CO129-394 - Governor Sir May & Public Offices - 1912 [12] — Page 333

388

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Debentures converti- ble into inscribed

stock on conditions

prescribed by Crown

10.

326

(a)

He may authorise the Crown Agents

when issuing any loan in the form of debentures

Agents at time of issue. to declare that such debentures will be con-

vertible into inscribed stock at such dates and

on such terms and conditions as may be

prescribed by the Crown Agents at the time of

the issue of the debentures.

Conversion of loans generally.

Creation and issue of stock in exchange for other securities.

Creation and sale of inscribed stock or debentures to raise loans and for other purposes.

arrangements for

conversion,

Exchange of securities

for inscribed stock.

(10) He may declare all or any of the

Hong Kong loans, whether existing in the form

of stock or debentures, to be convertible into

inscribed stock, to be issued under the

provisions of this Ordinance,

(c) He may authorise the creation and

issue of such an amount of inscribed stock i

exchange for the securities held for such

Joans as may be necessary,

(a) He may authorise the creation and

sale of any such inscribed stock or debentures

for the purpose of raising money for redeeming

any outstanding Joans, for paying any expense

in the creation of inscribed stock, and

otherwise for carrying out the provisions of

this Ordinance.

(e) Any conversion so authorised may be

effected either by an arrangement with the

holders of existing securities or by purchase

thereof out of moneys raised by the sale of

inscribed stock, or partly in one way and

partly in the other.

32. Nothing in this Ordinance contained

shall authorise an increase of the capital or

of the annual charge on any loan, except

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