not exceeding five per cent. per anuum.
6. Every Debenture shall, before being issued, be regis tered in a Register Book to be kept for that purpose at the office in London of the Crown Agents.
7. There shall be attached to every Debenture Coupons for the payment of the interest to become due in each half- year upon the principal secured by the Debenture. The Coupons shall be sufficient in number to provide for the payment of the interest, either during the whole period for which the Debenture has to run, or for such limited period as the Crown Agents, acting on behalf of the Government of Hongkong, may determine.
8. The Debentures, and the Coupons thereto, may be in such form as the Governor, or the Crown Agents acting on his behalf, may direct or approve.
9. Every Debenture and Coupon, and the right to receive the principal and interest secured or represented thereby, shall be transferable by delivery.
10. So long as any of the Debentures remain outstanding the Governor shall in each half-year ending with the day on which the interest on the Debentures falls due, appro- priate out of the General Revenues and Assets of this Colony a sum equal to one half-year's interest on the whole of the Debentures previously issued, including any which may have been redeemed, but exclusive of any which may have been at any time exchanged for 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, and two years after the date of the Debentures first issued the Governor shall, in each half-year ending as aforesaid, appropriate out of the said Revenues and Assets of this Colony an additional sum equal to ten shillings sterling per centum on the total nominal amount of all the Debentures issued on or before the first day of that half-year, including any which may have been redeemed, but exclusive of any which may have been at any time exchanged for Inscribed Stock, and shall remit that sum to the Crown Agents with the remittance hereinbefore
mentioned.
M