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180
1. SECURITY HELD IN TRUST: For the security of this Boad aud of all other Bonds of this Series, the Instone Banking Corporation, Limited, agrees to deposit with a Trustee for the benefit of the holders thereof, any of the following securities: bonds or interest bearing obligations of the United States Government or of the British Government or of any Colony thereof, first mortgages on improved real or leasehold estates, first mortgage bonds on improved real or leasehold estates, cash, or certificates of deposit in banks, to an aggregate amount equal at all times to $110 for each $100 of the liability of the Company on all Bonds of this series outstanding less the amount of any loans made thereon.
2. REGISTRATION: This Bond is registered in the name of the purchaser as the record owner, as shown by the Trustee's certificate hereon.
3. ASSIGNMENT: This Bond shall not be the subject of involuntary transfer by legal process or on execution, it being agreed that the transfer, loan, and cash surrender privileges are personal to the record owner and are made solely and exclusively for the mutual benefit of such record owner and the Company. This Bond may be assigned by the record owner after the acceptance of notice of such assignment by the Company and of the payment of a transfer fee of $1.50, but not otherwise. Unregistered Bonds shall not be secured by the deposit with the Trustee.
4. CASH OR LOAN VALUE:
(a) Until the expiration of the second year this Bond shall have a cash value equal to the amounts paid on the second year's instalments; provided, however, in such cases this Bond must be presented for payment within two years from the date of issue.
(b) After this Bond has been in force for two years or more, the cash or loan value shall be as stated
in the following table per $2,000 of maturity value:-
(c) The Company will loan the record owner of this Bond, upon deposit of the same with the Com- pany, its full cash value as determined in the table in paragraph (b) above.
(d) The Company reserves the right to require thirty days' written notice of the exercise of the above option or of any hereinafter set forth.
(e) The liability of the Company on this Bond for the purpose of determining the aggregate amount of securities required to be deposited with the Trustee in respect thereof shall be the cash value thereof as set forth in this paragraph.
5. RETURN IN EVENT OF DEATH: Upon satisfactory proof to the Company of the death of the record owner while said Bond has not been forfaited under the terms hereof, such owner's legal represents- tives may elect to continue payment of instalments until this Bond inatures, or may surrender this Bond and accept in cash the full amount paid hereon together with intesent at the sate of four pare compounded-annually, daduating any posjed of defqult
forest-saloulation.
6. PAID-UP BOND: After this Bond has been in force for two years, the record owner may exchange the same for a fully paid-up Boad, payable at the then maturity date of this Bond, and in an amount shown on the following schedule of paid up values per $2,000 of maturity value:—
9. REPAYMENT TO PURCHASER: The Company reserves the right to call this Bond for payment at any time by paying the record owner hereof the full amount paid hereon together with six per cent. interest compounded annually for the time the Company has had the use of the money less any indebted- ness due to the Company, or by paying the full maturity value hereof at the Company's option.
10. DEFAULTS IN PAYMENTS: Should any default be made in the payments upon this Bond, the Bond may be reinstated by the resuming of payments by the record owner at any time within two years from the date of such default. In the event that this Bond has been issued and in force for more than two years and then a default in payment occurs and continues for a period of two years or more, the Company will, upon written request of the record owner, or may at its own election, issue a paid-up Bond with a maturity value equal to the then Cash or Loan value of this Bond plus interest at six per cent. compounded annually. If this Bond has been issued and in force for less than two years and default in payment occurs, then the liability of the Company hereunder shall cease and terminate and all payments shall be forfeited to the Com- pany as liquidated damages for non-performance.
Unless and until otherwise ordered by resolution of its Board of Directors it is agreed that the Com. pany shall not use in any calendar month more than fifty per cent, of the cash collected by it upon Bonds of this series during each month for the purpose of paying cash surrender values, loan values, death settlements, or cash settlements after the exercise of settlement two or three of paragraph 12. Such items are to be paid in the order of written application therefor. The above provision does not include payment at maturity, which shall be made without regard to current cash collections.
11. MATURITY DATE EXTENSION: No interest will be allowed on this Bond during any period of default or after call for payment. In case of reinstatement by the resuming of payments in the manner herein provided, the maturity date of this Bond and the due date of the remaining payments respectively will be extended forward for a period of time equal to the time each default may have continued.
The term "period of default" indicates the time that expires while instalments are due and unpaid. The term "in force" as used in this Bond indicates the period of time from date of issue less all periods of default. The term "maturity" indicates ten years from the date of issue plus all periods of default.
12. SETTLEMENTS: The record owner of this Boad at maturity may select any one of the following:
-
FIRST:
A cash payment of the face value hereof, which the Company guarantees to pay. SECOND: Parmit the cash to remain with the Company and to draw interest at the rate of six per cent. per annum payable annually, or if allowed to accumulate, to be componded annually.
THIRD:
Permit the cash to remain with the Company and receive payment of the face value and interest at six per cent. per annum in semi-annual, quarterly, or monthly instalments.
13. CONSTRUCTION: No person has any authority to change any of the conditions of this Bond. The Chinese wording herein is intended only for the purpose of pointing out the salient features by way of reference and is in no way to affect the conditions thereof which are to be entirely governed and construed by the English text.
7. TIME AND PLACE OF PAYMENTS: All payments, with the exception of the initial pay- ment, must be made at the office of the Company at Hongkong without exchange charge to the Company and without notice and are payable annually in advance in cash. Time is of the essence of this Agreement, and each payment must be made on the day it is due, but the owner shall have the right to make paymente sccording to the following schedule per $2,000 of maturity value:--
8. RECORD OF PAYMENTS: There shall be issued by the Company to the record owner hereof
a passbook (or passbooks) bearing the same series number as this Bond, and all payments made by the record
owner to the Company shall be entered therein under the Company's hand, and such record of payments by the owner shall be deemed to be incorporated in this Bond se a part thereof for all purposes,
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