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Transfer by delivery.
Provision for payment of interest.
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(4) If a day is appointed by the Governor for drawing, the Colonial Treasurer shall give, by advertisement in the Gazette, not less than fifteen days previous notice, specify- ing the day on which, and the hour and place at which, the drawing will take place, and the denominations and respective Lotal nominal values of the bonds to be drawn.
(5) On the day and at the hour and place so specified the Colonial Treasurer shall hold a meeting, at which the holder of any bond may, if he think fit, ho present, and shall then in the presence of such bond holders, if any, as anay attend, draw by lot, out of the whole number of bonds for the time being outstanding of the respective denomina- tions specified, bonds to such respective total nominal values as shall have been specified.
(6) The Colonial Treasurer shall thereupon declare the distinguishing numbers of the bonds drawn for redemption, and shall, as soon as may be, by advertisement in the Gazette, specify those numbers and appoint a day, not being earlier than fifteen days from the day of the draw- ing and not being later than the day on which the then current half-year's interest is payable, ou which the prin- cipal moneys represented by the bonds so distinguished will be repaid.
(7) On the day so appointed there shall be paid to the holders of the bonds drawn for redemption, at the head office of the Hongkong and Shanghai Banking Corpora- tion, the principal moneys represented by those bonds, with all interest payable thereon up to that day,
(8) From and after the day appointed for the repay- ment of any bond all interest on the principal moneys represented thereby shall cease and determiue, whether payment of the principal shall have been demanded or not.
6. Every boud and coupon and the right to receive the principal and interest represented thereby shall be transfer- able by delivery.
7. The Governor shall in each half-year ending with the day on which the interest on the bonds falls die appropriate out of the revenue and assets of the Colony a sum equal to one half-year's interest on the whole of the bonds outstanding in order that the interest for the said half-year may be paid therefrom.
Provision for 8. The Governor shall in each year ending on the 31st sinking fund. day of October, subsequent to the year ending on the 31st day of October, 1927, appropriate out of the revenue and assets of the Colony for the formation of a sinking fund an additional smu of not less than six dollars and sixty-six cents per hundred dollars on the total nominal value of
Application of sinking fund.
Investment of
all the bonds issued, including any which may have been redeemed.
9.-(1) The sinking fund shall be applied in the first instance in payment of all expenses of or incidental to the redemption of the bonds and in the next place in re-pay- ment of the principal moneys represented by the bonds.
(2) In case the sinking fund shall be insufficient for the payment of the principal moneys at the time when such payment shall become due the Governor shall make good the deficiency out of the revenue and assets of the Colony.
10. The moneys appropriated for the formation of a sinking fund. sinking fund shall, so far as they are not required for the purposes of the preceding section, be invested in such manner as may be approved by the Governor in Council, and the dividends, interest or produce of such investment shall be invested in like manner.
Payment of interest.
11. The interest on each boud shall be at the rate of six per centum per aumum and shall run from the day named in that behalf in the bond and shall be paid half- yearly at the head office of the Hongkong and Shanghai Banking Corporation on the days nained in that behalf in the coupons.
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12. The Governor shall have power :-
Powers of
(a) to determine the amounts for which the bonds Governor.
shall be issued;
(6) to determine the form of the bonds ;
(c) to determine the terms upon which the bonds shall
be issued, whether with regard to the price of issue or the conditions of application and deposit or otherwise;
(d) to provide for the issue in the first instance of scrip certificates to be exchanged later for bonds;
(e) to provide for the issue of coupons for the pay-
ment of interest;
(f) to determine the days ou which the half-yearly
interest is to be payabic;
(g) to give the necessary directions for the redemp. tion of the bonds whether by drawing or pur- clase;
(k) to give any other necessary directions for the purpose of carrying out this Ordinance and for the management of the loan, provided that such directions are not inconsistent with the provisious of this Ordinance.
13. On the repayment of the principal moneys repre- Delivery up sented by any boud and on the repurchase of any boud the of bonde on bond shall he delivered up to the Hongkong and Shanglani repayment or Banking Corporation and shall be cancelled by the said repurchase. Corporation,
14. Paragraph (16) of section 14 of the Trustees Ordi- Amendment nance, 1901, is repealed and the following paragraph is of Ordinance substituted therefor :-
No. 5 of 1901, 8. 14 (16).
(16) in any bonds issued under the authority of the Public Works Loan Ordinance, 1927.
15. All moneys appropriated out of the revenue and Exemption assets of the Colony for the payment of the interest on from defence the bonds and for the formation of the sinking fund, and contribution.
all dividends, interest or produce of any investments which represent any portion of the sinking fund, shall be deducted from the Colónial revenues before the calculation of the sums payable to His Majesty's Government under the Defence Contribution Ordinance, 1901,
Passed the Legislative Council of Hong Kong, this 15th day of September, 1927.
D.W. Tratiman
Holy Clerk of Councils.
SCHEDULE.
[8. 3]
PURPOSES TO WHICH THE LOAN IS APPLICABLE.
1. Waterworks development.
2. Aerodrome and harbour development
$3,500,000,00
1,000,000.00
3. Other public works........
500,000,00
Total......
.$5,000,000.00
Ordinance No. 1 of 1901.
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