the-ordinances-of-the-legislative-counci-1890v2 — Page 220

810 [ 11 of 1886.] LOAN ,


Crown agents 5. The debentures shall be issued in London at the offices of
to issue
debentures. the Crown Agents for the Colonies, and shall be signed on behalf
of the Government of Hongkong by any two of them .
Registration 6. Every debenture shall, before being issued, be registered
.
of debentures, in a register book to be kept for that purpose at the offices of
the Crown Agents for the Colonies.
Coupons. 7. There shall be attached to every debenture, coupons for
the payment of the interest to become due in each half year
upon the principal secured by the debenture.
Forms. 8. The debentures and the coupons shall be in such form as
the Croirn Agents for the Colonies may approve.
Debentures
9. Every debenture and all right to and in respect of the
transferable. principal money secured thereby, and each compon and all right
to the interest payable in respect thereof, shall be transferable
by delivery, and the principal moneys secured by such debenture,
and the interest payable by such couponi, shall be payable at
the offices of the Crown Agents for the Colonies in London .
Interest to be
paid half 10. The Governor shall appropriate half-yearly, out of the
yearly. general revenues of the Colony, the necessary sums to pay the
half-yearly interest due on account of the said loan.
Sinking fund . The Governor shall further appropriate half -yearly, out of the
general revenues of the Colony, commencing six months after
the date of issue of the first debentures created under this
ordinance, the sum of three thousand five hundred and thirty -six
pounds, and shall remit the same to the Crown Agents for the
Colonies in London , to be invested by them in some one or
more of the securities of the Imperial Government of Great
Britain, or of the Gorernment of any Colony of Great Britain ,
as they may from time to time determine, as a sinking fund for
the final extinction of the debt. The Crown Agents shall also
from time to time invest the dividends, interest, or produce
arising from such investment, so that the same may accuinulate
by way of compound interest.
If sinking
fund insuffi .
11. In case the sinking fund shall be insufficient for the
cient, Colony payment of all the principal money's borrowed under the
to make good authority of this ordinance at the time the same shall have
deficiency.
become due, the Governor shall make good the deficiency out of
the general revenues and assets of theColony.
Expenses 12. All expenses of, or incidental to the management of the
payable out
of sinking
fund.
sinking fund , or the repayment of the principal moneys to be
borrowed under this ordinance, shall be paid out of the sinking
fund.