ow
Form of debenture
and coupons.
Debentures and con- pons transferable by delivery.
Register of deben- tures.
Payment of interest.
Mode of providing for payment of interest on debentures and for contributions to sinking fund.
che date staufado now the terms of essive of the loan as that one Lets the first con
to the shall be taken and now
subing fando
sach subsequent halfy year,
Creation of sinking fund for redemption of debentures payable on a fixed date.
Cesser of sinking fund contributions.
Disposal of sinking
fund when debentures
or by annual
chase
drawings.
(9) The debentures and the coupons shall be in such form as the Governor may direct or approve.
(10) Every debenture and coupon and the right to receive the principal and interest represented thereby shall be transferable by delivery.
(11) Every debenture shall before being issued be registered in a register book to be kept for that purpose at the office of the Treasurer.
(12) The interest upon the principal represented by each debenture shall run from the day named in that behalf in the deben- ture and shall be a half-yearly on the days named in that behalf in the debenture at the office of the Treasurer msrinder of this
relative compous.
(13) (i) So long as any of the debentures remain outstanding 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 & sum equal to one half-year's interest on the whole of the debentures issued including any which may have been redeemed.
this
(ii) The Governor shall also in each much 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.
(iii) 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.
(14) In the case of fixed date debentures so much of the monies appropriated as aforesaid as shall not be required 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 monies for the time being repre- sented 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 recommenced 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 are redeemed by pur 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 :—
132
X
Appointment of day for drawing of deben. tures.
Notice of time and place appointed for drawing,
r
Mode of drawing.
Notice of debentures drawn for redemption.
Payment of drawn debentures.
Censer of interest from day appointed for pay- ment of principal.
Redeemed debentures to be cancelled.
Expenses of redemp-
tion to be borne by
sinking fund.
津
(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 GAZETTE and in at least one of the local newspapers circulating in the Colony not less than fifteen days' previous notice specifying the day on which and the hour and place at which the drawing will take place.
(c) On the day and at the hour and place so specified the Colonial Secretary and the Treasurer or any other officers appointed by the Governor for the purpose shall hold a meeting at which the holder of any debenture may if he think fit be present and shall then in the presence of such debentures holders as may attend draw by lot out of the whole number of debentures for the time being outstanding debentures of the specified nominal amount.
(d) The Colonial Secretary and the Treasurer or other officers appointed as aforesaid shall thereupon declare the distinguishing numbers of the debentures drawn for redemption and the Treasurer shall as soon as may be by advertisement in the GAZETTE and at least one of the local newspapers circulating in the Colony specify those numbers and appoint a day not being later as to each debenture than the day on which the then current half-year's interest thereon is payable on which the principal monies represented by the debentures so distinguished will be repaid.
(e) From and after the day so appointed the Treasurer shall at his office pay on demand to the holders of the debentures drawn for repayment the principal monies represented by those debentures with all interest payable thereon up to the appointed day.
(16) From and after the day appointed for the repayment of any debenture whether a fixed-date or a drawing debenture all interest on the principal monies represented thereby shall cease and determine whether payment of the principal shall have been demanded or not.
133
(17) Upon the repayment of the principal monies represented by any debenture such debenture with all the coupons thereunto (more) belonging shall be delivered up to the Treasurer to be by him can- celled and retained.
Any drawing debenture redeemed by purchase shall likewise be
so cancelled and retained.
(18) All expenses of or incidental to the redemption of the debentures and the costs and expenses on all notices required by this
Ordinance to be given may be paid out of the sinking fund.
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