GENERAL LOAN AND INSCRIBED STOCK ORDINANCE, 1893
Title
GENERAL LOAN AND INSCRIBED STOCK ORDINANCE, 1893
Description
No. 1 of 1893.
General Loan and Inscribed Stock
To declare the term and condition applicable to Loans authorised
to be raised by the Government, and to provide for the
creation of Inseribed Stock. [16th January, 1893.]
Whereas it is expedient to define in one Ordinance the terms and
conditions applicable to loans hereafter authorised to be raised;
As amended by No. 1 of 1912 and No. 2 of 1912.
As amended by No. 51 of 1911 and Xo. 1 of 1912.
As amended by No. 1 of 1912.
AND WHEREAS it is expedient to provide for the creation of Inscribed
Stock, and to enable this Colony to take advantage of the pr
visions of the Colonial Stock Acts, 1877 and 1892:-
1. The General Loan and Inscribed Stock Ordinance, 1893.
Is. 2, rep. No. 1 of 1912.]
3.-(1) As often as by any Ordinance anthority shall be given to
raise any sum of money, whether by debentures or otherwise, For
the purpose mentioned in such Ordinance, the Governor may from
time to time raise such sum by the issue (if Inscribed stock to be
called '' Hongkong Inscribed Stock'
(2) Notwithstanding the provisions of this section. it shall
be lawful for the Governor to raise money by debentures, or partly
by debentures and partly by inscribed stock oil such conditions as
to the repayment of such debentures as the Crown Agents tile
approval of the Governor may prescribe.
4. The principal moneys and interest secuyed by the inscribed
stock issued under the provisions of 'this Ordinance are hereby
charged upon, and shall be payable out of, the general revenues
and assets of the Colony.
5. Such stock shall be issued in England by the Crown Agents
under the provisions on the Colonial Stock Acts, I877 and 1892,
upon the best and most favourable terms that can be obtained :
Provided that the interest on such inscribed stock shall not, execed
41 per centum per
6. All the inscribed stock Which may be created under the
provisions of this Ordinance shall be redeemable at par on a date.
to bc iiamed in that behalf by the Crown Agents when issuing the
stock, such date not beiny later than 50 Years from the date
of issue. From and after such date all interest on. the principal
moneys secured thereby shall cease and determine, whether the
payment of principal shall have, been denianded or not.
7. So long as any of the inseribed stock shall remain. unconverted
or unredeerned, the Governor sliall illeii(lin,,. witb
the day on which the oil suell inscribed. stock falls due.,
appropriate out of the general revenues and assets equal to
priate out of the general revenues and assets a s -i equal
- ------------
As amended by No. 12 of 1905, No. 1 of 1912 and No. 8 of 1912.
As amended by No. 2 of 1912.
As amended by No. 1 of 1912.
one half-year's interest, on the whole of such inscribed stock, and
shall remit that sum to the Crown Agents at such time as
will enable them to pay thereout the then current half-year's
interest on the pay when it falls due. After the date specified in
the Ordinance autliorising an issue of inscribed stock as that on
which the contribution to the sinking fund shall commence, the
Governor shall further appropriate out of the said revenues and
assets in each half-year ending as aforesaid in additional sum for
the formation of a sinking fund, equal to 10 shillings per centum
on the total nominal amount of such inscribed stock, and shall remit
that sum to the Crown Agents with the remittance hereinbefore
mentioned.
8. The contribution to the sinking fund shall be applied as
follows :-
(1) if the price of the inscribed stock is below par at the time
when the contributions are received, the Crown Agents may, if
practicable, puchase therewith the stock in the market
and shall cancel in the Register the stock so purchased; and
(2) the Crown Agents shall invest so much of the contributions
as shall not be applied in the purchase, of inscribed stock, and the
dividends, interest, or produce of such investments, in the purchase
of such debenture, stock, or other security as may be approved by
the Secretary of State, and shall hold such fund in trust for
repayment of the principal moneys for the time being secured by
the inscribed stock.
9. In case the sinking fond shall be, Insufficient to provide
the necessary funds for the redemption of the inscribed stock
it shall become due, the deficiency shall be made good out of the
general revenues and assets.
