884
THE HONGKONG GOVERNMENT GAZETTE, 17TH OCTOBER, 1885.
When the principal la to be repaid,
Mode of
providing for payment of interest and principal of Inscribed Stock
Sinking Fund to be invested.
Securities in
which Sinking Fund is to be invested.
Any deficiency
in Sinking
Fund to be
made good out
of general revenues and assets.
Expenses to be
paid out of Sinking Fund.
Creation, inscription, iague, conver- sion, and transfer of Inscribed Stock.
Imperial Parliament entituled "The Colonial Stock Act, 1877," upon the best and most favourable terms that can be obtained, and on such other conditions, subject to the pro- visions of this Ordinance, as the Governor may before the issue thercof from time to time direct, provided that the interest on such Inscribed Stock shall not exceed five per cent. per an.
23. All the Inscribed Stock which may be created under the provisions of this Ordinance shall be redeemable at par on a date to be named in that behalf by the Crown Agents when issuing the Stock, such date not being later than fifty years from the date of issue. From and after which date all interest on the principal moneys secured thereby shall cease and determine, whether payment of the principal shall have been demanded or not.
24. So long as any of the Inscribed Stock shall remain unredeemed, the Governor shall in each half-year ending with the day on which the interest on such Inscribed Stock falls due, appropriate out of the General Revenues and Assets of this Colony a sum equal to one half-year's interest on the whole of such Inscribed Stock, and shall remit that sum to the Crown Agents at such time as will enable them to pay thereout the then current half-year's interest on the day when it falls due. The Governor shall further appro- priate out of the said Revenues and Assets in each half- year ending as aforesaid, an additional sum for the formation of a Sinking Fund equal to ten shillings per centum on the total nominal amount of such Inscribed Stock.
25. The amount so remitted for the formation of a Sinking Fund for the redemption of Inscribed Stock shall be invested in the names of Trustees to be appointed by the Secretary of State for the Colonies, the Trustees shall also from time to time invest the dividends, interest or produce arising from such investment, so that the same may accu mulate by way of compound interest and be applied by the Crown Agents towards the final extinction of the debt.
26. All sums paid to the account of such Sinking Fund and the interest thereof shall be invested in Imperial or Colonial Government Securities at the discretion of the Trustees.
27. In case the said Sinking Fund shall be insufficient to provide the necessary funds for the redemption of the Inscribed Stöck when it shall have become due, the deficiency shall be made good out of the General Revenues and Assets of the Colony.
28. All expenses of or incidental to the management of the Sinking Fund or to the repayment of the principal moneys borrowed, shall be paid out of the Sinking Fund.
29. The Crown Agents may from time to time 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 the Inscribed Stock herein referred to.
(3) For paying interest on Inscribed Stock, and
managing transfers thereof.
(4) 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.
M
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