CAP. 72]
General Loan and Stock.
(1964 Ed.
creation and sale
of stock or
debentures to raise loans and for other purposes;
arrangements for conversion.
Exchange of securities for stock.
Converted
securities to be cancelled.
Trustees to apportion amount of
sinking fund released by conversion.
Sinking funds released: how to be disposed of.
(d) he may authorize the creation and sale of any such stock or debentures for the purpose of raising money for redeeming any outstanding loans whether issued before or subsequent to the passing of this Ordinance, for paying any expense in the creation of stock, and otherwise for carrying out the provisions of this Ordinance; (e) any conversion so authorized may be effected either by an arrangement with the holders of existing securities or by purchase thereof out of moneys raised by the sale of stock, or partly in one way and partly in the other.
33. Nothing in this Ordinance contained shall authorize an increase of the capital or of the annual charge on any loan, except-
(a) when securities exchanged for stock bear a rate of interest not less than the stock, an additional amount of stock may be created and issued to make up the difference in saleable value between the securities and the stock;
(b) in the case of the conversion of securities into stock the Crown Agents shall issue such an amount of stock as may be required to defray the stamp duties and all other expenses incidental to the conversion;
(c) in accordance with such terms and conditions as may be prescribed under paragraph (a) of section 32.
34. The securities exchanged or otherwise converted into stock under the provisions of this Ordinance shall be forthwith cancelled by the Crown Agents, and the debentures surrendered shall be cancelled and transmitted to the Governor.
35. The trustees of the sinking fund appointed under this Ordinance, and acting under any Ordinance authorizing the issue of any securities which may be exchanged into stock or cancelled or purchased under the provisions of this Ordinance, shall determine what amount of the sinking fund held by them and created for repayment of such securities shall be released and in the determination of such question the trustees shall take into consideration the value of the whole investments held by them on account of such sinking funds, the amount of the debt remaining a charge on such sinking funds, and such matters as the trustees may think fit to take into account.
36. So much of the sinking funds as may be released shall either be transferred unto the trustees of the stock sinking fund, or be disposed of in such a manner as the Governor with the advice and consent of the Legislative Council may direct.
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CAP. 72]
General Loan and Stock.
(1964 Ed.
creation and sale
of stock or
debentures to raise loans and for other purposes;
arrangements for conversion.
Exchange of securities for stock.
Converted
securities to be cancelled.
Trustees to apportion amount of
sinking fund released by conversion.
Sinking funds released: how to be disposed of.
(d) he may authorize the creation and sale of any such stock or debentures for the purpose of raising money for redeeming any outstanding loans whether issued before or subsequent to the passing of this Ordinance, for pay- ing any expense in the creation of stock, and otherwise for carrying out the provisions of this Ordinance; (e) any conversion so authorized may be effected either by an arrangement with the holders of existing securities or by purchase thereof out of moneys raised by the sale of stock, or partly in one way and partly in the other.
33. Nothing in this Ordinance contained shall authorize an increase of the capital or of the annual charge on any loan, except-
(a) when securities exchanged for stock bear a rate of interest not less than the stock, an additional amount of stock may be created and issued to make up the difference in saleable value between the securities and the stock;
(b) in the case of the conversion of securities into stock the Crown Agents shall issue such an amount of stock as may be required to defray the stamp duties and all other expenses incidental to the conversion;
(c) in accordance with such terms and conditions as may be
prescribed under paragraph (a) of section 32.
34. The securities exchanged or otherwise converted into stock under the provisions of this Ordinance shall be forthwith cancelled by the Crown Agents, and the debentures surrendered shall be cancelled and transmitted to the Governor.
35. The trustees of the sinking fund appointed under this Ordinance, and acting under any Ordinance authorizing the issue of any securities which may be exchanged into stock or cancelled or purchased under the provisions of this Ordinance, shall deter- mine what amount of the sinking fund held by them and created for repayment of such securities shall be released and in the deter- mination of such question the trustees shall take into consideration the value of the whole investments held by them on account of such sinking funds, the amount of the debt remaining a charge on such sinking funds, and such matters as the trustees may think fit to take into account.
36. So much of the sinking funds as may be released shall either be transferred unto the trustees of the stock sinking fund, or be disposed of in such a manner as the Governor with the advice and consent of the Legislative Council may direct.
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