THE HONGKONG GOVERNMENT GAZETTE, 17тп OCTOBER, 1885.
11. 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, on deposit at interest in their names with some Bank or Banks in London or West- minster, and shall hold all such moneys and the accumula- tions thereon in trust, to apply them, in the first place, in payment of the interest for the current half-year upon the Debentures for the time being outstanding, and, in the next place, in the formation of a Sinking Fund.
12. The interest upon the principal secured by each Debenture shall run from the day uamed 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.
13. The Sinking Fund shall be applied in the first place in payment of all expenses of, or incidental to, the redemp- tion of Debentures, including the charges of the Notary Public attending at any drawing thereof, and the costs and expenses of all 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 boing secured by the Debentures.
14. The Debentures shall, at the option of the Crown Agents, be redeemed either by purchase in the open market or by annual drawings, and, subject to the aforesaid pay- ments, the sum to be applied annually to such redemption shall correspond as nearly as may be to, but not exceed, the amount for the time being standing to the credit of the Sinking Fund.
15. Four months after the first contribution to the Sinking Fund has been made, and so long thereafter as any of the Debentures remain outstanding and unsatisfied, the Crown Agents shall in every year, unless the whole of the money applicable in that year to the redemption of Deben- tures has been applied in the purchase thereof, appoint a day in that year for the drawing by lot of the Debentures. to be redeemed.
16. If a day is appointed for drawing, the Crown Agents shall give, by advertisement in the London Times news- paper, not less than fifteen days' previous notice, specifying the day on which, and the hour and place at which, the drawing will take place, and the nominal amount of the Debentures to be redeemed at that drawing.
17. On the day and at the hour and place so specified, the Crown Agents shall hold a meeting, at which the holder of
any Debenture may, if he think fit, be present, and shall then in the presence of such Debenture-holders (if any) as may attend, and of a Notary Public, draw by lot out of the whole number of Debentures for the time being outstanding Debentures of the specified nominal amount.
18. The Crown Agents shall thereupon declare the dis- tinguishing numbers of the Debentures drawn for redemption, and shall as soon as may be, by advertisement in the London Times newspaper, specify those numbers and appoint a day (not being later as to each Debenture than the day on which the then current half-year's interest thereon is payable) on which the principal moneys secured by the Debentures so distinguished will be repaid.
19. On the day so appointed, the Crown Agents shall, at their office in London, on demand, pay, to the holders of the Debentures drawn for repayment, the principal moneys secured by those Debentures, with all interest payable thereon up to that day.
20. From and after the day appointed for the repayment of any Debenture, all interest on the principal moneys secured thereby shall cease and determine, whether payment of the principal shall have been demanded or not.
21. Upon the repayment of the principal moneys secured by any Debenture, the Debenture with all the Coupons thereunto belonging shall be delivered up to the Crown Agents, to be by them cancelled and forwarded to the Government of Hongkong. Any Debenture redeemed by purchase shall likewise be so cancelled and forwarded.
22. When borrowing shall be upon Inscribed Stock, such Stock shall be issued in England by the Crown Ageuts for the Colonies under the provisions of the Act of the
Application of moneys remit- ted to Crown Agents.
Payment of interest.
Application of Sinking Fund.
Debentures to be redeemed by purchase or by annual draw- ings.
Appointment of day for drawing of Debentures.
Notice of tima and place appointed for drawing.
Mode of drawing.
Notice of Debentures drawn for redemption.
Payment of drawn Debentures.
Cosser of
interest from day appointed for payment of principal
Redeemed Dobentures to be cancelled.
Borrowing upon Inscribed Stock.
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