12-
136
Application of loan.
Terms of loan.
Form of loan and
interest.
2
4. The money so raised shall be applied in defraying expenditure (to be sanctioned by an Appropriation Ordinance) required to meet extraordinary finana! commitments arising out of the enemy occupation of Malaya or connected with, or incidental to, the economic rehabilitation of the Colony.
5. The stock shall be issued by the Bank on the terms approved by the Secretary of State and shall be authen- ticated either by the signature of the Financial Secretary or by a facsimile of such signature or in such manner as may be approved by the Financial Secretary.
6. The stock shall be in such form and for such sums, payment of not being less than one hundred dollars as the Financial Secretary may direct and interest shall be payable in each half year upon the principal represented by the stock at rates to be announced by the Financial Secre- tary when the stock is issued.
Mode of transfer.
Charge
upon
general
7. Every parcel of stock, and the right to receive the principal and interest represented thereby, shall be transferable by deed of transfer registered at the Bank.
8. The principal moneys and interest represented by the stock issued under the provisions of this Ordinance revenue and are hereby charged upon and shall be payable out of the
general revenue and assets of the Colony.
assets.
Redemption
9. All stock which may be issued under the terms of of principal. this Ordinance shall be redeemable on dates to be fixed
Mode of providing
by the Financial Secretary when the stock is issued after which dates all the interest on the principal moneys represented thereby shall cease and determine whether payment of the principal shall have been demanded or not.
10. So long as any interest shall remain payable on for payment any stock, the Financial Secretary shall, in each half of interest. year ending on the day on which the interest on such stock falls due, appropriate out of the general revenue and assets of the Colony a sum equal to one half year's interest on the whole of such stock in order that the interest for the said half year may be paid therefrom.
Mode of providing for
After the date specified in the prospectus of any loan issued under the terms of this Ordinance as that on payment of which the contribution to a sinking fund shall com- mence, the Financial Secretary shall in each half year ending as aforesaid further appropriate out of the said revenue and assets for the formation of a sinking fund
principal.
ver
X
3
additional sum equal to one half of the annual contri- bution specified in the prospectus and the money so propriated shall be used for the purchase of such speurities as may from time to time be approved by the Secretary of State and the dividends, interest or produce of such investments shall be invested in like securities, and the Financial Secretary may, from time to time, with the approval of the Secretary of State, change any such investments, and shall hold such funds in trust for the repayment of the principal moneys represented by the stock.
Givernor
12. The sinking fund shall be applied, in the first Expenses
to be paid place, in payment of all expenses of, or incidental to, out of the management of the sinking fund, or the payments sinking of the principal moneys borrowed, and then in payment of the principal moneys represented by the stock.
fund.
if sinking
13. In any case where the sinking fund for which Procedure provision is made in this Ordinance shall be insufficient fund in for the payment of all the principal moneys borrowed sufficient. under the authority of this Ordinance at the time the same shall have become due, the Financial Secretary shall make good the deficiency out of the general revenue and assets of the Colony.
14. Any application to take up stock under the provi- Refusal of sions of this Ordinance may be refused by the Financial applica- Secretary without reason assigned.
tions.
15. Before repayment of the principal moneys repre- Delivery up sented by any stock the stock shall be delivered up to of stock on the Bank for cancellation.
Passed this 27th day of June, 1946.
No. 261/46].
JOHN LOVE, Clerk of Advisory Council.
repayment.
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