LOAN ORDINANCE, 1886

LOAN ORDINANCE, 1886

ORDINANCE No. 6 OF 1886.

Loan

AN ORDINANCE to authorize the Raising of a Loan not exceeding
Two Hundred Thousand Pounds.

[7th May, 1886.]

WHEREAS it is expedient to raise on loan two hundred thousand
of the Legislative Council thereof, as follows:-

1. This Ordinance may be cited as the Loan Ordinance, 1886.

2. It shall be lawful for the Governor to raise, by the issue debentures
under 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
of the general revenues and assets of the Government of Hongkong.

4. Every debenture issued under this Ordinance shall be for a sum of
not less than one hundred pounds sterling, carrying interest at a rate not
exceeding four and a half per centum per annum 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 six months' notice shall be given, by advertisement
in the London Times newspaper, of the intention of the Government
of Hongkong to pay off the debentures issued or a part thereof
under and by virtue of this Ordinance: Provided, also, that the time
fixed for such repayment shall be a day on which a coupon shall become
due and payable.

5. The debentures shall be issued in London at the offices of the
Crown Agents for the Colonies, and shall be signed on behalf of the
Government of Hongkong by any two of them.

6. Every debenture shall, before being issued, be registered in a register
book to be kept for that purpose at the offices of the Crown Agnets
for the Colonies.

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
money secured by the debenture.

8. The debentures and the coupons shall be in such form as the 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 money 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.-(1.) 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 the said loan.

(2.) 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 and Ireland, or of the Government of any Colony of
Great Britain and Ireland, as they may from time to time determine, as
a sinking fund for the final extinction of the debt.

(3.) The Crown Agents shall also from time to time invest the dividends,
interest, or produce arising from such investment, so that the smae
may accumulate by way of compound interest.

11. In case the sinking fund shall be insufficient for the payment of
all the principal moneys borrowed under the authority of this Ordinance
at the time the sname shall have become due, the Governor shall
make good the deficiency out of the general revenues and assets of the
Colony.
12. All expenses of or incidental to the management 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.
A.D. 1886. Ordinance No. 11 of 1886.
Short title.
Issue of debentures for 200,000.Principal and interest payable out of revenue.
Price of each debenture; interest; mode of paying off, etc. Issue of debentures by Crown Agents. Registration of debentures. Coupons. Forms. Debentures and coupons transferable. Payment of interest to be half-yearly; sinking fund. Making good of deficiency in sinking fund. Expenses payable out of sinking fund.

A.D. 1886. Ordinance No. 11 of 1886.
Short title.
Issue of debentures for 200,000.Principal and interest payable out of revenue.
Price of each debenture; interest; mode of paying off, etc. Issue of debentures by Crown Agents. Registration of debentures. Coupons. Forms. Debentures and coupons transferable. Payment of interest to be half-yearly; sinking fund. Making good of deficiency in sinking fund. Expenses payable out of sinking fund.

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1901

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No. 6 of 1886

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