30756-1913-Ordinances-passed-and-assented-to--General-Loan-and-Inscribed-Stock-No-7-of-1913 — Page 5

THE HONGKONG GOVERNMENT GAZETTE, APRIL 18, 1913.

conversion.

(e.) Any conversion so authorisel may be effected Arrange-

either by an arrangement with the holders of ments for existing securities or by purchase thereof out of moneys raised by the sale of inscribed stock, or partly in one way and partly in the other.

33. Nothing in this Ordinance contained shall authorise Exchange of an increase of the capital or of the annual charge on any securities for loan, except :-

(a.) When securities exchanged for inscribed stock bear a rate of interest not less than the inscribed stock, an additional amount of inscribed stock may be created and issued to make up the differ- ence in saleable value between the securities and the inscribed stock.

(b.) In the case of the conversion of securities into iuscribed stock, the Crown Agents shall issue such an amount of inscribed stock as may be required to defray the stamp duties and all other expenses incidental to the conversion.

(c.) In accordance with such terms and conditions as may be prescribed under section 32 (a) of this Ordinance.

inscribed stock.

34. The securities exchanged or otherwise converted Converted into inscribed stock under the provisions of this Ordinance securities to shall be forthwith cancelled by the Crown Agents, and be cancelled.

the debentures surrendered shall be cancelled and trans- mitted to the Governor of Hongkong.

amount of

35. The trustees of the sinking fund appointed under Trustees to this Ordinance, and acting under any Ordinance, authoris- apportion ing the issue of any securities which may be exchanged sinking fund into inscribed stock or cancelled or purchased under the released by provisions of this Ordinance, shall determine what amount conversion. of the sinking fund held by them and created for repayment of such securities shall be released, and in the determination of such question the trustees shall take into consideration the value of the whole investments held by them on account of such sinking funds, the amount of the debt remaining a charge on such sinking funds, and such matters as the trustees may think fit to take into account.

36. So much of the sinking funds as may be released Sinking shall either be transferred unto the trustees of the inscribed funds relea

sed how to be stock sinking fund, or be disposed of in such a manner as

disposed of. the Governor, with the advice and consent of the Legislative Council, may direct.

37. The Crown Agents may from time to time, at the Creation, request of the Governor, make arrangements for all or any inscription, of the following things :—

(1.) For inscribing stock in their books.

issue, conver- sion and transfer of inscribed

(2.) For managing the creation, inscription, and stock.

issue of inscribed stocks.

(3.) For effecting the conversion of loans into

inscribed stock.

(4.) For paying interest on inscribed stock and

managing the transfers thereof.

(5.) For issuing inscribed stock certificates to bearer, and, as often as occasion shall require, re-inscribing them.

38. This Ordinance shall be applicable only to the Raising of raising of loans in England, an nothing in this Ordinance loans in contained shall prevent the raising of loans in the Colony Hongkong. upon such terms and conditions as shall be specified in any Ordinance authorising the raising of such loans.

39. The General Loan and Inscribed Stock Ordinance, Repeal of 1893, is hereby repealed.

Ordinance No. 1 of 1893.

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