CO129-539-12 Loans for public works- military finances 26-2-1932 - 7-3-1933 — Page 88

Kode of

providing for payment of interest on debentures

and or contributions to sinking fund

(13) (1)

+

85

(1) so long as any of the debentures remain out-

standing the Governor shall in each half-year

ending with the day on which the interest on the

debentures falls due appropriate out of the general

revenues and assets of the Colony a sum equal to one

half-year's interest on the whole of the debentures

issued including any which may have been redeemed.

(11) The Governor shall also in each such half-year

commencing with that specified in the ordinance

authorising the loan appropriate out of the said

revenues and assets of the Colony for the formation

of a sinking fund an additional sum equal to one-half

of the annual contribution to be decided upon by the

Governor on the issue of the loan. Such contribution

shall be in respect of the total nominal amount of

all the debentures issued including any which may have

been redeemed.

(111)

Debentures shall not be deemed to be outstanding

for the purposes of this Ordinance by reason only that

one or more of the debentures have not been presented

for payment on the day appointed for payment and have

in consequence not been paid.

Creation of (14) In the case of fixed-date debentures so much of the sinking fund for redemption monies appropriated as aforesaid as shall not be required of debentures

payable on a fixed date

for the immediate payment of interest shall be remitted

to the Crown Agents for the formation of a sinking fund and

the Crown Agents shall invest the money so remitted to them

in the purchase of such securities as may be approved by the

Secretary of State as a sinking fund for the final

extinction of the debt and 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 change any such investments and

shall hold such fund in trust for the repayment of the

principal