10. All expenses of or incidental to the management of the sink
ing fund or to the repayment of the principal moneys borrowed
shall be paid out of the sinking fund.
11. The Governor shall also have the following powers and
authorities:-
(1) he may declare all or any of the loans issued by or on behalf
of Hongkong, whether existing in the form of stock or debentures,
ks arnended by No, 50 of 1911 and No. 51 of 1911.
As by -2\o. 1 of 1912,
to be convertible into inscribed stock to be issued under the pro-
visions of this Ordinance;
(2) he may authorise the creation and issue of such amount of
inscribed stock in for the securites held for such loans
as may be necessary
(3) he may authorise the creation and of any such inscribed
stock for the purpose of raiseing money for redeeming any outStand-
ing loans, for paying any expenses in the creation of inscribed
stock, and otherwise for carrying out the provisions of this Ordi-
nance ; and
(4) any conversion so authorised may be effected either by
arrangement with the holders of existing securities or by purchase
thereof out of moneys raised by the sale of inscribed stock, or
partly in one way and partly in the other.
12. Nothing in this Ordinance shall authorise an increase of the
capital or of the annual charge on any loan except -
(1) when securities exchanged for inscribed stock bear a higher
rate of interest than the inscribed stock, an additional amount of
inscribed stock may be, created and issued to make up the differ-
ence in saleable value between the securities and the inscribed
stock; and,
(2) in the case of the conversion of securifies into inscribed
stock, the Crown Agents shall issue such an amount of inscribed
stlock as may be required to defray the stamp duties and all other
expenses incidental to the conversion.
13. The securities exchanged or otherwise converted into
inscribed stock under the provisions of this Ordinance shall be.
forthwith cancelled by the Crown Agent and the debentures
surrendered shall be cancelled and transmitted. to the Government.
14. The trustees of the sinking funds appointed under the
Ordinance authorising the Issue of any-which May be
exchanged into inscribed stock or cancelled or purchased under the
provisions of this Ordinance shall determine what amount of the
sinkino, funds held by thein and created for the repayment of such
securities shall be released, and in the determination of such ques
tion the trustees shall take into consideration the value of the whole
investments held by them on account of such sinkling funds, the
* As arnended by No. 1 of 1912,
amount of the debt remaining a charge on such sinking funds, and
such other matters as the trustees may think fit to take into
account.
15. So much of the sinking funds as may be released shall be
converted into money and paid by the trustees to the Crown
Agents for the Credit of the Government, to be disposed of in such
manner as the Governor, with the advice and consent of the
Legislative Council, may direct,
16. The, Crown Agents may at the request of the Governor,
make arrangements-
(1) for inscribing stock in their books
(:2) for managing the creation, inscription, and issue of inscribed
stock
(3) for effecting the conversion of loans into inscribed stock
(4) for paying interest on inscribed stock and managing trans-
fers thereof ; and
(5) for issuing inscribed stock: certificates to bearer, and, as
often as occasion may require re-issuing or re-inscribing stock and
re-issuing inscribed stock certificates.
17. Nothing in this Ordinance shall prevent the raising of loans
in Hongkong under such terms and conditions as may be, specified
in any Ordinance authorizing the of such loans.
Short title. Loans to be raised by inscribed stock. Power to raise money by debentures or inscribed stock. Loans to be charge upon general revenues. Borrowing upon inscribed stock. When principal to be repaid. Mode of providing for payment of interest and principal. Application and investment of sinking fund. Deficiency in sinking fund to be made good out of general revenues. Expenses to be paid out of sinking fund. Conversion of loans. Exchange of securities for inscribed stock. Cancellation of converted securities. Apportionment of amount of sinking funds released by conversion. Disposal of sinking funds released. Creation, inscription, issue, conversion, and transfer of inscribed stock. Raising of loans in Hongkong.
General Loan and Inscribed Stock
To declare the term and condition applicable to Loans authorised
to be raised by the Government, and to provide for the
creation of Inseribed Stock. [16th January, 1893.]
Whereas it is expedient to define in one Ordinance the terms and
conditions applicable to loans hereafter authorised to be raised;
As amended by No. 1 of 1912 and No. 2 of 1912.
As amended by No. 51 of 1911 and Xo. 1 of 1912.
