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Rate of
interest on Conversion bonda.
Provision
of interest.
2
―
and the moneys required for the principal moneys and interest for the Conversion bonds issued under the provisions of this Ordinance, and for the expenses of issue and management. are, subject to the provisions of section 10, hereby charged upon and shall be payable out of the revenue and assets of the Colony.
6. The interest on each Conversion bond shall be at the rate of four per centum per annum and shall run from the day named in that behalf in the bond and shall be paid half-yearly at the head office of the Hong Kong and Shanghai Banking Corporation on the days named in that behalf in the coupons.
7. The Governor shall in each half-year ending with for payment the day on which the interest on the Conversion bonds falls due appropriate out of the revenue and assets of the Colony a sum equal to one half-year's interest on the whole of the bonds outstanding in order that the interest for the said half- year may be paid therefrom.
Transfer by delivery.
Redemption of Conver
sion bonds.
Provision as to
sinking funds.
Ordinance
No. 14 of 1927.
8. Every Conversion bond and coupon and the right to receive the principal and interest represented thereby shall be transferable by delivery.
9. (1) Subject to the provisions of sub-section (2), the Conversion bonds issued under this Ordinance shall be redeemable at par on the first day of August, 1953, from and including which date all interest on the principal moneys represented thereby shall cease and determine, whether payment of the principal shall have been demanded or not.
(2) At any time or times the Governor may authorise the redemption, by purchase at current market rates, of Conversion bonds of such denominations and to such respective total values as he may from time to time determine.
10.—(1) The (Governor shall in each year ending on the 31st July, subsequent to the year ending on the 31st July, 1933, appropriate out of the revenue and assets of the Colony. for the formation of a sinking fund for the Conversion bonds, an additional sum of not less than three dollars and forty-five cents per hundred dollars on the total nominal value of all the Conversion bonds issued.
(2) The said sinking fund shall be applied in the first instance in payment of all expenses of or incidental to the redemption of the Conversion bonds and in the next place in repayment of the principal moneys represented by the Conversion bonds.
(3) In case the said sinking fund shall be insufficient for the payment of the principal moneys at the time when such payment shall become due the Governor shall make good the deficiency out of the revenue and assets of the Colony.
(4) The moneys appropriated for the formation of the said sinking fund shall, so far as they are not required for the purposes of sub-section (2), be dealt with in such manner as may be approved by the Governor in Council.
(5) The moneys appropriated for the formation of the sinking fund, established under the Public Works Loan Ordinance of 1927, and not required for the payment off of the bonds issued under the authority of that Ordinance shall he dealt with in such manner as may be approved by the Governor in Council.
coupons for
or exchange.
Ordinance
11. On the repayment of the moneys represented by Delivery up any Conversion bond or coupon issued under this Ordinance, of bonds and or on the repayment of the moneys represented by any hond cancellation or coupon issued under the Public Works Loan Ordinance, on payment 1927, or on the giving of any such bonds in exchange for a Conversion bond (or for a scrip certificate to be exchanged No. 14 of later for a Conversion bond), the bond or coupon paid off 1927.
or given in exchange shall be delivered up to the Hong Kong and Shanghai Banking Corporation and shall be cancelled by the said Corporation.
12. The Governor shall have power:
Powers of the
(a) to determine the amounts for which the conversion Governor. bonds shall be issued:
(b) to determine the form of the Conversion bonds;
(c) to provide for the issue in the first instance of scrip certificates to be exchanged later for the bonds
(d) to provide for the issue of coupons for the payment
of interest;
(e) to determine the days on which the half-yearly interest is to be payable; and
to give any directions necessary for the purpose of carrying out this Ordinance and not inconsistent with its provisions.
from
13. All moneys appropriated out of the revenue and Exemption assets of the Colony for the payment of the interest on the defence Conversion bonds and for the formation of a sinking fund, contribution. and all dividends, interest or produce of any investments which represent any portion of the sinking fund, shall be deducted from the Colonial revenues before the calculation of
the sums payable to His Majesty's Government under the Ordinance Defence Contribution Ordinance, 1901.
No. 1 of
1901.
of Ordin. ance No. 5 of
14. Paragraph (16) of section 14 of the Trustees Ordin Amendment ance. 1901, as enacted by section 11 of the Public Works Loan Ordinance, 1927, is repealed and the following paragraph 1901, s. 14. is substituted therefor :--
(16) in any Conversion bonds issued under the Authority
of the Public Works Loan Redemption Ordinance, 1933.
Ordinance No. 14 of 1927.
15. The Public Works Loan Ordinance, 1927, is Repeal of repealed.
Passed the Legislative Council of Hong Kong, this 22nd day of June, 1933.
A. W. G. H. GRANTHAM,
Deputy Clerk of Councils.
Ordinance No. 14 of 1927.
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