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16b
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Transfer
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(2) The bonds of each such issue shall be redeemable at par on the 15th day of July in each of the twenty five years following the year in which they were issued, at the annual rate of one twenty-fifth of such issue.
(3) At any time after the 1st day of January, 1935, in each successive year the Governor shall appoint a day,not being later than the 30th day of June, on which bonds to the value of one twenty fifth of each such issue shall be drawn for redemption.
(4) When a day is appointed by the Governor for drawing, the Treasurer shall give, by advertisement in the Gazette, not less than fifteen days previous notice, specifying the date, hour and place at which the drawing will take place. (5) On the day and at the hour and place so specified the Treasurer shall hold a meeting at which the holder of any bond may, if he thinks fit, be present, and shall then in the presence of such bond holders, if any, as may attend, draw by lot, out of the total number of bonds of every issue which are then outstanding, bonds to the nominal value of one twenty-fifth of each such issue.
(6) The Treasurer shall thereupon declare the distinguish- ing numbers of the bonds drawn for redemption, and shall, as soon as may be, advertise such numbers in the Gazette.
(7) On the 15th day of July following the date of any such draw the principal moneys represented by the bonds so drawn for redemption, with all interest due thereon up to that day, shall become payable either at the head office of the Hongkong and Shanghai Banking Corporation or at the office of the Chartered Bank of India, Australia and China in Hong Kong.
(8) From and after the day on which the principal moneys represented by any such bond become so payable all interest thereon shall cease and determine, whether payment of the principal shall have been demanded or not.
(9) In addition to such yearly redemption by drawing of bonds, the Governor may, at any time or times, authorise the redemption, by purchase at current market rates, of bonds of such issues and of such denominations and to such respective total values as he may from time to time determine.
6. Every bond and coupon and the right to receive the by delivery. principal and interest represented thereby shall be transferable
by delivery.
Provision for payment
of interest.
Appropria-
tions from
revenue,
etc., to
cover
7. The Governor shall in each half-year ending with the day on which the interest on the 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 there from.
8. (1) The Governor shall in each year, as from the 1st day of January, 1935, appropriate out of the revenue and assets of the Colony a sum sufficient to redeem one
redemption. twenty-fifth of the total nominal value of the bonds issued,
until the total issue or issues shall have been redeemed.
(2) The Governor may also from time to time appropriate out of the revenue and assets of the Colony such sums as he may deem desirable for the re-purchase of bonds in accordance with the provisions of Section 5 (9).
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9. The interest on each bond shall be at the rate of three Payment of
and one half per centum per annum and shall run from the interest, day named in that behalf in the bond, and shall be paid half yearly either at the head ice of the Hongkong and Shanghai Banking Corporation or at the office of the Chartered Bank of India, Australia and China in Hong Kong on the
days named in that behalf in the coupons.
10. The Governor shall have power :-
(a) to determine the time for any issue of bonds; (b) to determine the amounts for which the bonds of any issue shall be issued;
(c) to determine the form of the bonds;
(d) to determine the terms upon which the bonds shall be issued, whether with regard to the price of issue or the conditions of application and deposit or otherwise :
(e) to provide for the issue in the first instance of scrip certificates to be exchanged later for bonds;
(f) to provide for the issue of coupons for the payment of interest;
(g) to determine the days on which the half-yearly interest is to be payable;
(h) to determine the method by which the yearly drawings shall be carried out and
(i) to give any other necessary directions for the purpose of carrying out this Ordinance and for the management of
the loan, provided that such directions are not inconsistent with the provisions of this Ordinance.
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Powers of Governor.
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of bonds on
11. On the repayment of the principal moneys Delivery op represented by any bond the bond shall, and on the repurchase repayment or
of any bond in accordance with the provisions of Section 5 (9) repurchase. the hond may, together in either case with all outstanding coupons attached to such bond, be delivered up for cancellation either to the head office of the Hongkong and Shanghai Banking Corporation or to the office of the Chartered Bank of India, Australia and China in Hong Kong.
of Ordin-
12. Section 14 of the Trustees Ordinance, 1901. is Amendment amended by the addition of the following paragraph after ance No. 5 paragraph (16) thereof:
-
(164) any bonds issued under the authority of the Hong Kong Dollar Loan Ordinance, 1934.
of 1901, s. 14.
contribution.
13. All moneys appropriated out of the revenue and Exemption assets of the Colony for the payment of interest on the bonds from defence or for the redemption of bonds shall be deducted from the Colonial Revenues before the calculation of the sums payable
to His Majesty's Government under the Defence Contribution Ordinance Ordinance, 1901.
Passed the Legislative Council of Hong Kong, this 14th day of June, 1934.
R. A. C. NORTH,
Deputy Clerk of Councils.
No. 1 of 1901.