As amended by No. 1 of 1912.
AND WHEREAS it is expedient to provide for the creation of Inscribed
Stock, and to enable this Colony to take advantage of the pr
visions of the Colonial Stock Acts, 1877 and 1892:-
1. The General Loan and Inscribed Stock Ordinance, 1893.
Is. 2, rep. No. 1 of 1912.]
3.-(1) As often as by any Ordinance anthority shall be given to
raise any sum of money, whether by debentures or otherwise, For
the purpose mentioned in such Ordinance, the Governor may from
time to time raise such sum by the issue (if Inscribed stock to be
called '' Hongkong Inscribed Stock'
(2) Notwithstanding the provisions of this section. it shall
be lawful for the Governor to raise money by debentures, or partly
by debentures and partly by inscribed stock oil such conditions as
to the repayment of such debentures as the Crown Agents tile
approval of the Governor may prescribe.
4. The principal moneys and interest secuyed by the inscribed
stock issued under the provisions of 'this Ordinance are hereby
charged upon, and shall be payable out of, the general revenues
and assets of the Colony.
5. Such stock shall be issued in England by the Crown Agents
under the provisions on the Colonial Stock Acts, I877 and 1892,
upon the best and most favourable terms that can be obtained :
Provided that the interest on such inscribed stock shall not, execed
41 per centum per
6. All the inscribed stock Which may be created under the
provisions of this Ordinance shall be redeemable at par on a date.
to bc iiamed in that behalf by the Crown Agents when issuing the
stock, such date not beiny later than 50 Years from the date
of issue. From and after such date all interest on. the principal
moneys secured thereby shall cease and determine, whether the
payment of principal shall have, been denianded or not.
7. So long as any of the inseribed stock shall remain. unconverted
or unredeerned, the Governor sliall illeii(lin,,. witb
the day on which the oil suell inscribed. stock falls due.,
appropriate out of the general revenues and assets equal to
priate out of the general revenues and assets a s -i equal
- ------------
As amended by No. 12 of 1905, No. 1 of 1912 and No. 8 of 1912.
As amended by No. 2 of 1912.
As amended by No. 1 of 1912.
one half-year's interest, on the whole of such inscribed stock, and
shall remit that sum to the Crown Agents at such time as
will enable them to pay thereout the then current half-year's
interest on the pay when it falls due. After the date specified in
the Ordinance autliorising an issue of inscribed stock as that on
which the contribution to the sinking fund shall commence, the
Governor shall further appropriate out of the said revenues and
assets in each half-year ending as aforesaid in additional sum for
the formation of a sinking fund, equal to 10 shillings per centum
on the total nominal amount of such inscribed stock, and shall remit
that sum to the Crown Agents with the remittance hereinbefore
mentioned.
8. The contribution to the sinking fund shall be applied as
follows :-
(1) if the price of the inscribed stock is below par at the time
when the contributions are received, the Crown Agents may, if
practicable, puchase therewith the stock in the market
and shall cancel in the Register the stock so purchased; and
(2) the Crown Agents shall invest so much of the contributions
as shall not be applied in the purchase, of inscribed stock, and the
dividends, interest, or produce of such investments, in the purchase
of such debenture, stock, or other security as may be approved by
the Secretary of State, and shall hold such fund in trust for
repayment of the principal moneys for the time being secured by
the inscribed stock.
9. In case the sinking fond shall be, Insufficient to provide
the necessary funds for the redemption of the inscribed stock
it shall become due, the deficiency shall be made good out of the
general revenues and assets.
10. All expenses of or incidental to the management of the sink
ing fund or to the repayment of the principal moneys borrowed
shall be paid out of the sinking fund.
11. The Governor shall also have the following powers and
authorities:-
(1) he may declare all or any of the loans issued by or on behalf
of Hongkong, whether existing in the form of stock or debentures,
ks arnended by No, 50 of 1911 and No. 51 of 1911.
