202819-1933-Supplementary-Bills-read-a-first-time--Supreme-Court-Amendment-Code-of-Civil-Procedure-Amendment-No-2--Probates-Amendment-Public-Works-Loan-Redemption — Page 12

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7. The Governor shall in each half-year ending with Provision the day on which the interest on the Conversion bonds falls

for payment of interest. due appropriate out of the revenue and assets of the Colony a sum equal to one half-year's interest on the whole of the bonds outstanding in order that the interest for the said half- year may be paid therefrom.

8. Every Conversion bond and coupon and the right to Transfer by receive the principal and interest represented thereby shall delivery. be transferable by delivery.

sion bonds.

9.-(1) Subject to the provisions of sub-section (2), the Redemption Conversion bonds issued under this Ordinance shall be of Conver- redeemable at par on the first day of August, 1953, from and including which date all interest on the principal moneys represented thereby shall cease and determine, whether payment of the principal shall have been demanded or not.

(2) At any time or times the Governor may authorise the redemption, by purchase at current market rates, of Conversion bonds of such denominations and to such respective total values as he may from time to time determine.

as to

10.-(1) The Governor shall in each year ending on the Provision 31st July, subsequent to the year ending on the 31st July,

sinking 1933, appropriate out of the revenue and assets of the Colony, funds. for the formation of a sinking fund for the Conversion bonds, an additional sum of not less than three dollars and forty-five cents per hundred dollars on the total nominal value of all the Conversion bonds issued.

(2) The said sinking fund shall be applied in the first instance in payment of all expenses of or incidental to the redemption of the Conversion bonds and in the next place in repayment of the principal moneys represented by the Conversion bonds.

(3) In case the said sinking fund shall be insufficient for the payment of the principal moneys at the time when such payment shall become due the Governor shall make good the deficiency out of the revenue and assets of the Colony.

(4) The moneys appropriated for the formation of the said sinking fund shall, so far as they are not required for the purposes of sub-section (2), be dealt with in such manner as may be approved by the Governor in Council.

1927.

(5) The moneys appropriated for the formation of the sinking fund, established under the Public Works Loan Ordinance Ordinance of 1927, and not required for the payment off of No. 14 of the bonds issued under the authority of that Ordinance shall be dealt with in such manner as may be approved by the Governor in Council.

coupons for

on payment

Ordinance

11. On the repayment of the moneys represented by Delivery up any Conversion bond or coupon issued under this Ordinance, of bonds and or on the repayment of the moneys represented by any hond cancellation or coupon issued under the Public Works Loan Ordinance, or exchange. 1927, or on the giving of any such bonds in exchange for a Conversion hond (or for a scrip certificate to be exchanged No. 14 of later for a Conversion bond), the hond or coupon paid off or given in exchange shall be delivered up to the Hong Kong and Shanghai Banking Corporation and shall be cancelled by the said Corporation.

1927.