30756-1913-Ordinances-passed-and-assented-to--General-Loan-and-Inscribed-Stock-No-7-of-1913 — Page 3

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THE HONGKONG GOVERNMENT GAZETTE, APRIL 18, 1913.

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Debentures may be redeemed by annual drawings or by purchase in the market or on a fixed

date.

Interest

coupons.

Form of debenture

7. The debentures shall be redeemable at par at the option of the Government by purchase in the market, or by annual drawings, or on a date to be named in that behalf by the Governor or by the Crown Agents acting on his behalf, as determined whe issuing the debentures, such date not being later than sixty years from the date of issue, from and after which date all interest on the principal money represented thereby shall cease and determine, whether payment of the principal shall have been demanded or not.

8. There shall be attached to every debenture coupons for the payment of the interest to become due in each half year upon the principal represented by the debenture. The coupons shall be sufficient in number to provide for the payment of the interest, either during the whole period for which the debenture has to run, or for such limited period as the Crown Agents, acting on behalf of the Government of Hongkong, may determine.

9. The debentures, and the coupons thereto shall be in such form as the Governor, or the Crown Agents acting on

and coupons. his behalf, may direct or approve.

Debentures

10. Every debenture and coupon, and the right to receive and coupons the principal and interest represented thereby, shall be by delivery. transferable by delivery.

transferable

Registry of debentures.

Payment of interest.

Mode of

payment of interest on

11. Every debenture shall, before being issued, be re- gistered in a register book to be kept for that purpose at the office in London of the Crown Agents.

12. The interest upon the principal represented by each debenture shall run from the day named in that behalf in the debenture, and shall be paid half-yearly on the days named in that behalf in the debenture at the office in London of the Crown Agents.

13. So long as any of the debentures remain outstand- providing for ing, the Governor shall, in each half-year ending with the day. on which the interest on the debentures falls due, debentures, appropriate out of the general revenues and assets of the Colony of Hongkong a sum equal to one half-year's interest on the whole of the debentures issued, including any which may have been redeemed, but exclusive of any which may have been at any time exchanged for inscribed stock, and shall remit that sum to the Crown Agents at such time as will enable them to pay thereout the then current half-year's interest on the day on which it falls due.

Further sums to be remit

ted for the

redemption

tures.

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14. After the date specified in the Ordinauce authoris- ing the loan as that on which the contributions to the sinking fund shall commence, the Governor shall, in each of the deben- half-year ending as aforesaid, appropriate out of the said revenues and assets of the Colony of Hongkong an addi- tional sum for the formation of a sinking fund of not less than ten shillings sterling per hundred pounds on the total nominal amount of all the debentures issued, including any which may have been redeemed, but exclusive of any which may have been at any time exchanged for inscribed stock, and shall remit that sum to the Crown Agents with the remittance hereinbefore mentioned.

Application of sinking fund.

Creation of

tion of denen- tures payable ou a fixed date.

15. The sinking fund shall be applied in the first place in payment of all expenses of, or incidental to, the redemp- tion of the debentures and the cost and expenses of all notices required by this Ordinance to be given and in the next place, and subject to the aforesaid payments, in repayment of the principal moucys for the time being represented by the debentures.

16. In the case of debentures redeemable on a date to sinking fund be named when issuing the debentures, the Crown Agents for redemp- shall invest so much of the money so remitted to them as aforesaid as shall not be required for the payment of interest for the current haif-year in the purchase of such securities as may be approved by His Majesty's Principal Secretary of State for the Colonies as a sinking fund for the final extinction of the debt, and the Crown Agents shall also invest the dividends, interest or produce of such investments in the purchase of like securities, and may, from

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