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 13

Powers

of the Governor.

Exemption from defence

666

12. The Governor shall have power:

(a) to determine the amounts for which the conversion bonds shall be issued:

(b) to determine the form of the Conversion bonds;

(c) to provide for the issue in the first instance of scrip certificates to be exchanged later for the bonds

(d) to provide for the issue of coupons for the payment of interest;

(e) to determine the days on which the half-yearly interest is to be payable; and

() to give any directions necessary for the purpose of carrying out this Ordinance and not inconsistent with its provisions.

13. All moneys appropriated out of the revenue and assets of the Colony for the payment of the interest on the contribution. Conversion bonds and for the formation of a 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.

Amendment of Ordin-

ance No. 5 of 1901, s. 14.

Ordinance No. 14 of 1927.

Repeal of Ordinance No. 14 of 1927.

14. Paragraph (16) of section 14 of the Trustees Ordin- ance, 1901, as enacted by section 14 of the Public Works Loan Ordinance, 1927, is repealed and the following paragraph is substituted therefor :--

(16) in any Conversion bonds issued under the Authority of the Public Works Loan Redemption Ordinance, 1933.

15. The Public Works Loan Ordinance, 1927, is repealed.

Objects and Reasons.

1. The Public Works Loan Ordinance, No. 14 of 1927, authorised the issue of bonds for the purpose of raising a loan of $5,000,000 at 6 per cent for waterworks, aerodrome, and harbour development and other public works.

2. The loan was redeemable at par on the 1st November, 1938, but provision was made for the redemption by purchase or for drawings at any time or times after the 31st October, 1932, as the Governor may from time to time determine.

3. It is now considered desirable to make provision for the redemption of the bonds at par on the 1st August, 1933, in the case of all bond holders who do not before the 11th July, 1933, or such later date as the Colonial Treasurer may approve, express their desire to exchange their bonds for a new issue of Conversion bonds bearing interest at 4 per cent. The method proposed in this Ordinance avoids the necessity for a formal drawing by lot, prescribed by section 5 (3) of Ordinance No. 14 of 1927, as it is intended to redeem all bonds not exchanged for the new Conversion bonds.