THE HONGKONG GOVERNMENT GAZETTE, APRIL 18, 1913.
time to time, with the approval of the Secretary of State, change any such investments and shall hold such fund in trust for the repayment of the principal moneys for the time being represented by the debentures.
fund when debentures
17. In the case of debentures redeemable by annual Disposal of drawings, the Crown Agents shall place and keep the sinking moneys so remitted to them or so much thereof as may not be required for immediate payments, at interest, and shall are redeemed hold all such moneys and the accumulations thereon in by purchase trust, to apply them in the first place to the purchase of the or by annual debentures when they can be obtained at a price not exceed- drawings. ing par, and secondly, to the redemption of the debentures by means of annual drawings.
18. After the date specified in the Ordinance authorising Appointment a loan as that on which the contributions to the sinking of day for fund shall commence in respect of that loan, and so long drawing of
debentures. thereafter as any of the debentures remain outstanding and unsatisfied, the Crown Agents shall, in every year, unless the whole of the money applicable in that year to the redemption of debentures has been applied in the purchase thereof, appoint a day in that year for the drawing by lot of the debentures to be redeemed.
19. If a day is appointed for drawing, the Crown Agents Notice of shall give, by advertisement in the Loudon Times news- time and paper, not less than fifteen days previous notice, specifying place ap- the day on which, and the hour and place at which, the pointed for drawing will take place.
drawing.
20. On the day and at the hour and place so specified, Mode of the Crown Agents shall hold a meeting, at which the holder drawing. of any debenture may if he think fit, be present, and shall then in the presence of such debenture holders, if any, as may attend, and of a notary public, draw by lot, out of the whole number of debentures for the time being outstanding, debentures of the specified nominal amount.
21. The Crown Agents shall thereupon declare the Notice of distinguishing numbers of the debentures drawn for re- debentures demption, and shall as soon as may be, by advertisement in drawn for the London Times newspaper, specify those numbers and redemption, appoint a day, not being later as to each debenture than the day on which the then current half-year's interest thereon is payable, on which the principal moneys repre- sented by the debentures so distinguished will be repaid.
debentures.
22. On the day so appointed, the Crown Agents shall, Payment at their office in London, ou demand, pay to the holders of of drawn the debentures drawn for repayment the principal moneys represented by those debentures, with all interest payable thereon up to that day.
23. From and after the day appointed for the repayment Cesser of of any debenture all interest on the principal moneys interest represented thereby shall cease and determine, whether from day payment of the principal shall have been demanded or not, appointed
for payment of principal.
24. Upon the paymont of the principal moneys repre- Redeemed sented by any debenture, the debenture with all the coupons debentures thereunto belonging shall be delivered up to the Crown to be cancel- Agents to be by them cancelled and forwarded to the Government of Hongkong. Any debenture redeemed by purchase shall likewise be so cancelled and forwarded.
led.
25. When the Governor, or the Crown Agents acting Borrowing on his behalf, shall deem it expedient to raise money by the upon inseri- issue of Hongkong inscribed stock, then such stock shall bed stuck. be issued in England by the Crown Agents under the provisions of the Act of the Imperial Parliament entitled The Colonial Stock Act. 1877" upon the best and most favourable terms that can be obtained, provided that the interest on such inscribed stock shall not exceed four pounds per centum per annum,
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