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hypothecation of the Bonds, or from advances made, provided that Bonds for the required amount shall have been executed and delivered to the Corporation. If, after expiration of eight (8) months from the date of the ratification hereof, the work of construction shall not have been begun on the Railway; this Agreement is to become null and void, but if failure to commence construction be due to any cause of force majeure, a reasonable extension of this time limit shall be arranged between the Viceroy and the Corporation.
Of the proceeds realised from the sale of the Bonds, after deducting so much of them as may be required to be kept in England for the purchase of materials and the payments of contracts there, or for repayment of advances, such amounts as may be estimated and certified by the Engineer-in-Chief to the Viceroy through the Managing Director, as being actually required for the construction of any particular section of the Railway, may be ordered by the Viceroy, after consideration, to be transferred to Hongkong to be kept in the Hong Kong and Shanghai Bank, and placed to the credit of the construction account of the Railway for the exclusive purposes of constructing the Railway in the manner herein provided for under the supervision of the Head Office and the Viceroy.
On each occasion of a remittance being made to China the amount realised in Sycee will be reported to the Viceroy, and any portion which may not be required shall be placed at interest. Similarly, the balance in England shall be placed at interest, to be allowed at the usual rate.
The accounts of the money spent from time to time in England and of the money transferred to the credit of the construction and other accounts for use in China are to be submitted quarterly to the Head Office for report to the Viceroy for the information of the Wai Wu Pu and for his further report to the Board of Revenue and the Board of Commerce, for record therein, after such accounts have been approved and signed by him.
Article 5.
As to the form of the Bond, it is to be agreed upon by the Viceroy
14.