CO129-543-12 Loans for public work 29-3-1933 - 20-12-1933 — Page 98

Enclosure No.2.

ATTORNEY GENERAL'S CHAMBERS,

Hong Kong, 23rd June,

96

CAPI

193 3

REPORT ON ORDINANCE No. ........ .15 of 1933.

30238/27

1.

1 have examined the accompanying Ordinance, intituled an

Ordinance to make provision for the redemption of the bonds issued under the authority of the Public Works Loan Ordinance, 1927, and I am of opinion that the

Ordinance is one which is not contrary to the Governor's instructions.

2.

The Public Works Loan Ordinance, No.14 of 1927,

authorised the issue of bonds for the purpose of raising a loan of $5,000,000 at 6 per cent for waterworks, aero-

drome, and harbour development and other public works.

3. The loan was redeemable at par on the 1st November,

1938, but provision was made for the redemption by pur-

chase or for drawings at any time or times after the 31st

October, 1932, as the Governor may from time to time

determine.

4. It is now considered desirable to make provision

for the redemption of the bonds at par on the 1st August,

1933, in the case of all bond holders who do not before