46353-1916-Ordinance-passed-and-assented-to--War-Loan-No-12-of-1916 — Page 3

THE HONGKONG GOVERNMENT GAZETTE, OCTOBER 20, 1916.

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7. The Governor shall in each year ending on the 30th Provision day of November appropriate out of the revenue and for sinking assets of the Colony for the formation of a sinking fund fund. an additional sum of not less than six dollars and sixty- six cents per hundred dollars on the total nominal value of all the bonds issued, including any which may have been redeemed.

8.-(1.) The sinking fund shall be applied in the first Application instance in payment of all expenses of or incidental to the of sinking redemption of the bonds and in the next place in re- fund. payment of the principal moneys represented by the bonds.

(2.) In case the sinking fund shall be insufficient for the payment of the principal moneys at the time when such payment shall become due the Governor shall make good the deficiency out of the revenue and assets of the Colony.

9. The moneys appropriated for the formation of a Investment sinking fund shall, so far as they are not required for the of sinking purposes of the preceding section, be invested in such fund. manner as may be approved by the Governor in Council and the dividends interest or produce of such investment shall be invested in like manner.

10. The interest on each bond shall be at the rate of Payment of six per centum per annum and shall run from the day interest. named in that behalf in the bond and shall be paid half- yearly at the head office of the Hongkong and Shanghai Banking Corporation on the days named in that behalf in the coupons.

11. The Governor shall have power :-

Powers of

(a) to determine the amounts for which the bonds Governor.

shall be issued;

(b) to determine the form of the bonds;

(c) to determine the terms upon which the bonds shall be issued, whether with regard to the price of issue or the conditions of application and deposit or otherwise;

(d) to provide for the issne in the first instance of scrip certificates to be exchanged later for bonds;

(e) to provide for the issue of coupons for the

payment of interest;

(f) to determine the days on which the half-yearly

interest is to be payable;

(g) to give the necessary directions for the redemp- tion of the bonds whether by drawing or purchase;

(h) to give any other necessary directions for the purpose of carrying out this Ordinance and for the management of the loan, provided that such directions are not inconsistent with the pro- visions of this Ordinance.

12. Bonds issued under this Ordinance and the principal Exemption and interest represented thereby shall be exempt from all from duties duties and all taxes now leviable or which may hereafter and taxes. be leviable in the Colony.

13. On the repayment of the principal moneys repre- Delivery up sented by any bond and on the repurchase of any bond the of bonds on bond shall be delivered up to the Hongkong and Shanghai repayment Banking Corporation and shall be cancelled by the said or repur- Corporation.

Passed the Legislative Council of Hongkong, this 17th day of October, 1916.

chase.

A. G. M. FLETCHER,

Clerk of Councils.

Assented to by His Excellency the Governor, the 20th

day of October, 1916.

CLAUD SEVERN,

Colonial Secretary.

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