212536-1934-Supplementary-Bill-read-a-first-time--Hong-Kong-Dollar-Loan — Page 2

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(5) On the day and at the hour and place so specified the Treasurer shall hold a meeting at which the holder of any bond may, if he thinks fit, be present, and shall then in the presence of such bond holders, if any, as may attend, draw by lot, out of the total number of bonds of every issue which are then outstanding, bonds to the nominal value of one twenty-fifth of each such issue.

(6) The Treasurer shall thereupon declare the distinguish- ing numbers of the bonds drawn for redemption, and shall, as soon as may be, advertise such numbers in the Gazette.

(7) On the 15th day of July following the date of any such draw the principal moneys represented by the bonds so drawn for redemption, with all interest due thereon up to that day, shall become payable at the Office of the Chartered Bank of India, Australia and China in Hong Kong.

(8) From and after the day on which the principal moneys represented by any such bond become so payable all interest thereon shall cease and determine, whether payment of the principal shall have been demanded or not.

(9) In addition to such yearly redemption by drawing of bonds, the Governor may, at any time or times, authorise the redemption, by purchase at current market rates, of bonds of such issues and of such denominations and to such respective total values as he may from time to time determine.

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

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

for payment 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.--(1) The Governor shall in each year, as from the Appropria- 1st day of January, 1935, appropriate out of the revenue tions from

revenue,

cover

and assets of the Colony a sum sufficient to redeem one etc., to twenty-fifth of the total nominal value of the bonds issued, redemption. until the total issue or issues shall have been redeemed.

(2) The Governor may also from time to time appropriate out of the revenue and assets of the Colony such sums as he may deem desirable for the re-purchase of bonds in accordance with the provisions of Section 5 (9).

9. The interest on each bond shall be at the rate of three Payment of and one half per centum per annum and shall run from the interest. day named in that behalf in the bond, and shall be paid half yearly at the office of the Chartered Bank of India, Australia and China in Hong Kong on the days named in that behalf in the coupons.

10. The Governor shall have power:

(a) to determine the time for any issue of bonds;

(b) to determine the amounts for which the bonds of any issue shall be issued;

(c) to determine the form of the bonds;

Powers of Governor.