TRUSTEE (INVESTMENT IN HONGKONG GOVERNMENT SECURITIES) ORDINANCE, 1901
Title
TRUSTEE (INVESTMENT IN HONGKONG GOVERNMENT SECURITIES) ORDINANCE, 1901
Description
ORDINANCE No. 20 OF 1901.
Trustee (Investment in Hongkong Government Securities)
AN ORDINANCE to facilitate the Investment of Trust and
other Funds in the United Kingdom in Hongkong
Government Securities.
[10th December, 1901.]
WHEREAS by an Act of the Imperial Parliament known as the
Colonial Stock Act, 1900, the securities in which a trustee may
invest under the powers of the Act of that Parliament known as the
Trustee Act, 1893, are declared to include any Colonial Stock which is
registered in the United Kingdom in accordinance with the provisions of
the Colonial Stock Acts, and with respect to which there have been
observed such conditions, if any, as the Lords Commissioners of the
Treasury of the United Kingdom may, by Order notified in The London
Gazette, prescribe; and whereas the said Lords Commissioners of the
Treasury of the United Kingdom have, by an Order dated the 6th day of
December, 1900, prescribed as two of the said conditions that a Colony
shall provide by legislation for the payment, out of the revenues of the
Colony, of any sums which may become payable to stockholders under any
judgment, decree, rule, or order of a court in the United Kingdom, and
that the Colonial Government should place on record a formal expression
of their opinion that any colonial legislation which appears to the
Imperial Government to alter any of the provisions affecting the stock to
the injury to the stockholder, or to involve a departure from the original
contract in regard to the stock, would properly be disallowed; and
whereas it is expedient that provision should made to enable advantage
to be taken of the said Acts in respect of investment of trust funds in
Hongkong Government securities:
BE it therefore enacted by the Governor of Hongkong, with the advice
and consent of the Legislative Council thereof, as follows:-
1. This Ordinance may be cited as the Trustee (Investment in Hongkong
Government Securities) Ordinance, 1901.
2. In this Ordinance-
'The Crown Agents' mean the person or persons for the time being
acting as Crown Agents for the Colonies in England or any one of
them:
'The Colonial Stock Acts' mean the Acts of the Imperial Parliament
known as the Colonial Stock Act, 1877 to 1900.
65
3. This Ordinance shall apply to all securities heretofore or hereafter
created or issued on behalf of the Government of Hongkong to which
for the time being the Colonial Stock Acts apply, and which are for the
time being registered in the United Kingdom in accordance with the
provisions of those Acts, each and all of which securities are hereinafter
referred to as 'Hongkong Government Securities.'
4.-(1.) Whenever, by the final judgment, decree, rule, or order of
any court of competent jurisdiction in the United Kingdom, any sum
of money is adjudged or declared to be payable by the Government of
Hongkong in respect of any Hongkong Government Securities, the
Government shall forthwith pay that sum out of the funds in the hands
of the Crown Agents belonging to the Government, without further
appropriation than this Ordinance.
(2.) For the purposes of this section, 'final judgment, decree, rule, or
order,' means, in case of appeal, the final judgment, decree, rule, or
order of the ultimate court hearing the appeal.
5. In order to enable every such payment to be duly made, a certificate
under the hands of the Crown Agents, specifying the sum so paid
under the order of any such court, shall be sufficient authority to the
Auditor General or other officer having the auditing of their accounts
for passing such sum without further appropriation.
6. If at any time hereafter an Ordinance is passed which appears to
the Imperial Government to alter any of the provisions affecting the
Hongkong Government securities to the injury of the holder thereof, or
to involve a departure from the original contract in regard to those
securities, that Ordinance will properly be disallowed.
A.D. 1901. Ordinance No. 35 of 1901. 63 & 64 Vict.c. 62. 56 & 57 Vict.c. 53. Short title. Interpretation of terms. 40 & 41 Vict.c. 59; 55 & 56 Vict.c 35; 63 & 64 Vict.c. 62. Application of the Ordinance. Provision for payment of money die to stockholders by Government of Hongkong. Certificate by Crown Agents. Provision for disallowance of Ordinance injuriously affecting Government securities.
Trustee (Investment in Hongkong Government Securities)
AN ORDINANCE to facilitate the Investment of Trust and
other Funds in the United Kingdom in Hongkong
Government Securities.
[10th December, 1901.]
