CO129-605-5 Government loans 4-2-1948 - 8-1-1949 — Page 72

A BILL

INTITULED

An Ordinance to make provision for raising a Loan of one hundred and fifty million dollars for the general rehabilitation of the public services of the Colony following a period of enemy occupation.

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. (Rehabilitation) Loan Ordinance, 1947.

or Crown

2. The Governor or the Crown Agents acting on his be- Power of half may raise by loan in Hong Kong or in London or partly in Governor Hong Kong and partly in London by one or more issues an Agents to amount sufficient to produce in the aggregate a sum not raise loan. exceeding one hundred and fifty million dollars and such further sums as may be necessary to defray the expenses of issue.

3.

general

The principal moneys and interest represented by Loan to be the loan issued under the provisions of this Ordinance are charged on hereby charged upon and shall be payable out of the general revenue and revenue and assets of the Colony.

assets of Colony.

4. (1) Any sums raised to defray the expenses of Application issue shall be applied only to that purpose.

of sums raised.

(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 but it Schedule. 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.

Ordinance No. 7 of

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

applied.

respect of

6. If the loan hereby authorised or any part of it shall Sinking be issued under the provisions of the General Loan and Fund in Inscribed Stock Ordinance, 1913, then the first half yearly loan raised contribution to Sinking Fund, as contemplated by the provi- in London, sions of Sections 14 and 28 of the said Ordinance, shall be remitted 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 interest on such debentures or stock falls due.

is raised

7. (1) If the loan hereby authorised or any part of it Provision shall be raised in the Colony then the following provisions in where loan respect of the loan or any part of it raised in the Colony shall in Colony. apply.

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