111785-1927-Supplementary-Draft-Bill--Public-Works-Loan — Page 3

Delivery up of bonds on

repayment or repurchase.

Amendment

of Ordinance No. 5 of 1901, s. 14 (16).

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(b) to determine the form of the bonds;

(e) to determine the terms upon which the bonds shall he issued, whether with regard to the price of issue or the conditions of application and deposit or otherwise :

(d) to provide for the issue in the first instance of scrip certificates to be exchanged later for bonds; (e) to provide for the issue of compous for the pay-

ment of interest ;

(ƒ) to determine the days

ys on which the half-yearly interest is to be payable ;

(g) to give the necessary directions for the redemp- tion of the bonds whether by drawing or pur- chase;

(h) to give any other necessary directions for the purpose of carrying out this Ordinance and for the management of the loan, provided that such directions are not inconsistent with the provisions of this Ordinance.

13. On the repayment of the principal moneys repre- sented by any bond and on the repurchase of any bond the bond shall be delivered up to the Hongkong and Shanghai Banking Corporation and shall be cancelled by the said Corporation.

14. Paragraph (16) of section 14 of the Trustees Ordi- uance, 1901, is repealed and the following paragraph is substituted therefor :-

(16) in any bonds issued under the authority of the Public Works Loan Ordinance, 1927.

Exemption

15. All moneys appropriated out of the revenue and from defence assets of the Colony for the payment of the interest on contribution. the bonds and for the formation of the sinking fund, and all dividends, interest or produce of any investments which represent any portion of the sinking fund, shall be deducted from the Colonial revenues before the calculation of the sums payable to His Majesty's Government under the Defence Contribution Ordinance, 1901.

Ordinance No. 1 of 1901.

SCHEDULE.

[s. 3]

PURPOSES TO WHICH THE LOAN IS APPLICABLE,

1. Waterworks development

$3,500,000,00

2. Aerodrome and harbour development

1,000,000,00

3. Other public works.....

500,000,00

Total.........$5,000,000.00

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