CO129-394 - Governor Sir May & Public Offices - 1912 [12] — Page 328

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321

Creation of sinking fund for redemption of debentures paya- ble on a fixed date.

Disposal of sinking fund when debentures are redeemed by purchase or by annual drawings.

and the cost 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 represented by the debentures.

15.

In the case of debentures redeemable

on a date to be named when issuing the debentures,

the Crown Agents shall invest so much of the

money so remitted to them as aforesaid as shall

not be required for the payment of interest for

the current half-year in the purchase of such

securities as may be approved by His Majesty's

Principal Secretary of State for the Colonies

as a sinking fund for the final extinction of

the debt, and the Crown Agents shall also

invest the dividends, interest or produce of

such investments in the purchase of like

securities, and may, from time to time, with the

approval of the Secretary of State,

such investments and shall hold such fund in

trust for the repayment of the principal moneys for the time being represented by the debentures.

change any

16.

In the case of debentures redeemable

by annual drawings, 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, at interest, and shall hold all such moneys and the accumulations thereon in trust, to apply them in the first place to the purchase of the debentures when they can be obtained at a price not exceeding par, and

secondly, to the redemption of the debentures by

means of annual drawings.