832
40 & 41 Vict. (c. 59; 55 & 56 Vict. c. 35; 63 & 64 Vict.. c. 62.
Purchase at premium of redeemable stock.
56 & 57 Vict. c. 53 s. 2.
No. 5. THE ORDINANCES OF HONGKONG: [A.D. 10
100
having, according to the returns of the last census prior to the date of investment, a population exceeding fifty thousand, or by county council in the United Kingdom, under the authority of Act of Parliament or Provisional Order;
(14.) in nominal or inscribed stock issued, or to be issued, by commissioners incorporated by Act of Parliament for the purpose of supplying water, and having a compulsory power of levying rates over an area having, according to the returns of the last census prior to the date of investment, a population exceeding fifty thousand, provided that, during each of the ten years last past before the date of investment, the rates levied by such commissioners have not exceeded eighty per cent. of the amount authorized by law to be levied;
(15.) in any Colonial Stock which is registered in the United Kingdom in accordance with the provisions of the Colonial Stock Act 1877 to 1900, and with respect to which all conditions prescribed by the Imperial Treasury, by order notified in the London Gazette, have been observed;
(16.) in any of the securities for the time being authorized for the investment of cash under the control or subject to the order of the High Court of Justice in England; and
(17.) in any securities authorized by the Court, on summary application for that purpose made in Chambers,
and may also from time to time vary any such investment.
15.-(1.) A trustee may, under the powers of this Ordinance, invest in any of the securities mentioned or referred to in the last preceding section, notwithstanding that the same may be redeemable and that the price exceeds the redemption value.
(2.) Provided that a trustee may not, under the powers of this Ordinance, purchase at a price exceeding its redemption value any stock mentioned or referred to in sub-sections (7.), (9.), (11.), (12.), (13.), and (15.) of the last preceding section which is liable to be redeemed within fifteen years of the date of purchase at par or at some other fixed rate, or purchase any such stock as is mentioned or referred to in the sub-sections aforesaid which is liable to be redeemed at par or at some other fixed rate, at a price exceeding fifteen per cent. above par or such other fixed rate.
(3.) A trustee may retain until redemption any redeemable stock or security which may have been purchased in accordance with the powers of this Ordinance.
16. Every trustee.
Discretion of trustee. Ib. s. 3.
16. Every power conferred by the preceding sections of this Part shall be exercised according to the discretion of the trustee, but subject...
832
40 & 41 Vict. (c. 59; 55 & 56
Vict. c. 35;
63 & 64 Vict.. c. 62.
Purchase at premium of redeemable stock.
56 & 57 Vict. c. 53 s. 2.
No. 5. THE ORDINANCES OF HONGKONG: [A.D. 10
100
having, according to the returns of the last census prior to the of investment, a population exceeding fifty thousand, or by county council in the United Kingdom, under the authority of Act of Parliament or Provisional Order;
censi
(14.) in nominal or inscribed stock issued, or to be issued, by an commissioners incorporated by Act of Parliament for the purpose supplying water, and having a compulsory power of levying rat over an area having, according to the returns of the last co prior to the date of investment, a population exceeding fift thousand, provided that, during each of the ten years last past before the date of investment, the rates levied by such commissioners have not exceeded eighty per cent. of the amount authorized by law to be levied ;
(15.) in any Colonial Stock which is registered in the United Kin dom in accordance with the provisions of the Colonial Stock Act 1877 to 1900, and with respect to which all conditions prescribed by the Imperial Treasury, by order notified in the London Gazette have been observed;
(16.) in any of the securities for the time being authorized for the in vestment of cash under the control or subject to the order of High Court of Justice in England; and
(17.) in any securities authorized by the Court, on summary apple
cation for that purpose made in Chambers,
and may also from time to time vary any such investment.
15.-(1.) A trustee may, under the powers of this Ordinance, invest in
any of the securities mentioned or referred to in the last preceding section, notwithstanding that the same may be redeemable and that the price exceeds the redemption value.
(2.) Provided that a trustee may not, under the powers of this Ordi nance, purchase at a price exceeding its redemption value any stock mentioned or referred to in sub-sections (7.), (9.), (11.), (12.), (13.), and (15.) of the last preceding section which is liable to be redeemed within fifteen years of the date of purchase at par or at some other fixed rate, or purchase any such stock as is mentioned or referred to in the sub-sections aforesaid which is liable to be redeemed at par or at some other fixed rate, at a price exceeding fifteen per cent. above par or such other fixed
rate.
(3.) A trustee may retain until redemption any redeemable stock, or security which may have been purchased in accordance with the powers of this Ordinance.
16. Every
Discretion of 16.
trustee. Tb. s. 3.
16. Every power conferred by the preceding sections of this Pare shall be exercised according to the discretion of the trustee, but subjcar
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