646348-1893-Ordinances-1-to-4-Assented-to — Page 3

THE HONGKONG GOVERNMENT GAZETTE, 21ST JANUARY, 1893.

10. The Governor shall also have and may from time to time exercise the following powers and authorities, or any of them :--

(a) He may declare all or any of the Loans issued by or on behalf of Hongkong whether existing in the form of Stock or Debentures and inclusive of the loan issued under Ordinance No. 11 of 1886 the short title whereof is The Loan Ordinance 1886 to be convertible into Inscribed Stock to be issued under the provisions of this Ordinance.

(b) IIe may authorize the creation and issue of such amount of Inscribed Stock in exchange for the Securities hold for such Loans as may be ne- cessary.

(c) He may authorize the creation and sale of any such Inscribed Stock for the purpose of raising money for redeeming any outstanding Loans, for paying any expenses in the creation of In- scribed Stock, and otherwise for carrying out the provisions of this Ordinance.

(d) Any conversion so authorized may be effected either by arrangement with the holders of exist- ing Securities or by purchase thereof out of moneys raised by the sale of Inscribed Stock, or partly in one way and partly in the other. 11. Nothing in this Ordinance contained shall authorize an increase of the capital or of the annual charge on any Loan except :—

(a) When Securities exchanged for Inscribed Stock bear a higher rate of interest than the Inscribed Stock an additional amount of Inscribed Stock may be created and issued to make up the differ- ence in saleable value between the Securities and the Inscribed Stock.

(b) In the case of the conversion of securities into Inscribed Stock, the Crown Agents shall issue such an amount of Inscribed Stock as may be required to defray the Stamp duties and all other expenses incidental to the conversion.

12. The Securities exchanged or otherwise converted into Inscribed Stock under the provisions of this Ordinance shall be forthwith cancelled by the Crown Agents, and the Debentures surrendered shall be cancelled and transmitted to the Government of Hongkong.

13. The Trustees of the Sinking Fund appointed under the Ordinance authorizing the issue of any Securities which may be exchanged into Inscribed Stock or cancelled or purchased under the provisions of this Ordinance, shall determine what amount of the Sinking Funds held by them and created for the repayment of such securities shall be released and in the determination of such question the Trustees shall take into consideration the value of the whole investments held by them on account of such Sinking Funds, the amount of the Debt remaining a charge on such Sinking Funds, and such other matters as the Trustees may think fit to take into account.

14. So much of the Sinking Funds as may be released shall be converted into money and paid by the Trustees to the Crown Agents for the credit of Hongkong to be disposed of in such manner as the Governor, with the advice and consent of the Legislative Council, may direct.

15. The Crown Agents may from time to time, at the request of the Governor, make arrangements for all or any of the following things:-

(1) For Inscribing Stock in their books.

(2) For managing the creation, inscription, and issue

of Inscribed Stock.

(3) For effecting the conversion of Loans into Inscribed

Stock.

(4) For paying interest on Inscribed Stock, and

managing transfers thereof..

(5) For issuing Inscribed Stock Certificates to bearer and as often as occasion shall require, re-issuing or re-inscribing Stock and re-issuing Inscribed Stock Certificates.

Governor may

authorize the

conversion of

Loans.

Creation and issue of Stock in exchange for other securities.

Creation and sale of In- scribed Stock to raise Loans and for other purposes.

Arrangemente

for convCI- sicu,

Exchange of Securities for Inscribed

Sluck.

Converted Securities to be cancelled.

Trustees to apportion amount of

Sinking Fund released by conversion.

Sinking Funda released how to be disposed

of.

Creation, inscription, issue, conver- sion and

transfer of Inscribed Stock.

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