1923_WAR_LOAN_ORDINANCE__1916 — Page 3

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2462

Provision for sinking fund.

Application of sinking fund.

Investment of sinking fund.

Payment of interest.

Powers of Governor.

No. 12 of 1916.

WAR LOAN.

7. The Governor shall in each year ending on the 31st day of October appropriate out of the revenue and assets of the Colony for the formation of a sinking fund an additional sum of not less than six dollars and sixty-six cents per hundred dollars on the total nominal value of all the bonds issued, including any which may have been redeemed.

8.--(1) The sinking fund shall be applied in the first instance in payment of all expenses of or incidental to the redemption of the bonds, and in the next place in repayment of the principal moneys represented by the bonds.

(2) In case the sinking fund shall be insufficient for the payment of the principal moneys at the time when such payment shall become due, the Governor shall make good the deficiency out of the revenue and assets of the Colony.

9. The moneys appropriated for the formation of a sinking fund shall, so far as they are not required for the purposes of section 8, be invested in such manner as may be approved by the Governor in Council and the dividends, interest or produce of such investment shall be invested in like manner.

10. The interest on each bond shall be at the rate of six per cent. per annum and shall run from the day named in that behalf in the bond and shall be paid half-yearly at the head office of the Hongkong and Shanghai Banking Corporation on the days named in that behalf in the coupons.

11. The Governor shall have power---

(a) to determine the amounts for which the bonds shall be issued;

(b) to determine the form of the bonds;

(c) to determine the terms upon which the bonds shall be issued, whether with regard to the price of issue or the conditions of application and deposit or otherwise;

(d) to provide for the issue in the first instance of scrip certificates to be exchanged later for bonds;

(e) to provide for the issue of coupons for the payment of interest;

* As amended by No. 17 of 1917. † As amended by Law Rev. Ord., 1924.

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2462 Provision for sinking fund. Application of sinking fund. Investment of sinking fund. Payment of interest. Powers of Governor. No. 12 of 1916. WAR LOAN. 7. The Governor shall in each year ending on the 31st day of October appropriate out of the revenue and assets of the Colony for the formation of a sinking fund an additional sum of not less than six dollars and sixty-six cents per hundred dollars on the total nominal value of all the bonds issued, including any which may have been redeemed. 8.--(1) The sinking fund shall be applied in the first instance in payment of all expenses of or incidental to the redemption of the bonds, and in the next place in repayment of the principal moneys represented by the bonds. (2) In case the sinking fund shall be insufficient for the payment of the principal moneys at the time when such payment shall become due, the Governor shall make good the deficiency out of the revenue and assets of the Colony. 9. The moneys appropriated for the formation of a sinking fund shall, so far as they are not required for the purposes of section 8, be invested in such manner as may be approved by the Governor in Council and the dividends, interest or produce of such investment shall be invested in like manner. 10. The interest on each bond shall be at the rate of six per cent. per annum and shall run from the day named in that behalf in the bond and shall be paid half-yearly at the head office of the Hongkong and Shanghai Banking Corporation on the days named in that behalf in the coupons. 11. The Governor shall have power--- (a) to determine the amounts for which the bonds shall be issued; (b) to determine the form of the bonds; (c) to determine the terms upon which the bonds shall be issued, whether with regard to the price of issue or the conditions of application and deposit or otherwise; (d) to provide for the issue in the first instance of scrip certificates to be exchanged later for bonds; (e) to provide for the issue of coupons for the payment of interest; * As amended by No. 17 of 1917. † As amended by Law Rev. Ord., 1924.
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2462 Provision for sinking fund. Application of sinking fund. Investment of sinking fund. Payment of interest. Powers of Governor. No. 12 of 1916. WAR LOAN. 7. The Governor shall in each year ending on the 31st day of October appropriate out of the revenue and assets of the Colony for the formation of a sinking fund an additional sum of not less than six dollars and sixty-six cents per hundred dollars on the total nominal value of all the bonds issued, including any which may have been redeemed. 8.--(1) The sinking fund shall be applied in the first instance in payment of all expenses of or incidental to the redemption of the bonds, and in the next place in repayment of the principal moneys represented by the bonds. (2) In case the sinking fund shall be insufficient for the payment of the principal moneys at the time when such pay- ment shall become due, the Governor shall make good the deficiency out of the revenue and assets of the Colony. 9. The moneys appropriated for the formation of a sink- ing fund shall, so far as they are not required for the pur- poses of section 8, be invested in such manner as may be approved by the Governor in Council and the dividends, in- terest or produce of such investment shall be invested in like manner. 10. The interest on each bond shall be at the rate of six per cent. per annum and shall run from the day named in that behalf in the bond and shall be paid half-yearly at the head office of the Hongkong and Shanghai Banking Corpora- tion on the days named in that behalf in the coupons. 11. The Governor shall have power--- (a) to determine the amounts for which the bonds shall be issued; (b) to determine the form of the bonds; (c) to determine the terms upon which the bonds shall be issued, whether with regard to the price of issue or the con- ditions of application and deposit or otherwise; (d) to provide for the issue in the first instance of scrip certificates to be exchanged later for bonds; (e) to provide for the issue of coupons for the payment of interest; * As amended by No. 17 of 1917. † As amended by Law Rev. Ord., 1924.
2026-05-03 12:47:33 · Baseline
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2462

Provision for sinking fund.

Application of sinking fund.

Investment

of sinking fund.

Payment of interest.

Powers of Governor.

No. 12 of 1916.

WAR LOAN.

7. The Governor shall in each year ending on the 31st day of October appropriate out of the revenue and assets of the Colony for the formation of a sinking fund an additional sum of not less than six dollars and sixty-six cents per hundred dollars on the total nominal value of all the bonds issued, including any which may have been redeemed.

8.--(1) The sinking fund shall be applied in the first instance in payment of all expenses of or incidental to the redemption of the bonds, and in the next place in repayment of the principal moneys represented by the bonds.

(2) In case the sinking fund shall be insufficient for the payment of the principal moneys at the time when such pay- ment shall become due, the Governor shall make good the deficiency out of the revenue and assets of the Colony.

9. The moneys appropriated for the formation of a sink- ing fund shall, so far as they are not required for the pur- poses of section 8, be invested in such manner as may be approved by the Governor in Council and the dividends, in- terest or produce of such investment shall be invested in like

manner.

10. The interest on each bond shall be at the rate of six per cent. per annum and shall run from the day named in that behalf in the bond and shall be paid half-yearly at the head office of the Hongkong and Shanghai Banking Corpora- tion on the days named in that behalf in the coupons.

11. The Governor shall have power---

(a) to determine the amounts for which the bonds shall be issued;

(b) to determine the form of the bonds;

(c) to determine the terms upon which the bonds shall be issued, whether with regard to the price of issue or the con- ditions of application and deposit or otherwise;

(d) to provide for the issue in the first instance of scrip certificates to be exchanged later for bonds;

(e) to provide for the issue of coupons for the payment of interest;

* As amended by No. 17 of 1917. † As amended by Law Rev. Ord.,

1924.

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