Enclosure in Circular despatch dated 28th September, 1932.
131
42
Preamble.
Short Title.
Scope.
Loans to be raised by debentures.
Loans to be a charge upon general revenue.
Borrowing upon de- bentures.
Amount of each de- benture.
Debentures may be either fixed-date
drawing debentures.
Interest coupons.
or
DRAFT.
AN ORDINANCE to declare the terms and conditions applicable
to Local Loans authorised to be raised by the Government of
by the issue of debentures
WHEREAS it is expedient to define in one Ordinance the terms and conditions applicable to Local Loans hereafter authorised to be raised by the Legislature of
by the issue of debentures
be it therefore enacted by the Governor of with the advice and consent of the Legislative Council thereof as follows:
(1) This Ordinance may be cited as the General Local Loan Ordinance. (bentives)
(2) This Ordinance shall be applicable only to loans raised locally in the Colony.
(3) Whenever by an Ordinance authority shall have been given to the Governor to raise any sum of money for the purposes men- tioned in such Ordinance the Governor may from time to time as he may deem expedient raise such sum by debentures issued under the provisions of the Ordinance.
(4) The principal monies and interest represented by such debentures are hereby charged upon and shall be payable out of the general revenues and assets of the Colony.
(5) Such debentures shall be issued in the Colony upon the best and most favourable terms that can be obtained and shall be signed by the persons holding the offices of Colonial Secretary and Treasurer for the time being or by any other person or persons thereto specially authorised by the Governor.
(6) Each debenture may be for a sum of twenty pounds one hundred pounds five hundred pounds or one thousand pounds.
(7) The debentures shall be redeemable either :—
such dat
(a) at par on a fixed date to be declared on the issue of the debentures such date not being later than sixty years from the date of issue provided that the Governor may reserve the option to redeem the debentures
date on such conditions as may be declared at the time of issue (such debentures being hereinafter referred to as fixed-date debentures); or
(b) by annual drawings at par or at the option of the Governor by purchase in the market as hereinafter provided (such debentures being hereinafter referred to as drawing debentures).
(8) There shall be attached to every debenture coupons for the payment of interest to become due in each half year upon the principal represented by the debenture. The coupons shall be sufficient in number to provide for the payment of the interest either during the whole period for which the debenture has to run or for such limited periods as the Governor may determine from time to time not exceeding in their totality the whole period for which the debenture has to run.
o'r any pant thereof