CO129-543-12 Loans for public work 29-3-1933 - 20-12-1933 — Page 99

the 11th July, 1933, or such later date as the Colonial

Treasurer may approve, express their desire to exchange their

bonds for a new issue of Conversion bonds bearing interest at

4 per cent. The method proposed in this Ordinance avoids the

necessity for a formal drawing by lot, prescribed by section 5(3)

of Ordinance No.14 of 1927, as it is intended to redeem all bonds

not exchanged for the new Conversion bonds.

5.

The se Conversion bonds will be redeemable at par on the

1st August, 1953, and will not be redeemable before that date

otherwise than by purchase in the open market which is author-

ised by section 9(2).

6. The principal moneys and interest represented by the

Conversion bonds, which like the Public Works Loan bonds will

be bearer bonds transferable by delivery, will be charged on

and secured by a sinking fund and the revenue and assets of

the Colony.

7. The Conversion bonds will be authorised investments in

which any trustee, not expressly forbidden by the terms of

the instrument creating the trust, may invest funds in his

hands.

8. The moneys appropriated for the payment of interest on

the Conversion bonds and for the formation of the sinking fund

and all dividends, interest or produce of any investments which

represent any portion of the sinking fund, will be exempted

from the defence contribution payable under Ordinance No.1 of

1901.

9. In my opinion this is an rdinance to which His Excellency

the Governor may properly assent in the name of His Majesty and

on His behalf.

се

97

Attorney General.