46353-1916-Ordinance-passed-and-assented-to--War-Loan-No-12-of-1916 — Page 2

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THE HONGKONG GOVERNMENT GAZETTE, OCTOBER 20, 1916.

HONGKONG.

No. 12 of 1916.

LS

I assent to this Ordinance.

F. II. MAY,

Governor.

20th October, 1916.

An Ordinance to authorise the raising of a

War Loan.

[20th October, 1916.]

Short title.

Authority

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

1. This Ordinance may be cited as the War Loan Ordi- nance, 1916,

2. The Governoanay raise a sum not exceeding three to raise loan. million dollars by the issue in the Colony of bonds and any sum so raised shall be placed at the disposal of His Majesty's Government for the prosecution of the present

Loan to be

a charge on general

revenue.

Redemption.

Transfer by delivery.

Provision

of interest.

war.

3.--(1.) The principal moneys and interest represented by the bonds issued under the provisions of this Ordinance are hereby charged upon and shall be payable out of the revenue and assets of the Colony.

(2.) The Governor shall appropriate out of the revenue and assets of the Colony such sums as may be necessary to provide for the expenses of the flotation and management of the loan.

4.-(1.) Subject to the provisions of sub-sections (2) and (3) of this section, the bonds shall be redeemable at par on the 1st day of December, 1928, from and after which date all interest on the principal moneys represented there- by shall cease and determine.

(2.) At any time after the 30th day of November, 1921, the Governor may direct the redemption at par by drawing of bonds to such value as he may determine, and from and after the date of such drawing all interest on the principal moneys represented by the drawn bonds shall cease aud determine.

(3.) At any time after the 30th day of November, 1921, the Governor may approve of the redemption by purchase of bonds to such value as he may determine.

(4.) In every case in which the cesser and determina- tion of interest is provided for under the provisions of this section such interest shall cease and determine whether repayment shall have been demanded or not.

5. Every bond and coupon and the right to receive the principal and interest represented thereby shall be transfer- able by delivery.

6. The Governor shall in each half-year ending with for payment the day on which the interest on the bonds falls due appropriate out of the revenue and assets of the Colony a sum equal to one half-year's interest on the whole of the bonds outstanding in order that the interest for the said half-year may be paid therefrom.