CO129-605-4 Government loans 12-7-1946 - 6-1-1948 — Page 159

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4/10A

No

of

An Ordinance to make provision for raising a

Loan of for

.0 Whereas it is expedient to raise a loan of

for

Be it therefore

the purposes specified in the schedule here to: enacted by the Governor of Hong Kong by and with the advice and consent of the Legislative Council therof, as follows:-

A

(1) This Ordinance may be cited as

(2)

In this Ordinance unless the context otherwise requires:

The expression "Governor" means the person for the time being administering the Government of Hong Kong.

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

(3) The Governor or the Crown Agents acting on his behalf may raise by loan in Hong Kong or in London or partly in Hong Kong and partly in London by one or more issues an amount sufficient to produce in the aggregate as nearly as may be the sun

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

of

(4) The principal monies 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 sums 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 appropria ted and applied to the purposes specified in the schedule to this Ordinance.

3. It shall be lawful for the Governor 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 specified: Provided that no such transfer of money from one item of the schedule to any other item thereof shall be ma de unless such transfer shall have been approved by a re solution 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 loan hereby authorised or any part of it shall be issued under the provisions of the General Loan and Inscribed Stock Ordinance 1913 then the first half yearly contribution to Sinking Fund, as contemplated by the provisions of Sections 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.

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