Hong Kong Dollar Loan.
[CAP. 73
tions from
to cover redemption.
revenue, etc.,
7. (1) The Governor shall in each year, as from the 1st day of January, 1935, appropriate out of the revenue and assets of the Colony a sum sufficient to redeem one twenty-fifth of the total nominal value of the bonds issued, until the total issue or issues shall have been redeemed.
(2) The Governor may also from time to time appropriate out of the revenue and assets of the Colony such sums as he may deem desirable for the repurchase of bonds in accordance with the provisions of subsection (9) of section 4.
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interest.
8. The interest on each bond shall be at the rate of three and one half per cent per annum and shall run from the day named in that behalf in the bond, and shall be paid half yearly either at the head office of The Hongkong and Shanghai Banking Corporation or at the office of The Chartered Bank of India, Australia and China in Hong Kong on the days named in that behalf in the coupons.
[9
9. The Governor shall have power-
(a) to determine the time for any issue of bonds;
(b) to determine the amounts for which the bonds of any issue shall be issued;
(c) to determine the form of the bonds;
(d) to determine the terms upon which the bonds shall be issued, whether with regard to the price of issue or the conditions of application and deposit or otherwise;
(e) to provide for the issue in the first instance of scrip certificates to be exchanged later for bonds;
(f) to provide for the issue of coupons for the payment of interest:
(g) to determine the days on which the half-yearly interest is to be payable;
(h) to determine the method by which the yearly drawings shall be carried out; and
(i) to give any other necessary directions for the purpose of carrying out this Ordinance and for the management of the loan, provided that such directions are not inconsistent with the provisions of this Ordinance.
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Powers of Governor.
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