ORDINANCE No. 11 OF 1886.
Loan.
5. The debentures shall be issued in London at the offices of the Crown Agents for the Colonies, and shall be signed on behalf of the Government of Hongkong by any two of them.
6. Every debenture shall, before being issued, be registered in a register book to be kept for that purpose at the offices of the Crown Agents for the Colonies.
1971
Crown agents to issue debentures.
Registration of debentures.
7. There shall be attached to every debenture, coupons for the payment of the interest to become due in each half year upon the principal secured by the debenture.
8. The debentures and the coupons shall be in such form as the Crown Agents for the Colonies may approve.
Forms.
and coupons transferable.
9. Every debenture and all right to and in respect of the principal money secured thereby, and each coupon and all right to the interest payable in respect thereof, shall be transferable by delivery, and the principal moneys secured by such debenture, and the interest payable by such coupon, shall be payable at the offices of the Crown Agents for the Colonies in London,
10. The Governor shall appropriate half-yearly, out of the general revenues of the Colony, the necessary sums to pay the interest to be due on account of the said loan.
half-yearly interest paid half-yearly
The Governor shall further appropriate half-yearly, out of the general revenues of the Colony, commencing six months after the date of issue of the first debentures created under this Ordinance, the sum of three thousand five hundred and thirty-six pounds, and shall remit the same to the Crown Agents for the Colonies in London, to be invested by them in some one or more of the securities of the Imperial Government of Great Britain, or of the Government of any Colony of Great Britain, as they may from time to time determine, as a sinking fund for the final extinction of the debt. The Crown Agents shall also from time to time invest the dividends, interest, or produce arising from such investment, so that the same may accumulate by way of compound interest.
Sinking fund.
fund insufficient, Colony to make good deficiency.
11. In case the sinking fund shall be insufficient for the payment of all the principal moneys borrowed under the authority of this Ordinance at the time the same shall have become due, the Governor shall make good the deficiency out of the general revenues and assets of the Colony.
12. All expenses of, or incidental to the management of the sinking fund, or the repayment of the principal moneys to be borrowed under this Ordinance, shall be paid out of the sinking fund.
Expenses payable out of sinking fund.
ORDINANCE No. 11 OF 1886.
Loan.
5. The debentures shall be issued in London at the offices of the Crown Agents for the Colonies, and shall be signed on behalf of the Government of Hongkong by any two of them.
6. Every debenture shall, before being issued, be registered in a register book to be kept for that purpose at the offices of the Crown Agents for the Colonies.
1971
Crown agents
to issue debentures.
Registration
of debentures.
7. There shall be attached to every debenture, coupons for the Coupons. payment of the interest to become due in each half year upon the principal secured by the debenture.
8. The debentures and the coupons shall be in such form as the Crown Agents for the Colonies may approve.
Forms.
and coupons transferable.
9. Every debenture and all right to and in respect of the principal Debentures money secured thereby, and each coupon and all right to the interest payable in respect thereof, shall be transferable by delivery, and the principal moneys secured by such debenture, and the interest payable by such coupon, shall be payable at the offices of the Crown Agents for the Colonies in London,
10. The Governor shall appropriate half-yearly,
revenues of the Colony, the necessary sums to pay thut of the general Interest to be
due on account of the said loan.
half-yearly interest
The Governor shall further appropriate half-yearly, out of the general revenues of the Colony, commencing six months after the date of issue of the first debentures created under this Ordinance, the sum of three thousand five hundred and thirty-six pounds, and shall remit the same to the Crown Agents for the Colonies in London, to be invested by them in some one or more of the securities of the Imperial Government of Great Britain, or of the Government of any Colony of Great Britain, as they may from time to time determine, as a sinking fund for the final extinction of the debt. The Crown Agents shall also from time to time invest the dividends interest, or produce arising from such investment, so that the same may accumulate by way of compound interest.
paid half- yearly
Sinking fund.
fund insuffi- cient, Colony to make good deficiency.
11. In case the sinking fund shall be insufficient for the payment of If sinking all the principal moneys borrowed under the authority of this Ordinance at the time the same shall have become due, the Governor shall make. good the deficiency out of the general revenues and assets of the Colony.
12. All expenses of, or incidental to the management of the sinking Expenses fund, or the repayment of the principal moneys to be borrowed under this Ordinance, shall be paid out of the sinking fund.
payable out of sinking fund.
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