86
Cesser of sinking fund contributions
Disposal of sinking fund when
debentures are redeemed by purchase or by annual drawings
Appointment of day for drawing of debentures
Notice of
time and
place appointed for drawing
principal monies for the time being represented by the
debentures : provided that if at any time the trustees
of the sinking fund are satisfied that the value of the
fund will be sufficient with further accumulations of
interest but without further payments of contributions
to enable the debentures to be redeemed out of the proceeds
of the sinking fund when the same shall fall due to be
redeemed the Governor may with the approval of the
Secretary of State suspend further payment of contributions
to the said sinking fund: provided further that
contributions to the sinking fund shall be recommended
if the trustees shall at any time inform the Governor that
it is necessary.
(15) In the case of drawing debentures so much of the
monies appropriated as aforesaid as shall not be required
for the immediate payment of interest and the accumulations
thereon shall be held by the Treasurer in trust to apply
them to the purchase of the debentures when they can be
obtained at a price not exceeding par and secondly to the
redemption of the debentures by means of annual drawings
in the manner following:-
(a) After the commencement of the contributions to the
sinking fund in respect of any loan and so long
thereafter as any of the debentures remain
outstanding the Governor shall in every year unless
the whole of the money applicable in that year to
the redemption of debentures has been applied in the
purchase thereof appoint a day in that year for the
drawing by lot of the debentures to be redeemed,
(b) If a day is appointed for drawing the Treasurer shall
give by advertisement in the ROYAL GAZETTE and in at
least one of the local newspapers circulating in the
Colony not less than fifteen days' previous notice
specifying
No comments yet.
Private notes are available after approval.