1952-HKRS28-8-19_Part01 — Page 51

Short Ville.

Inter- pretation,

Loang to be raised by debentures or stock.

Loans to

be à

charge

upor

general

revenue.

Borrowing upan debentures.

Aragunt of each debentare.

Debentures Imay be redeemed by annual drawings or by purchase in the market

or on a date fixed.

1. This Ordinance may be cited as the General Loan and Stock Ordinance, 1952.

2. In this Ordinance, unless the context otherwise re- quires

the expression "Crown Agents" means the persons for the time being acting as Crown Agents for the Colonies in England, or any of them;

the expression "stock" includes both inscribed and registered

stock;

The expression "registered stock" means stock transferable by

instrument in writing.

3. Whenever by any Ordinance authority shall have been given, or shall hereafter be given, to raise any sum of money for the purposes mentioned in such Ordinance, the Governor, or the Crown Agents acting on his behalf, may from time to time, as he or they may deem expedient, raise such sum. either by debentures or by stock, or partly by debentures and partly by stock.

4.

The principal moneys and interest represented by deben tures or stock issued under the provisions of this Ordinance are hereby charged upon and shall be payable out of the general revenues and assets of the Colony of Hong Kong.

5. When the Governor, or the Crown Agents acting on his behalf, shall deem it expedient to raise money by debentures, such debentures shall be issued in the United Kingdom on behalf of the Government of Hong Kong by the Crown Agents, upon the best and most favourable terms that can be obtained, and shall be signed by any one of them on that behalf.

6. Every debenture issued under the provisions of this Ordinance shall be for the sum of not less than one hundred pounds sterling,

7.

The debentures shall be redeemable either-

(4) 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, or the Crown Agents acting on his behalf. may reserve the option to redeem the debentures prior to such date on such conditions as may be declared at the time of issue; or

(b) by annual drawings at par or at the option of the Governor, or the Crown Agents acting on his behalf, by purchase at or below par.

8.

There shall be attached to every debenture coupons for Interest the payment of the interest to become due in each half-year upon coupons. 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 period as the Crown Agents, acting on behalf of the Government of Hong Kong may determine.

9. The debentures and the coupons therein shall be in such Form of form as the Governor, or the Crown Agents acting on his behalf, Helse

lebentare may direct or approve.

coupons.

10. Every debenture and coupon, and the right to receive the Debentures principal and interest represented thereby, shall be transferable by delivery,

And

OCHILL PHONESJ trans ferable

by

delivery.

debentures.

11. Every debenture shall, before being issued, be registered Registry of in a register book to be kept for that purpose at the office in London of the Crown Agents.

12. The interest upon the principal represented by each de- Payment benture shall run from the day named in that behalf in the of interest. debenture, and shall be paid half-yearly on the days named in that behalf in the debenture, at the office in London of the Crown Agents.

for

on

13. So long as any of the debentures remain outstanding, Mode of the Governor shall, in each half-year ending with the day on providing which the interest on the debentures falls due, appropriate out payment of the general revenues and assets of the Colony of Hong Kong of interest a sum equal to one half year's interest on the whole of the deben- debentures. turcs issued, including any which may have been redeemed, bul exclusive of any which may have been at any time exchanged for 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 on which it falls due. Debentures shall not be deemed to be outstanding for the purpose of this Ordinance by reason only that one or more of the debentures have not been presented for payment on the day appointed for payment and have, in consequence, not been paid.