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2. The amount of the Short-term Bonds is to be limited to two million and five hundred ($2,500,000).
thousand dollars of Chinese National Currency
3. The interest of the Short-term Bonds shall be paid at the rate of eight per cent (8%) per annum.
4. The Short-term Bonds shall be issued in four denominations, namely, one thousand dollar Bonds ($1,000) one hundred dollar Bonds ($100) ten dollar Bonds ($10) and five dollar Bonds ($5) of Chinese National Currency, and they are payable to the bearer.
5. The interest of the Short-term Bonds shall be paid semi-annually on June 30th and December 31st.
6. The Short-term Bonds shall be secured by the land, buildings, machin- eries and income of the Tsishuyen Electricity Works and the Capital Elec- tricity Works. Both Works shall deposit, each month from the net income of the business, an amount fixed by the schedule for paying the principal and the interest, at banks to be designated by the Sinking Fund Committee. The Sinking Fund Committee shall be composed of nine members among whom three are from the bond holders, two from the Bankers' Association, two from the Chamber of Commerce and two from the National Construction Commission. Rules governing their function shall be made separately.
7. The Short-term Bonds shall be issued on January 1st, 1930 and for a period of eight years. For the first year, only interest of the Bonds shall be paid. Beginning from June 30th, 1931, the principal of the Bonds will be paid semi-annually on June 30th and December 31st. Each of the first four payments for the principal shall amount to one hundred seventy-eight thousand and five hundred dollars of Chinese National Currency ($178,500) and beginning from the fifth payment for the principal an amount of one hundred seventy-eight thousand and six hundred dollars of Chinese National Currency ($178,600) shall be paid semi-annually until December 31st, 1937, when the total amount of the principal will be paid. The above-mentioned payment of the principal shall be made by lot-drawing process, and June 1st and December 1st of each year shall be fixed as the dates for drawing the lots.
8. The Short-term Bonds shall be issued at full face value.
9. The Central Bank, the Bank of China, and the Bank of Communica- tions shall be entrusted for the payment of the principal and the interest of the Bonds,
10. The Short-term Bonds shall be freely transferable at their face value or accepted as security, or used as the deposits for electricity fee at the Tsishuyen or the Capital plant, or employed as securities at any other public organisations where deposit is required.
11. Any one, counterfeiting or spoiling the credit of the Bonds in any
shall be punished according to law.
way,
12. The regulations of the Short-term Bonds shall be operative on the day of their being made public by the National Government of the Republic of China.
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Table showing the payment of principal and interest for the Short-term Electricity Bonds issued by the National Construction Commission, 1930.
Dec. 31, 1930 June 30, 1931 Dec. 31, 1931 June 30, 1932
(Interest is calculated at 8 per cent. per annum.)
| 2,321,000 178,500 92,860
Date.
Amount Principal Interest
Out- standing.
Total of Principal
to be
paid.
to be paid.
and Inter-
Monthly in- stalments to be paid to the
est to be
paid.
Sinking Fund.*
$
June 30, 1930
2,500,000
100,000
100,000
16,667
2,500,000
100,000
100,000
16,667
2,500,000
178,500 100,000
278,500 46,417
271,360
45,227
264,220
44,037
257,080 42,847
250,000 242,896 235,752 39,292 228,608 38,101 221,464 36,911
41,673 40,483
214,320
35,720
June 30, 1936
714,400 178,600 28,576
207,176
34,529
Dec. 31, 1936
535,800 178,600 21,432
200,032
33,339
June 30, 1937
357,200 178.600 14,288 192,888 178,600 178,600 7,144 185,744
32,148
30,957
2,500,000 | 950,040
3,450,040
Dec. 31, 1932 June 30, 1933 Dec. 31, 1933 June 30, 1934 Dec. 31, 1934
June 30, 1935
Dec. 31, 1935
Dec. 31, 1937
Total
2,143,000 178,500 85,720 1,964,500 178,500 78,580 1.786,000 178,600 71,400 1,607,400 178,600 64,296 1,428,800 178,600 57,152 1,250,200 178,600 50,008 1,071,600 178,600 42,864 893,000 178,600 35,720
*The first instalment for each period shall be paid six months previous to the date of the payment of Principal and interest.
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