As by -2\o. 1 of 1912,
to be convertible into inscribed stock to be issued under the pro-
visions of this Ordinance;
(2) he may authorise the creation and issue of such amount of
inscribed stock in for the securites held for such loans
as may be necessary
(3) he may authorise the creation and of any such inscribed
stock for the purpose of raiseing money for redeeming any outStand-
ing loans, for paying any expenses in the creation of inscribed
stock, and otherwise for carrying out the provisions of this Ordi-
nance ; and
(4) any conversion so authorised may be effected either by
arrangement with the holders of existing securities or by purchase
thereof out of moneys raised by the sale of inscribed stock, or
partly in one way and partly in the other.
12. Nothing in this Ordinance shall authorise an increase of the
capital or of the annual charge on any loan except -
(1) when securities exchanged for inscribed stock bear a higher
rate of interest than the inscribed stock, an additional amount of
inscribed stock may be, created and issued to make up the differ-
ence in saleable value between the securities and the inscribed
stock; and,
(2) in the case of the conversion of securifies into inscribed
stock, the Crown Agents shall issue such an amount of inscribed
stlock as may be required to defray the stamp duties and all other
expenses incidental to the conversion.
13. The securities exchanged or otherwise converted into
inscribed stock under the provisions of this Ordinance shall be.
forthwith cancelled by the Crown Agent and the debentures
surrendered shall be cancelled and transmitted. to the Government.
14. The trustees of the sinking funds appointed under the
Ordinance authorising the Issue of any-which May be
exchanged into inscribed stock or cancelled or purchased under the
provisions of this Ordinance shall determine what amount of the
sinkino, funds held by thein and created for the repayment of such
securities shall be released, and in the determination of such ques
tion the trustees shall take into consideration the value of the whole
investments held by them on account of such sinkling funds, the
* As arnended by No. 1 of 1912,
amount of the debt remaining a charge on such sinking funds, and
such other matters as the trustees may think fit to take into
account.
15. So much of the sinking funds as may be released shall be
converted into money and paid by the trustees to the Crown
Agents for the Credit of the Government, to be disposed of in such
manner as the Governor, with the advice and consent of the
Legislative Council, may direct,
16. The, Crown Agents may at the request of the Governor,
make arrangements-
(1) for inscribing stock in their books
(:2) for managing the creation, inscription, and issue of inscribed
stock
(3) for effecting the conversion of loans into inscribed stock
(4) for paying interest on inscribed stock and managing trans-
fers thereof ; and
(5) for issuing inscribed stock: certificates to bearer, and, as
often as occasion may require re-issuing or re-inscribing stock and
re-issuing inscribed stock certificates.
17. Nothing in this Ordinance shall prevent the raising of loans
in Hongkong under such terms and conditions as may be, specified
in any Ordinance authorizing the of such loans.
Short title. Loans to be raised by inscribed stock. Power to raise money by debentures or inscribed stock. Loans to be charge upon general revenues. Borrowing upon inscribed stock. When principal to be repaid. Mode of providing for payment of interest and principal. Application and investment of sinking fund. Deficiency in sinking fund to be made good out of general revenues. Expenses to be paid out of sinking fund. Conversion of loans. Exchange of securities for inscribed stock. Cancellation of converted securities. Apportionment of amount of sinking funds released by conversion. Disposal of sinking funds released. Creation, inscription, issue, conversion, and transfer of inscribed stock. Raising of loans in Hongkong.
Abstract
Short title. Loans to be raised by inscribed stock. Power to raise money by debentures or inscribed stock. Loans to be charge upon general revenues. Borrowing upon inscribed stock. When principal to be repaid. Mode of providing for payment of interest and principal. Application and investment of sinking fund. Deficiency in sinking fund to be made good out of general revenues. Expenses to be paid out of sinking fund. Conversion of loans. Exchange of securities for inscribed stock. Cancellation of converted securities. Apportionment of amount of sinking funds released by conversion. Disposal of sinking funds released. Creation, inscription, issue, conversion, and transfer of inscribed stock. Raising of loans in Hongkong.
Identifier
https://oelawhk.lib.hku.hk/items/show/864
Edition
1912
Volume
v1
Cap / Ordinance No.
No. 1 of 1893
Number of Pages
5
Files
Collection
Historical Laws of Hong Kong Online
Citation
“GENERAL LOAN AND INSCRIBED STOCK ORDINANCE, 1893,” Historical Laws of Hong Kong Online, accessed March 11, 2025, https://oelawhk.lib.hku.hk/items/show/864.
