33201-1913-Supplementary-Bills-read-a-first-time--General-Loan-and-Inscribed-Stock — Page 2

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8. There shall be attached to every debenture coupons Interest for the payment of the interest to become due in each half coupons, 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 Governmeut of Hongkong may determine.

9. The debentures, and the coupons thereto shall be in Fom of such form as the Governor, or the Crown Agents acting on debenture his behalf, may direct or approve.

and coupons.

Debentures

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

transferable by delivery.

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

interest.

12. The interest upon the principal represented by each Payment of 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.

interest on

13. So long as any of the debentures remain outstand- Mode of ing, the Governor shall, in each half-year ending with the providing for day on which the interest on the debentures falls due, payment of appropriate out of the general revenues and assets of the debentures. 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 thereont the then current half-year's interest on the day on which it falls due.

14. After the date specified in the Ordinance authoris- Further sums ing the loan as that on which the coutributions to the to be remit-

ted for the sinking fund shall commence, the Governor shall, in each

redemption half-year ending as aforesaid, appropriate out of the said of the deben- revenues and assets of the Colony of Hongkong an addi- tures. 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 hercinbefore mentioned.

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

Creation of sinking fund for redemp- tion of deben-

16. In the case of debentures redeemable on a date to be named when issuing the debentures, the Crown Agents shall invest so much of the money so remitted to them as aforesaid as shall not be required for the payment of tures payable interest for the current half-year in the purchase of such on a fixed securities as may be approved by His Majesty's Principal date. 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 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.

sinking

fund when debentures are redeemed

17. In the case of debentures redeemable by annual Disposal of drawings, the Crown Agents shall place and keep the moneys so remitted to them or so much thereof as may not be required for immediate payments, at interest, and shall 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.