CO129-605-4 Government loans 12-7-1946 - 6-1-1948 — Page 161

HONG KONG.

Lebrany

165

No. 11 OF 1934.

I assent.

W. PEEL,

L.S.

Governor.

15th June, 1934.

An Ordinance to make provision for a loan of twenty five million dollars for the carrying out of certain public works, for the redemption of certain inscribed stock, and for other purposes.

[15th June, 1934.]

✓

BE it enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof. as follows:-

1. This Ordinance may be cited as the Hong Kong Short title. Dollar Loan Ordinance, 1934.

by issue

2. The Governor is hereby authorised from time to time Authority to issue bonds to an amount sufficient to produce in the to borrow aggregate a sum not exceeding twenty-five million dollars and of bonds. such further sum as may be necessary to defray the expenses of the issue and management of the loan.

3.—(1) The money to be borrowed under the authority Application of this Ordinance shall be appropriated and applied to the of loan. purposes specified in the Schedule.

(2) 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 made unless such transfer shall have been approved by a resolution of the Legislative Council and by the Secretary of State.

Schedule.

Loan to be

a charge on general

4. The principal moneys and interest represented by the bonds issued under the provisions of this Ordinance are hereby charged upon and shall be payable out of the revenue revenue. and assets of the Colony.

5.--(1) The sum to be produced, not exceeding twenty Redemption. five million dollars in addition to the amount necessary to defray the expenses of issuing and managing the loan, may be raised by one or more issues of bonds in accordance with the provisions of this Ordinance.