WHEREAS by an Act of the Imperial Parliament known as the
Colonial Stock Act, 1900, the securities in which a trustee may
invest under the powers of the Act of that Parliament known as the
Trustee Act, 1893, are declared to include any Colonial Stock which is
registered in the United Kingdom in accordinance with the provisions of
the Colonial Stock Acts, and with respect to which there have been
observed such conditions, if any, as the Lords Commissioners of the
Treasury of the United Kingdom may, by Order notified in The London
Gazette, prescribe; and whereas the said Lords Commissioners of the
Treasury of the United Kingdom have, by an Order dated the 6th day of
December, 1900, prescribed as two of the said conditions that a Colony
shall provide by legislation for the payment, out of the revenues of the
Colony, of any sums which may become payable to stockholders under any
judgment, decree, rule, or order of a court in the United Kingdom, and
that the Colonial Government should place on record a formal expression
of their opinion that any colonial legislation which appears to the
Imperial Government to alter any of the provisions affecting the stock to
the injury to the stockholder, or to involve a departure from the original
contract in regard to the stock, would properly be disallowed; and
whereas it is expedient that provision should made to enable advantage
to be taken of the said Acts in respect of investment of trust funds in
Hongkong Government securities:
BE it therefore enacted by the Governor of Hongkong, with the advice
and consent of the Legislative Council thereof, as follows:-
1. This Ordinance may be cited as the Trustee (Investment in Hongkong
Government Securities) Ordinance, 1901.
2. In this Ordinance-
'The Crown Agents' mean the person or persons for the time being
acting as Crown Agents for the Colonies in England or any one of
them:
'The Colonial Stock Acts' mean the Acts of the Imperial Parliament
known as the Colonial Stock Act, 1877 to 1900.
65
3. This Ordinance shall apply to all securities heretofore or hereafter
created or issued on behalf of the Government of Hongkong to which
for the time being the Colonial Stock Acts apply, and which are for the
time being registered in the United Kingdom in accordance with the
provisions of those Acts, each and all of which securities are hereinafter
referred to as 'Hongkong Government Securities.'
4.-(1.) Whenever, by the final judgment, decree, rule, or order of
any court of competent jurisdiction in the United Kingdom, any sum
of money is adjudged or declared to be payable by the Government of
Hongkong in respect of any Hongkong Government Securities, the
Government shall forthwith pay that sum out of the funds in the hands
of the Crown Agents belonging to the Government, without further
appropriation than this Ordinance.
(2.) For the purposes of this section, 'final judgment, decree, rule, or
order,' means, in case of appeal, the final judgment, decree, rule, or
order of the ultimate court hearing the appeal.
5. In order to enable every such payment to be duly made, a certificate
under the hands of the Crown Agents, specifying the sum so paid
under the order of any such court, shall be sufficient authority to the
Auditor General or other officer having the auditing of their accounts
for passing such sum without further appropriation.
6. If at any time hereafter an Ordinance is passed which appears to
the Imperial Government to alter any of the provisions affecting the
Hongkong Government securities to the injury of the holder thereof, or
to involve a departure from the original contract in regard to those
securities, that Ordinance will properly be disallowed.
A.D. 1901. Ordinance No. 35 of 1901. 63 & 64 Vict.c. 62. 56 & 57 Vict.c. 53. Short title. Interpretation of terms. 40 & 41 Vict.c. 59; 55 & 56 Vict.c 35; 63 & 64 Vict.c. 62. Application of the Ordinance. Provision for payment of money die to stockholders by Government of Hongkong. Certificate by Crown Agents. Provision for disallowance of Ordinance injuriously affecting Government securities.
Abstract
A.D. 1901. Ordinance No. 35 of 1901. 63 & 64 Vict.c. 62. 56 & 57 Vict.c. 53. Short title. Interpretation of terms. 40 & 41 Vict.c. 59; 55 & 56 Vict.c 35; 63 & 64 Vict.c. 62. Application of the Ordinance. Provision for payment of money die to stockholders by Government of Hongkong. Certificate by Crown Agents. Provision for disallowance of Ordinance injuriously affecting Government securities.
Identifier
https://oelawhk.lib.hku.hk/items/show/757
Edition
1901
Volume
v2
Subsequent Cap No.
77
Cap / Ordinance No.
No. 20 of 1901
Number of Pages
2
Files
Collection
Historical Laws of Hong Kong Online
Citation
“TRUSTEE (INVESTMENT IN HONGKONG GOVERNMENT SECURITIES) ORDINANCE, 1901,” Historical Laws of Hong Kong Online, accessed November 9, 2024, https://oelawhk.lib.hku.hk/items/show/757.
