6
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Cesser of interest from day appointed for
23. From and after the day appointed for the repayment of any debenture all interest on the principal moneys represented thereby shall cease and determine, whether payment of the prin- payment of ripal shall have been demanded or not.
principal.
Redeemed debenturen to be cancelled.
Borrowing
stock.
(40 & 41
Vict. Cap. 69).
When the principal
is to be repaid.
Mode of providing for the payment of interest on stock.
24. Upon the repayment of the principal moneys represented by any debenture, the debenture, with all coupons thereunto belonging, shall be delivered up to the Crown Agents, to be by them cancelled and disposed of in such a manner as the Governor, for the Crown Agents acting on his hehalf, may decide. Any debenture redeemed by purchase shall likewise be so cancelled and disposed of.
25. When the Governor, or the Crown Agents acting on his behalf shall deem it expedient to raise money by the issue of Hong Kong stock, then such stock shall be issued in the United Kingdom by the Crown Agents under the provisions of the Act. of the Imperial Parliament entitled "The Colonial Stock Act, 1877, upon the best and most favourable terms that can be obtained.
26. All the stock which may be created under the provisions of this Ordinance shall be redeemable at par on a date to be named in that behalf by the Crown Agents when issuing the stock, such date not being later than sixty years from the date of issue: Provided that the Governor, or the Crown Agents acting on his behalf, may reserve the option to redeem the stock in whole or in part, by drawings or otherwise, at any time prior to such date on such conditions as may be declared at the time of issue. From and after the date appointed for the redemption of the stock or any part of it all the interest on the principal moneys represented thereby shall cease and determine, whether payment of the principal shall have been demanded or not.
27. So long as any of the stock shall remain unredeemed, the Governor shall, in each half-year ending with the day on which the interest on such stock falls due, appropriate out of the general revenues and assets of the Colony of Hong Kong a sum equal to one half-year's interest on the whole of such stock, and shall remit that sum to the Crown Agents at such time as will enable them to pay thereout the then current half-year's interest on the day when it falls due,
for
of stock.
28. (0) The Governor shall, in the half-year ending on the Mode of date specified in the terms of issue of the loan as that on which providing the first contribution to the sinking fund shall be taken and in payment of each subsequent half-year, appropriate out of the said revenues principal and assets of the Colony of Hong Kong for the formation of a sinking fund an additional sum equal to one half of the annual contribution specified in the prospectus or, in the case of a loan not issued publicly, in the terms of issue relating to the loan, in respect of the total nominal amount of such stock including any such stock which may at any time have been issued in exchange for debentures under the authority of this Ordinance, and shall remit the sum to the Crown Agents with the remittance berein- before mentioned.
(2) Notwithstanding anything to the contrary contained in subsection (1) if at any time the trustees of the sinking fund of any loan issued under the provisions of this Ordinance are satisfied that the value of the fund will be sufficient with further accumulations of interest but without further payment of contri- butions to enable the loan to be redeemed out of the proceeds of the sinking fund not later than the final redemption date, the Governor may with the approval of the Secretary of State suspend further contributions to the said sinking fund: Provided always that contributions to the sinking fund shall be recommenced if the trustees shall at any time inform the Governor that this is necessary.
fund.
29. The Crown Agents shall, for the purpose of forming Creation of such sinking fund, from time to time place at interest or invest sinking in the purchase of such securities as may from time to time be approved by the Secretary of State so much of the money so remitted to them as aforesaid as shall not be required for the payment of interest for the current falf-year and shall also place at interest or invest in the purchase of like securities, the accumulations of interest or the dividends, interest, or produce of such investments, and may from time to time, with the approval of the Secretary of Stare, change any such investments, and shall hold such fund in trust for the repayment of the prin- cipal moneys for the time being represented by the stock.
upon
30. In case the sinking funds provided for by this Ordinance Charge shall be insufficient for the payment of all the principal moneys general borrowed under the authority of this Ordinance at the time the revenue. same shall have become due, the Governor shall make good the deficiency out of the general revenues and assets of the Colony of Hong Kong.