30756-1913-Ordinances-passed-and-assented-to--General-Loan-and-Inscribed-Stock-No-7-of-1913 — Page 6

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THE HONGKONG GOVERNMENT GAZETTE, APRIL 18, 1913.

When the principal is to be repaid.

Mode of

of interest on inscribed stock.

26. All the inscribed stock which may be created under the provisions of this Ordinance shall be redeemable at par on a date to be named in that behalf by the Crown Agents when issuing the stock, such date not being later than sixty years from the date of issue, from and after which date all the interest on the principal moneys represented thereby shall cease and determine, whether payment of the principal shall have been demanded or not.

27. So long as any of the inscribed stock shall remain providing for unredeemed, the Governor shall, in each half-year ending the payment with the day on which the interest on such inscribed stock falls due, appropriate out of the general revenues and assets of the Colony a sum equal to one half-year's interest on the whole of such 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 when it falls duc.

Mode of providing for payment of principal

of inscribed stock.

Creation of

23. After the date specified in the Ordinance authoris- ing an issue of inscribed stock as that on which the con- tribution to the sinking fund shall commence, the Governor shall further appropriate out of the said reveunes and assets in each half-year ending as aforesaid an additional sum for the formation of a sinking fund of not less than ten shillings per centum on the total nominal amount of such inscribed stock, and shall remit that sum to the Crown Agents with the remittance hereinbefore mentioned,

29. The Crown Agents shall, for the purpose of forming sinking fund. such sinking fund, from time to time 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 half- year in the purchase of such securities as may from time to time be approved by Ilis Majesty's Principal Secretary of State for the Colonies, and shall also invest the dividends, interest or produce of such investments in the purchase of like securities, and may from time to time, with the approval of the Secretary of State, change any such invest- ments, and shall hold such fund in trust for repayment of the principal moneys for the time being represented by the iuscribed stock.

Charge upon general

revenue.

Expenses to be paid out of sinking fund.

Powers of Governor.

Debentures

convertible into inscri- bed stock on conditions prescribed by Crown Agents at time of issue.

Conversion of loans generally.

Creation and issue of stock

in exchange for other securities.

Creation and sale of inseri- bed stock or debentures to raise loans and for other purposes.

30. In case the sinking funds provided for by this Ordinance shall be insufficient for the payment of all the principal moneys borrowed under the authority of this Ordinance at the time the game shall have become due, the Governor shall make good the deficiency out of the general revenues and assets of the Colony of Hongkong.

31. All expenses of or incidental to the management of the sinking fund, or to the payment of the principal moneys borrowed, shall be paid out of the sinking fund,

32. The Governor shall also have, and may from time to time, exercise, the following powers and authorities or any of them-

(a.) He may authorise the Crown Agents when issuing any loan in the form of debentures to declare that such debentures will be convert- ible into inscribed stock at such dates and on such terms and conditions as may be prescribed by the Crown Agents at the time of the issue of the debentures.

(b.) He may declare all or any of the Hongkong loans, whether existing in the form of stock or debentures, to be convertible into inscribed stock, to be issued under the provisions of this Ordinance.

(e.) He may authorise the creation and issue of such an amount of inscribed stock in exchange for the securities held for such loans as may be necessary.

(4.) He may authorise the creation and sale of any such inscribed stock or debentures for the purpose of raising money for redeeming any outstanding loans, for paying any expense in the creation of inscribed stock, and otherwise for carrying out the provisions of this Ordi-

nance.