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be deducted from such surplus funds, if any, and shall be deposited
with the Hongkong and Shanghai Banking Corporation six months before
the date at which such payments fall due.
In the event of their being no surplus funds available
as aforesaid from the earnings of the Railway, the amount required
for payments of interest and repayments of principal, shall be
provided in accordance with the conditions of Article 14 hereinafter.
Article 12.
The Corporation are hereby appointed Trustees for the
Bondholders and in any future negotiations respecting these Loans,
or matters arising in connection therewith, which may take place
between the Viceroy and the Corporation the Corporation shall be
taken as representing the Bondholders and as such, empowered to act
on their behalf. In view of the fact that the Corporation's responsibility
to the Bondholders continues after construction, whereas,
as stated in Article 9, its commuted commission for services rendered
is limited to the period of construction, and the Corporation is not
thereunder entitled to any further remuneration during the period
of the Loan, the Corporation shall receive as remuneration for its
services and responsibility in acting as Trustees for the Bondholders
the sum of £1,000 per annum, such remuneration to commence from the
date of issue of this Loan and to terminate upon its complete redemption.
Article 13.
All materials of any kind that are required for the construction
and working of the Railway, whether imported from abroad
or from the provinces to the scene of the work, shall be exempted
from likin so long as such exemption remains in force in respect of
other Chinese Railways. The bonds of this Loan together with their
coupons and the income of the Railway, shall be free from imposts
of any kind by the Government of China.
Article 14