1964_GENERAL_LOAN_AND_STOCK_ORDINANCE — Page 8

1964 Ed.]

General Loan and Stock.

[CAP. 72

7

of the sinking fund not later than the final redemption date, the Governor may with the approval of the Secretary of State suspend further contributions to the said sinking fund: Provided always that contributions to the sinking fund shall be recommenced if the trustees shall at any time inform the Governor that this is necessary.

29. The Crown Agents shall, for the purpose of forming such sinking fund, from time to time place at interest or invest in the purchase of such securities as may from time to time be approved by the Secretary of State so much of the money so remitted to them as aforesaid as shall not be required for the payment of interest for the current half-year and shall also place at interest or invest in the purchase of like securities, the accumulations of interest or the dividends, interest, or produce of such investments, 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 stock.

30. In case the sinking funds provided for by this Ordinance 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 of Hong Kong.

31. All expenses of or incidental to the management of the sinking fund, or to the payment of the principal moneys borrowed, shall be paid out of the sinking fund.

32. The Governor shall also have, and may from time to time exercise, the following powers and authorities or any of them—

(a) he may authorize the Crown Agents when issuing any loan in the form of debentures to declare that such debentures will be convertible into stock at such dates and on such terms and conditions as may be prescribed by the Crown Agents at the time of the issue of the debentures;

(b) he may declare all or any of the Hong Kong loans, whether existing in the form of stock or debentures, and whether issued before or after the commencement of this Ordinance, to be convertible into stock, to be issued under the provisions of this Ordinance;

(c) he may authorize the creation and issue of such an amount of stock in exchange for the securities held for such loans as may be necessary;

Creation of sinking fund.

Charge upon general revenue.

Expenses to be paid out of sinking fund.

Powers of Governor;

debentures convertible into stock on conditions prescribed by the Crown Agents at time of issue;

conversion of loans generally;

creation and issue of stock in exchange for other securities;