CO129-332 - Public Offices & Others - 1905 — Page 173

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or cancelled, a like proportion of these Certificates shall likewise

be subject to retirement.

Before the expiration of the term of fifty years the Railway

Administration shall have the right at any time to redeem these

After the expiration of fifty years the

Certificates at their face value.

Certificates shall be null and void and need not be redeemed, but

if any net profits shall have accrued on such Certificates prior to

their redemption or maturity, such accrued net profits must be paid

before the same are cancelled.

The Railway Administration is entitled to issue and receive like

net profit Certificates (to be in form appropriate for use in China and

unlimited in their term, as also without redemption features) to an

amount equal to the remaining four-fifths of the net income or profits.

These Chinese Certificates may be issued in whole or in part whenever

desired by the Director General, and the proceeds of such issue or

the net profits not exhausted thereby will be retained and used by

the Railway Administration for the purpose of accumulating a fund

wherewith to pay off any Loan Bonds which may from time to time

be redeemed under the provisions of this Agreement, or for generally

reducing or ultimately discharging Railway Loan obligations whenever

or wherever desirable by means of the portion of the profits of the

Railway represented by such Certificates. Such Chinese Certificates

may, however, be used in part by the Railway Administration, if