Mode of providing for payment of interest and
principal of
Inscribed Stock.
Sinking Fund to
be învested.
Securities in which Sinking Fund is to be invested.
Any deficiency in Sinking Fund to be made good out of general revenues and assets.
Expenses to be
paid out of
Sinking Fund.
Creation,
( 4 )
24. So long as any of the Inscribed Stock shall remain 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 this Colony 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 thercout the then current half-year's interest on the day when it falls due. The Governor shall further appro- priate out of the said Revenues and Assets in each half-year ending as afore- said, 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.
25. The amount so remitted for the formation of a Sinking Fund for the redemption of Inscribed Stock shall be invested in the names of Trustees to be appointed by the Secretary of State for the Colonies, the Trustees shall also from time to time invest the dividends, interest or produce arising from such investment, so that the same may accumulate by way of compound interest and be applied by the Crown Agents towards the final extinction of the debt.
26. All sums paid to the account of such Sinking Fund and the interest thereof shall be invested in Imperial or Colonial Government Securities at the discretion of the Trustees.
27. In case the said Sinking Fund shall be insufficient to provide the necessary funds for the redemption of the Inscribed Stock when it shall have become due, the deficiency shall be made good out of the General Revenues and Assets of the Colony.
28. 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.
29. The Crown Agents may from time to time make arrangements for inscription, issue, all or any of the following things:-
conversion, and
Inscribed Stock.
transfer of
(1) For inscribing Stock in their books.
(2) For managing the creation, inscription, and issue of the Inscribed
Stock, herein referred to.
(3) For paying interest on Inscribed Stock, and managing transfers
thereof.
(4) For issuing Inscribed Stock certificates to bearer, and as often as occasion shall require, re-issuing or re-inscribing Stock, and re- issuing Inscribed Stock certificates.
Passed the Legislative Council of Hongkong, this
1885.
day of
Clerk of Councils.
day of
Colonial Secretary.
Assented to by His Excellency the Governor the
1885.
Scal of
}
Colony.
HONGKONG.
GOVERNOR.
ALCZ
C. 0.
3872
REGE 4 MAR 85)
218
Order in Council appointing Agents to make Declaration under the provisions of " The Colonial Stock Act 1877.”.
Dated
1885.
Whereas, by an Ordinance passed by the Governor of Hongkong, with the advice of the Legislative Council thereof, the short title of which is "The Loan Ordinance 1885" (hereinafter termed the said Ordinance," and a copy whereof is hereto annexed), provision is made amongst other things under or by virtue of which the Governor of Hongkong is empowered to create capital stock to be called "Hongkong Inscribed Stock," to be issued as and in manner by the said Ordinance provided.
AND THE said Ordinance also provides that the Governor may from time to time make arrangements with the Crown Agents for the Colonies for inseribing Stock in their books, for managing the creation, inscription and issue of Stock, and managing transfers thereof, and for other the objects and purposes in the said Ordinance particularly mentioned.
AND WHEREAS, by an Act passed by the Parliament of the United Kingdom of Great Britain and Ireland, in the 40th and 41st years of the reign of Her Majesty Queen Victoria, and which is therein declared may be cited as
The Colonial Stock Act 1877," it is amongst other things enacted, that where provision has been made by the Legislature of a Colony, and otherwise, for the inscription and transfer in a register kept in the United Kingdom by some Bank, Colonial Officer or person (which Bank, Officer, or person, is in this Act referred to as the Registrar), of any Stock forming the whole or part of the public debt of such Colony, and the Government of such Colony shall cause a declaration under the seal of such Colony, or by some person in that behalf authorised under that seal, stating such provision and identifying the Stock with respect to which it has been made, to be left with the Com-