the 11th July, 1933, or such later date as the Colonial
Treasurer may approve, express their desire to exchange their
bonds for a new issue of Conversion bonds bearing interest at
4 per cent. The method proposed in this Ordinance avoids the
necessity for a formal drawing by lot, prescribed by section 5(3)
of Ordinance No.14 of 1927, as it is intended to redeem all bonds
not exchanged for the new Conversion bonds.
5.
The se Conversion bonds will be redeemable at par on the
1st August, 1953, and will not be redeemable before that date
otherwise than by purchase in the open market which is author-
ised by section 9(2).
6. The principal moneys and interest represented by the
Conversion bonds, which like the Public Works Loan bonds will
be bearer bonds transferable by delivery, will be charged on
and secured by a sinking fund and the revenue and assets of
the Colony.
7. The Conversion bonds will be authorised investments in
which any trustee, not expressly forbidden by the terms of
the instrument creating the trust, may invest funds in his
hands.
8. The moneys appropriated for the payment of interest on
the Conversion bonds and for the formation of the sinking fund
and all dividends, interest or produce of any investments which
represent any portion of the sinking fund, will be exempted
from the defence contribution payable under Ordinance No.1 of
1901.
9. In my opinion this is an rdinance to which His Excellency
the Governor may properly assent in the name of His Majesty and
on His behalf.
се
97
Attorney General.