CO129-605-4 Government loans 12-7-1946 - 6-1-1948 — Page 123

>

ΠΟ

of..

An Ordinance to make provision for raising a Lown of

Whereas it is expedient to raise a loan

of

for

125

the purposes specified in the schedule hereto: Be it therefore enacted by the Governor of hong on by and with the advice and consent of the Legislative Council thereof, as'follows:-

(1) This Ordinance may be cited as

(8)

In this Ordinance unless the context otherwise requires:

The expression "Governor" meɑna the person for the time being administering the Government of Hong Kon ..

The expression the "Crown Agents" means the person or persons acting for the time being as Crown Agents for the Colonies in England.

(5) The Governor or the Crown agenta soting on his behalf may raise by loan in Hon v.on or in London or partly in Hong Kong and partly in Londɔ by one or more issues an amount sufficient to produce in the strugate as nearly as may be the sum

and

of

such further sums as may be necessary to defray the expenses of issue.

(4) The principal Lonies and interest represented by the loan issued under the provisions of this Ordinance are hereby charged upon and shall be payable out of the general revenue and assets of the Colony of Hong Kong.

(5) 1. Any suma raised to defray the expenses of issue shall be applied only to that purpose.

2. Save as aforesaid the money borrowed under this Ordinance shall be appropriated and applied to the purposes specified in the schedule to this ordinance.

3. It shall be lawful for the Gov rnor to direct that any sums which may not be required for a purpose specified in the schedule may be appropriated and applied to any other purpose therein apecified: Provided that no such transfer of money from one item of the schedule to any other item thereof shall be made unless such transfer shall have been approved by a resolution of the legislative council and by the Secretary of State.

(6) The loan hereby authorised or any part of it in so far as it is raised in London, shall be raised under the provisions of the General Loan and Inscribed Stock Ordinance 1913.

(7) If the loon hereby authorised or any part of it shall be issued under the provisions of the General Lon and Inscribed Stock Ordinance 1913 th n the first half yearly contribution to Sinking Fund, as contemplated by the provisions of зections 14 and 28 of the said Ordinance shall be taken in respect of any debentures or stock issued under this Ordinance not later than three years after the date on which the first half yearly payment of interests on such debentures or stock falls due.

(8) If the loan hereby authorised or any part of it shall be raised in Hong Kong then the following provisions in respect of the lon or any part of it raised in Long Kong shall apply:-:

/(Continue