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321
Creation of sinking fund for redemption of debentures paya- ble on a fixed date.
Disposal of sinking fund when debentures are redeemed by purchase or by annual drawings.
and the cost and expenses of all notices
required by this Ordinance to be given and in
the next place, and subject to the aforesaid
payments, in repayment of the principal moneys
for the time being represented by the debentures.
15.
In the case of debentures redeemable
on a date to be named when issuing the debentures,
the Crown Agents shall invest so much of the
money so remitted to them as aforesaid as shall
not be required for the payment of interest for
the current half-year in the purchase of such
securities as may be approved by His Majesty's
Principal Secretary of State for the Colonies
as a sinking fund for the final extinction of
the debt, and the Crown Agents shall also
invest the dividends, interest or produce of
such investments in the purchase of like
securities, and may, from time to time, with the
approval of the Secretary of State,
such investments and shall hold such fund in
trust for the repayment of the principal moneys for the time being represented by the debentures.
change any
16.
In the case of debentures redeemable
by annual drawings, the Crown Agents shall place and keep the moneys so remitted to them or so much thereof as may not be required for immediate payments, at interest, and shall hold all such moneys and the accumulations thereon in trust, to apply them in the first place to the purchase of the debentures when they can be obtained at a price not exceeding par, and
secondly, to the redemption of the debentures by
means of annual drawings.