30756-1913-Ordinances-passed-and-assented-to--General-Loan-and-Inscribed-Stock-No-7-of-1913 — Page 2

THE HONGKONG GOVERNMENT GAZETTE, APRIL 18, 1913.

HONGKONG.

No. 7 OF 1913.

An Ordinance to declare the terms and condi- tions applicable to Loans authorised to be raised by the Government of Hongkong and to provide for the creation of Hongkong Inscribed Stock.

I assent to this Ordinance.

LS

F. II. MAY, Governor.

[18th April, 1913.]

WHEREAS it is expedient to define in one Ordinance the Preamble. terms and conditions applicable to loans hereafter authorised to be raised by the Legislature of the Colony of Hong- kong:

AND WHEREAS it is expedient to provide for the crea- tion of inscribed stock, and to enable the olony to take advantage of the provisions of an Act of the Imperial Parliament entitled "The Colonial Stock Act 1877" and the subsequent Acts on the same subject :-

clause,

Be it therefore enacted by the Governor of the Colony of Enacting Hongkong, with the advice and consent of the Legislative Council thereof, s follows:-

1. This Ordinance may be cited as "The General Short title. Loan and Inscribed Stock Ordinance, 1913."

2. In this Ordinance, unless the context otherwise Interpreta- requires,-

"

The expression "Governor means the person for the time being administering the Government of Hongkong.

"

2

The expression “Crown Agents means the person or persous for the time being acting as Crown' Agents for the Colonies in England.

tion.

3. Whenever by any Ordinance authority shall have Loans to be

raised by been given, or shall hereafter be given to raise any sum of money for the purposes mentioned in such Ordinance, debentures

or inscribed the Governor, or the Crown Agents acting on his behalf, stock, may, from time to time, as he or they may deem expedieut, raise such sum either by debentures or by Hongkong inscribed stock, or partly by debentures and partly by inscribed stock.

4. The principal moneys and interest represented by the Loans to be debentures or inscribed stock issued under the provisions of a charge this Ordinance are hereby charged upon and shall be upon general payable out of the general revenues and assets of the Colony of Hongkong.

revenue.

5. When the Governor, or the Crown Agents acting on Borrowing his behalf, shall deem it expedient to raise money by upon

debentures. debentures, such debentures shall be issued in London on behalf of the Government of Hongkong by the rown Agents, upon the best and most favourable terms that can be obtained, and shall be sigued by any one of them on that behalf.

6. Every debenture issued under the provisions of this Amount Ordinance shall be for the sum of not less than one hundred of each pounds sterling, and shall bear interest at a rate not exceed. ing five per centum per auuum.

debenture.

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