1964 Ed.]
General Loan and Stock.
[CAP. 72
3
7. The debentures shall be redeemable either-
(a) at par on a fixed date to be declared on the issue of the debentures such date not being later than sixty years from the date of issue:
Provided that the Governor, or the Crown Agents acting on his behalf, may reserve the option to redeem the debentures prior to such date on such conditions as may be declared at the time of issue; or
(b) by annual drawings at par or at the option of the Governor, or the Crown Agents acting on his behalf, by purchase at or below par.
8. There shall be attached to every debenture coupons for the payment of the interest to become due in each half-year upon the principal represented 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 Hong Kong may determine,
9. The debentures and the coupons thereto shall be in such form as the Governor, or the Crown Agents acting on his behalf, may direct or approve.
10. Every debenture and coupon, and the right to receive the principal and interest represented thereby, shall be transferable by delivery.
11. Every debenture shall, before being issued, be registered in a register book to be kept for that purpose at the office in London of the Crown Agents.
12. The interest upon the principal represented by each debenture shall run from the day named in that behalf in the debenture, and shall be paid half-yearly on the days named in that behalf in the debenture, at the office in London of the Crown Agents.
13. 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, appropriate out of the general revenues and assets of the Colony of Hong Kong a sum equal to one half-year's interest on the whole of the debentures issued, including any which may have been redeemed, but exclusive of any which may have been at any time exchanged for 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 on which it falls due. Debentures shall not be deemed to be outstanding for the purpose of this Ordinance by reason only that one or more of the debentures have not been presented for payment on the day appointed for payment and have, in consequence, not been paid.
Debentures may be redeemed by annual drawings-
or by purchase in the market or on a date fixed.
Interest coupons,
Form of debenture and coupons.
Debentures and coupons transferable by delivery.
Registry of debentures.
Payment of interest.
Mode of providing for payment of interest on debentures.