ORDINANCE No. 11 of 1886 . 1971
Loan.
5. The debentures shall be issued in London at the offices of the Crown agents
to issue
Crown Agents for the Colonies , and shall be signed on behalf of the debentures.
Government of Hongkong by any two of them.
6. Every debenture shall, before being issued , be registered in a Registration
ofdebentures.
register book to be kept for that purpose at the offices ofthe Crown Agents
for the Colonies .
7. There shall be attached to every debenture, coupons for the Coupons.
payment of the interest to become due in each halfyear upon the principal
secured by the debenture .
8. The debentures and the coupons shall be in such form as the Forms.
Crown Agents for the Colonies may approve .
9. Every debenture and all right to and in respect of the principal Debentures
and coupons
money secured thereby , and each coupon and all right to the interest transferable.
payable in respect thereof, shall be transferable by delivery, and the
principal moneys secured by such debenture, and the interest payable by
such coupon ,
shall be payable at the offices of the Crown Agents for the
Colonies in London.
10. The Governor shall appropriate half-yearly, out of the general Interest to be
paid half
revenues of the Colony, the necessary sums to pay the half-yearly interest yearly.
due on account of the said loan.
The Governor shall further appropriate half-yearly, out of the Sinking fund .
general revenues of the Colony, commencing six months after the date
of issue of the first debentures created under this Ordinance, the sum of
three thousand five hundred and thirty- six pounds, and shall remit the
same to the Crown Agents for the Colonies in London , to be invested by
them in some one or more of the securities of the Imperial Government of
Great Britain , or of the Government of any Colony of Great Britain , as
they may from time to time determine, as a sinking fund for the final
extinction of the debt. The Crown Agents 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.
11. In case the sinking fund shall be insufficient for the payment of If sinking
fund insuffi
all the principal moneys borrowed under the authority of this Ordinance cient, Colony
to make good
at the time the same shall have become due, the Governor shall make deficiency .
good the deficiency out of the general revenues and assets of the Colony.
12. All expenses of, or incidental to the management of the sinking Expenses
payable out
fund, or the repayment of the principal moneys to be borrowed under of sinking
fund.
this Ordinance, shall be paid out of the sinking fund.