33201-1913-Supplementary-Bills-read-a-first-time--General-Loan-and-Inscribed-Stock — Page 1

150

LEGISLATIVE COUNCIL.

No. S. 99. The following Bills were read a first time at a Meeting of the Council held on the 10th April, 1913 :-

A BILL

Preamble.

Enacting clause,

Short title.

Interpreta- tion.

Loans to be raised by debentures

or inscribed stock.

Loans to be a charge

upon general

revenue.

Borrowing upon debentures.

Amount

of each debenture.

EXTITLED

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.

WHEREAS it is expedient to define in one Ordinance the terms and conditious 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 inse ibed stock, and to enable the Colony 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:-

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

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

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

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

The expression "Crown Agents means the person or persons for the time being acting as Crown Agents for the Colonies in England.

3. Whenever by any Ordinance authority shall have been given, or shall hereafter be given to raise any sum of money for the purposes mentioned in such Ordinance, the Governor, or the Crown Agents acting on his behalf, may, from time to time, as he or they may deem expedient, 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 debentures or inscribed stock issued under the provisions of this Ordinance are hereby charged upon and shall be. payable out of the general revenues and assets of the Colony of Hongkong.

5. When the Governor, or the Crown Agents acting on his behalf, shall deem it expedient to raise money by debentures, such debentures shall be issued in London on behalf of the Government of Hongkong by the Crown Agents, upon the best and most favourable terms that cau be obtained, and shall be signed by any one of them on that behalf.

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

Debentures 7. The debentures shall be redeemable at par at the may be

option of the Government by purchase in the market, or by redeemed

annual drawings, or on a date to be named in that behalf by by annual drawings or

the Governor or by the Crown Agents acting on his behalf, by purchase as determined when issuing the debentures, such date not in the market being later than sixty years, from the date of issue, from or on a fixed and after which date all interest on the principal money clate,

represented thereby shall cease and determine, whether payment of the principal shall have been deinanded or not.

:

.!