Adm
AGR
of any nature, respectively, whatsoever, which may be required for the completion of the said Railways, or either of them, and of all accessories thereof, and also the payment of fair and reasonable salaries, charges, and expenses, to such Officers and others as shall be employed by or on behalf of the Government in carrying out both or either of the said undertakings.
II. It shall, moreover, be lawful for the Governor to issue Debentures from time to time as may be required for the purpose aforesaid, to an extent not exceeding One Million (£1,000,000) Sterling upon the Security of the General Revenue and Assets of the Colony, such debentures to bear interest at a rate not exceeding 6 per cent per annum.
III. Each Debenture shall be for a sum of not less than £100, and shall be paid off at par at the expiration of such periods as the Governor shall deem expedient, and as shall be named in such Debenture, provided the term in no case shall be less than Ten, or more than Twenty Five Years.
IV. Every Debenture shall be signed, on behalf of the Government, by the Secretary and the Treasurer of the Government of Mauritius for the time being, and by Her Majesty's Agents General for Crown Colonies in London for the time being, or by either of them as Agents for the negotiation of the Loan, provided that if the Secretary of State think fit to appoint any Public Officer in London to sign such Debentures on behalf of the Government of Mauritius, the said Debentures may be signed by the Public Officer so appointed, instead of the Secretary and Treasurer of the Government: and any public notice, in the London Gazette, of such appointment, shall be deemed and held sufficient evidence thereof.
V. To each Debenture shall be attached Coupons, for the payment of the half yearly interest, corresponding in number to the period for which such Debenture shall have to run.
VI. Each Debenture and all right to and in respect of the principal money secured thereby, and each Coupon and all right to the interest payable in respect thereof, shall be transferable by delivery, and the principal moneys secured by such Debenture, and the interest payable in respect of such Coupon shall be payable in London at the Office of the aforesaid Agents for the Loan, or at the Treasury in the Island of Mauritius, as the lender shall elect at the time of allotment.
VII. The Governor, or Officer administering the Government, shall appropriate, half-yearly, out of the general Revenue of the Colony, commencing with the 1st of July 1862, or such other date as may be approved or directed by the Secretary of State, such sum as shall be equal to four and a half per cent on the total of the principal sums for which Debentures shall from time to time have been issued, and, after having paid the half year's interest thereon, shall invest, or cause to be invested, the residue thereof as a sinking fund for the final extinction of the debt, and shall from time to time invest or cause to be invested the dividends, interest, or produce arising from such investment, so that the same may accumulate by way of compound interest.
VIII. All sums paid to the account of the sinking fund, and all interest or produce arising therefrom, shall be invested under Trustees in the purchase of Imperial or Colonial Government Securities. The nature of such Securities, and the selection of the Trustees, shall be left to Her Majesty's Principal Secretary of State for the Colonies.
IX. Should it be found advisable, however, at any time before the periods fixed for the final redemption of the Debentures, to extinguish any such Debentures by withdrawing them from the market, by purchase, the Governor or Officer administering the Government, shall, by his duly authorized Agent, be fully empowered, with the sanction of the said Secretary of State for the Colonies, to make use of the sinking fund for that purpose, provided that all Debentures so purchased shall be cancelled and destroyed, and provided that no reissue of Debentures shall be made in consequence of such purchase and destruction.
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81
Adm
AGR
of any nature, respectively, whatsoever, which may be required for the comple- tion of the said Railways, or either of them, and of all accessories thereof, and also the payment of fair and reasonable salaries, charges; and expenses, to such Officers and others as shall be employed by or on behalf of the Government in carrying out both on either of the said undertakings.
II-It shall, more- £1,000,000 to be borrowed for Rail. over, be lawful for the Governor to issue De-
ways.
bentures from time to
time as may be required for the purpose aforesaid,to an extent not exceeding One Million (£1,000,000) Sterling upon the Security of the General Revenue and As- sets of the Colony such debentures to bear interest at a rate not exceeding 6 per cent per annum.
III-Each Deben- Debentures in cer- tain terms to be is- ture shall be for a sum sued.
of not less than £100, and shall be paid off at par at the expira- tion of such periods as the Governor shall deem expedient, and as shall be named in such Debenture, provided the term in no case shall be less than Ten, or more than Twenty Five Years.
By whom Deben- IV.-Every Deben- tures to be signed. ture shall be signed, on behalf of the Govern-
ment, by the Secretary and the Treasurer of the Government of Mauritius for the time being, and by Her Majesty's Agents General for Crown Colonies in London for the time being, or by either of them as Agents for the negotiation of the Loan, provided that if the Secretary of State think fit to appoint any Public Officer in London to sign such Debentures on behalf of the Government of Mauritius, the said
Debentures may be signed by the Public Officer so appointed, instead of the Se- cretary and Treasurer of the Government: and any public notice, in the London Gazette, of such appointment, shall be deemed and held sufficient evidence thereof.
Debentures to have coupons atta- ched.
V. To each Deben- ture shall be attached Coupons, for the pay- ment of the half yearly interest, corresponding in number to the period for which such Debenture shall have to run.
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money secured thereby, and each Coupon and all right to the interest payable in respect thereof, shall be transferable by delivery, and the principal moneys secured by such Debenture, and the interest pay- able in respect of such Coupon shall be payable in London at the Office of the aforesaid Agents for the Loan, or at the Treasury in the Island of Mauritius, as the lender shall elect at the time of allotment.
ས་
Sinking fund to
be ercated.
VII.-The
Gover-
nor, or Officer admin- istering the Govern- ment, shall appropriate, half-yearly, out of the general Revenue of the Colony, commencing with the 1st of July 1862, or such other date as may be approved or directed by the Secretary of State, such sum as shall be equal to four and a half per cent on the total of the principal sums for which Debentures shall from time to time have been issued, and, after having paid the half year's interest thereon, shall invest, or cause to be invested, the residue thereof as a sinking fund for the final extinction of the debt, and shall from time to time invest or cause to be invested the dividends, inter- est, or produce arising from such invest- ment, so that the same may accumu late by way of compound interest.
Amount in sinking VIII-All sums paid fund to be invested, to the account of the sinking fund, and all interest or produce arising therefrom, shall be invested under Trustees in the purchase of Imperial or Colonial Go- vernment Securities. The nature of such Securities, and the selection of the Trus- tees, shall be left to Her Majesty's Principal Secretary of State for the Colonies.
Government may
at any time.
IX.-Should it be
buy up Debentures found advisable, how- ever. at any time before the periods fixed for the final redemption of the Debentures, to extinguish any such Debentures by withdrawing them from the market, by purchase, the Governor or Officer ad- ministering the Government, shall, by his duly authorized Agent, be fully empower, ed, with the sanction of the said Secretary of State for the Colonies, to make use of the sinking fund for that purpose, provided that all Debentures so purchased shall be cancelled and destroy- ed, and provided that no reissue of De- bentures shall be made in consequence of such purchase and destruction.
Principal and interest
how payable.
VI.-Each Debenture and all right to and in respect of the principal
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;
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s
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