LOAN ORDINANCE, 1886

LOAN ORDINANCE, 1886

Loan.

No. 11 of 1886.

An Ordinance to authorise the raising of a Loan not exceeding
Two Hundred Thousand Pounds.

[7th May, 1886.]

WHEREAS it is expedient to raise on loan tyro hundred thousand
pounds to be expended: .13e it enacted by the Governor of Hona
y bong, with tree advice of the Legislative Council. thereof, as follows:
--

1: This Ordinance may be cited for all purposes as I'Ize Loan 01°di-
na?2Ce,1886.
2, It shall be lawful for the Governor to raise, by the issue of
debentures uncles this Ordinance any sum or sums not exceeding in the
whole two hundred thousand^pounds.
3. The principal moneys and interest, secured by the debentures
issued under, this Ordinance, are hereby charged upon and shall be
,payable
out o£ the -general revenues and-assets of the Government of Honokona.
4, very debenture issued under this Ordinance shall be for a suW
of not less than one hundred pounds sterling, .carryyg interest at a rate,
not exceeding four and a half per centum per anti u4,payable half yearly,
and shall be paid off at par at any time after the expiration- of five
years,
but,not later than twenty years from the date of issue, provided always
that not less than sit months' notice shall be given by advertisement, in
the London Times newspaper, of the intent.ioan of the Government of
Hongkong to pay off the debentures issued or ~a part thereof under gild
by virtue of this Ordinance, and provided also that the titre -fixed. for
a'czch repayment shall be 'A day on which a coupon shall become. due and
`payable.
ORDINANCE No. 31 of Isss.

5. The debentures shall be issued in London at the offices of the Crown
agents.
to issue

Crown Agents for the Colonies, and shall be signed on behalf of the
debentures:
Government of Hongkong by any two of them. - =

6. Every debenture shall, before being issiled, be registered in a '
Registration
register boob to be kept for that purpose at the offices of the Crown
Agents °f debentures
'

for the Colonies.

There shall be attached to every debenture, ,coupons for the Coupons. '
payment of the interest to become due in each half year upon the principal

secured by the debenture.

$. Tile debentures a:rd the coupons shall, be in such form as the lwaruls.
Crown Agents for the Colonies may approve.

9. Every debenture and all right to and in respect of the principal
money secured thereby, and each coupon 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 coupon, shall be payable at the offices of the Crown Agents for the
Colonies in London. `

10. The Governor shall appropriate half yearly, out of the general
revenues of the Colony, the necessary sums to pay the half yearly interest
due on account of tlae said loan.

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
salve to the Crown Agents for the Colonies in London, to be invested by

Debentures
and coupons
transferable.

Interest to bc,
paid half-
yearly.

ZCllla ftlild.

them in some one or more of the securities of the Imperial Government of
Great Britain, or of the Government of any Colony of Great Britain, as
they may from time; to time determine, as a sinking fund for the final
extint-hion of the debt. Tile Crown Agents shall also from ' time to time
invest the dividends,$nterest, or produce arising from such investment,
so that the same may accumulate by way of compound' interest.

11. In case the sinking fund shall be insufficient for the payment of if
sinking

all the principal moneys borrowed under the authority of this Ordinance,
fund insuffl-

at the time the same shall have become due, the Governor shall make
goad the deficiency out of the general revenues and assets of~the -Colony.
12. All expenses of, or incidental to the mannaement of the sinking
fund; or the repayment of the principal moneys to be borrowed under
this Ordinance, shall be paid out of the sinking fund..

cienl;, Colony

to make good
deficiency.

Expenses.
payable out
of sinking
fund.
1970

Short title.
Issue of debentures.
Principal and interest payable out of revenue.
Price of each debenture; interest; mode of paying off, &c.
1971
Crown agents to issue debentures.
Registration of debentures.
Coupons.
Forms.
Debentures and coupons transferable.
Interest to be paid half-yearly.
Sinking fund.
If sinking fund insufficient, Colony to make good deficiency.
Expenses payable out of sinking fund.

1970

Short title.
Issue of debentures.
Principal and interest payable out of revenue.
Price of each debenture; interest; mode of paying off, &c.
1971
Crown agents to issue debentures.
Registration of debentures.
Coupons.
Forms.
Debentures and coupons transferable.
Interest to be paid half-yearly.
Sinking fund.
If sinking fund insufficient, Colony to make good deficiency.
Expenses payable out of sinking fund.

https://oelawhk.lib.hku.hk/items/show/498

1890

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No. 11 of 1886

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