CO129-223 - Governor Sir Bowen Acting Governor Marsh & Others - 1885 [11-12] — Page 218

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Registry of Debentures.

Interest Coupons.

Form of

Debentures and Coupons.

Debentures and Coupons transferable by delivery.

Mode of providing for payment of interest and principal of Debentures.

Application of

oneys remitted

to Crown Agcuts.

Payment of interest.

Application of Sinking Fund.

Debentures to bo rudeemed by purchase or by

6. Every Debenture shall, before being issued, be registered in a Register Book to be kept for that purpose at the office in London of the Crown Agents.

7. There shall be attached to every Debenture Coupons for the payment of the interest to become due in each half-year upon the principal secured 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 Hongkong, may determine.

8. The Debentures, and the Coupous thereto, may be in such form as the Governor, or the Crown Agents acting on his behalf, may direct or approve.

9. Every Debenture and Coupon, and the right to receive the principal and interest secured or represented thereby, shall be transferable by delivery.

10. So long as any of the Debentures remain outstanding, the Governor shall in each half-year ending with the day on which the interest on the Debentures falls due, appropriate out of the General Revenues and Assets of this Colony a sum equal to one half-year's interest on the whole of the Debentures previously issued, including any which may have been redeemed, bat-exclusive of my which may have been at any time exchanged for Inserita Seck, 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, and two years after the date of the Debentures first issued the Governor shall, in each half-year ending as aforesaid, appropriate out of the said Revenues and Assets of this Colony an additional sum equal to shillings sterling per centum on the total nominal amount of all the Debentures issued on or before the first day of that half-year, including any which may have been redeemed, but exclusive of any which may have been at any time exchanged for Inscribed Stock, and chatt römit that sum to the Crown Agents with the remittance hereinbefore mentioned.

11. The Crown Agents shall place and keep the moneys so remitted to them, or so much thereof as may not be required for immediate payments, on deposit at interest in their names with some Bank or Banks in London or Westminster, and shall hold all such moneys and the accumulations thereon in trust, to apply them, in the first place, in payment of the interest for the current half-year upon the Debentures for the time being outstanding, and, in the next place, in the formation of a Sinking Fund.

12. The interest upon the principal secured by each Debenture shall run from the day named in that behalf in the 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.

13. The Sinking Fund shall be applied in the first place in payment of all expenses of, or incidental to, the redemption of Debentures, including the charges of the Notary Public attending at any drawing thereof, and the costs and expenses of all notices required by this Ordinance to be given, and in the next place, and subject to the aforesaid payments in repayment of the principal moneys for the time being secured by the Debentures.

14. The Debentures shall, at the option of the Crown Agents, be redeemed either by purchase in the open market or by annual drawings, and, subject to the aforesaid payments, the sum to be applied annually to annual drawings, such redemption shall correspond as nearly as may be to, but not exceed,

the amount for the time being standing to the credit of the Sinking Fund.

15. Four months after the first contribution to the Sinking Fund has Appointment of been made, and so long thereafter as any of the Debentures remain out- day for drawing

of Debentures. standing and unsatisfied, the Crown Agents shall in every year, unless the whole of the money applicable in that year to the redemption of Debentures has been applied in the purchase thereof, appoint a day in that year for the drawing by lot of the Debentures to be redeemed.

16. If a day is appointed for drawing, the Crown Agents shall give, by Notice of time advertisement in the London Times' newspaper, not less than fifteen days' and place previous notice, specifying the day on which, and the hour and place at appointed for

drawing. which, the drawing will take place, and the nominal amount of the Debentures to be redeemed at that drawing.

17. On the day and at the hour and place so specified, the Crown Agents Mode of drawing. shall hold a meeting, at which the holder of any Debenture may, if he think fit, be present, and shall then in the presence of such Debenture-holders (if any) as may attend, and of a Notary Public, draw by lot out of the whole number of Debentures for the time being outstanding Debentures of the specified nominal amount.

18. The Crown Agents shall thereupon declare the distinguishing Notice of Deben- numbers of the Debentures drawn for redemption, and shall as soon as tures drawn for may be, by advertisement in the London Times' newspaper, specify those redemption. numbers and appoint a day (not being later as to each Debenture than the day on which the then current half-year's interest thereon is payable) on which the principal moneys secured by the Debentures so distin guished will be repaid.

19. On the day so appointed, the Crown Agents shall, at their office in Payment of Loudon, on demand, pay, to the holders of the Debentures drawn for drawn repayment, the principal moneys secured by those Debentures, with all Debentures. interest payable thereon up to that day.

20. From and after the day appointed for the repayment of any Cesser of Debenture, all interest on the principal moneys secured thereby shall interest from day cease and determine, whether payment of the principal shall have been appointed for demanded or not.

payment of

principal.

21. Upon the repayment of the principal moneys secured by any Redeemed Debenture, the Debenture with all the Coupons thereunto belonging shall Debentures to bo be delivered up to the Crown Agents, to be by them cancelled and for- cacalled. warded to the Government of Hongkong. Any Debenture redeemed by purchase shall likewise be so cancelled and forwarded.

22. When borrowing shall be upon Inscribed Stock, such Stock shall Borrowing upon

be issued in England by the Crown Agents for the Colonies under the Inscribed Stock. provisions of the Act of the Imperial Parliament entituled "The Colonial Stock Act, 1877," upon the best and most favourable terms that can be obtained, and on such other nditions, subject to the provisions of this Ordinance, as the Governor may before the issue thereof from time to time direct, provided that the interest on such Inscribed Stock shall not exceed five per cent. per annum,

23. All the Inscribed Stock which may be created under the provisions When the of this Ordinance shall be redeemable at par on a date to be named in that principal is to behalf by the Crown Agents when issuing the Stock, such date not being be repaid. later than fifty years from the date of issue. From and after which date all interest on the principal moneys secured thereby shall cease and deter- mine, whether payment of the pricipal shall have been demanded or not.

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