CAP. 76]
[s. 7 cont.]
Powers of Governor.
Rehabilitation Loan.
remitted to them in the purchase of such securities as may be approved by the Secretary of State as a sinking fund for the final extinction of the debt and shall also invest the dividends, interest or produce of such investments in the purchase of like securities and may from time to time with the approval of the Secretary of State change any such investments and shall hold such fund in trust for the repayment of the principal moneys for the time being represented by the bonds: Provided that if at any time the trustees of the sinking fund are satisfied that the value of the fund will be sufficient with further accumulations of interest, but without further payments of contributions, to enable the loan to be redeemed out of the proceeds of the sinking fund when the same shall fall due to be redeemed, the Governor may, with the approval of the Secretary of State, suspend further payment of contributions to the said sinking fund: Provided further that contributions to the sinking fund shall be recommenced if the trustees shall at any time inform the Governor that it is necessary.
(6) In addition, the Governor may, at any time or times, authorize the utilization of the sinking fund or of the appropriation for contribution to the sinking fund prescribed under subsection (5) hereof for the purchase of the bonds when they can be obtained at a price not exceeding par: Provided that in the utilization of such appropriation for the purchase of the bonds within the Colony, the contribution remitted to the Crown Agents shall be the balance, if any, of such appropriation not utilized for the purpose aforesaid.
(7) Every bond and coupon and the right to receive the principal and interest represented thereby shall be transferable by delivery.
8.
The Governor shall have power-
(a) to determine the time for any issue and redemption of bonds;
(b) to determine the amounts for which the bonds of any issue shall be issued and the rate of interest payable thereon;
(c) to determine the form of the bonds;
(d) to determine the terms upon which the bonds shall be issued, including power to determine the price of issue or the conditions of application and deposit
496
T
CAP. 76]
[s. 7 cont.]
Powers of Governor.
Rehabilitation Loan.
remitted to them in the purchase of such securities as may be approved by the Secretary of State as a sinking fund for the final extinction of the debt and shall also invest the dividends interest or produce of such investments in the purchase of like securities and may from time to time with the approval of the Secretary of State change any such investments and shall hold such fund in trust for the repay- ment of the principal moneys for the time being represented by the bonds: Provided that if at any time the trustees of the sinking fund are satisfied that the value of the fund will be sufficient with further accumulations of interest, but without further payments of contributions, to enable the loan to be redeemed out of the proceeds of the sinking fund when the same shall fall due to be redeemed the Governor may with the approval of the Secretary of State suspend further payment of contributions to the said sinking fund: Provided further that contributions to the sinking fund shall be recommenced if the trustees shall at any time inform the Governor that it is necessary.
(6) In addition, the Governor may, at any time or times, authorize the utilization of the sinking fund or of the appropriation for contribution to the sinking fund prescribed under subsection (5) hereof for the purchase of the bonds when they can be obtained at a price not exceeding par: Provided that in the utilization of such appropriation for the purchase of the bonds within the Colony the contribution remitted to the Crown Agents shall be the balance, if any, of such appropriation not utilized for the purpose aforesaid.
(7) Every bond and coupon and the right to receive the principal and interest represented thereby shall be transferable by delivery.
8.
The Governor shall have power-
(a) to determine the time for any issue and redemption
of bonds;
(b) to determine the amounts for which the bonds of any issue shall be issued and the rate of interest payable thereon;
(c) to determine the form of the bonds;
(d) to determine the terms upon which the bonds shall be issued; including power to determine the price. of issue or the conditions of application and deposit
496
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