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Loans and Inscribed Stock.

No. 19 of 1884.

An Ordinance to declare the terms and conditions applicable to
Loans authorized to be raised by the Government
of Ceylon, and to provide for the creation of
Ceylon Inscribed Stock.

(See No. 17 of 1893.)

HEREAS it is expedient to define in one Ordinance

after authorized to be raised by the Legislature of Ceylon : And whereas it is expedient to provide for the creation of inscribed stock, and to enable this colony to take advantage,. of the provisions of an Act of the Imperial Parliament intituled "The Colonial Stock Act, 1877": Be it therefore enacted by the Governor of Ceylon, with the advice and consent of the Legislative Council thereof, as follows:

1 In this Ordinance, unless the context otherwise requiresThe expression "Governor" means the person for the time being administering the Government of this Colony; The expression "Crown Agents" means the persons for the time being acting as Crown Agents for the Colonies in England.

2 As often as by any Ordinance passed during the present or any other session authority shall be given to raise any sum of money for the purposes mentioned in such Ordinance, the Governor may from time to time, as he may deem expedient, raise such sum either by debentures or by Ceylon inscribed stock, or partly by debentures and partly by inscribed stock.

3 The principal moneys and interest secured by the debentures or 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 Government of Ceylon.

4 When the borrowing shall be upon debentures, such debentures shall be issued in London on behalf of the Government of Ceylon by the Crown Agents, upon the best and most favourable terms that can be obtained, and shall be signed by any two of them on that behalf.

5 Every debenture issued under the provisions of this Ordinance shall be for a sum of not less than one hundred pounds sterling, and shall bear interest at a rate not exceeding five per cent. per annum.

Preamble.

Definition clause.

Loans to be raised by debentures or Ceylon inscribed stock.

Loans to be a charge upon general revenues.

Borrowing upon debentures.

Amount of each debenture.

debentures.

6 Every debenture shall, before being issued, be regis- Registry of tered in a register book to be kept for that purpose at the office in London of the Crown Agents.

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. The coupons shall be sufficient in number to provide for the payment of

Interest

coupons.

Form of

debentures and

coupons.

Debentures and

coupons

transferable by

delivery.

Mode of

providing for payment of interest and principal of debentures.

Application

of moneys remitted to

Crown Agents.

Payment of interest.

Application of sinking fund.

Loans and Inscribed Stock.

the interest, either during the whole period for which the debenture has to run, or for such limited period as the Crown Agents, acting on behalf of the Government of Ceylon, may determine.

8 The debentures, and the coupons thereto, may be in such form as the Governor, or the Crown Agents acting on his behalf, may direct or approve.

9 Every debenture and coupon, and the right to receive the principal and interest secured or represented thereby, shall be transferable by delivery.

10 So long as any of the debentures remain outstanding, the Governor shall in each half-year ending with the day on which the interest on the debentures falls due appropriate out of the general revenues and assets of this colony a sum equal to one half-year's interest on the whole of the debentures previously issued, including any which may have been redeemed, but exclusive of any which may have been at any time exchanged for 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 day when it falls due. After the date specified in the Ordinance authorizing the loan as that on which the contributions to the sinking fund shall commence, the Governor shall, in each half-year ending as aforesaid, appropriate out of the said revenues and assets of this colony an additional sum equal to ten shillings sterling per centum on the total nominal amount of all the debentures issued on or before the first day of that half-year, including any which may have been redeemed, but exclusive of any which may have been at any time exchanged for inscribed stock, and shall remit that sum to the Crown Agents with the remittance herein before mentioned.

11 The Crown Agents shall, subject to the approval of Her Majesty's Principal Secretary of State for the Colonies for the time being, place and keep the moneys so remitted to them, or so much thereof as may not be required for immediate payments, on deposit at interest in their names with some bank or banks in London or Westminster, and shall hold all such moneys and the accumulations thereon in trust, to apply them in the first place in payment of the interest for the current half-year upon the debentures for the time being outstanding, and in the next place in the formation of a sinking fund.

12 The interest upon the principal secured by each debenture shall run from the day named in that behalf in the debenture, and shall be paid half-yearly on the days named in that behalf in the debenture, at the office in London of the Crown Agents.

13 The sinking fund shall be applied in the first place in payment of all expenses of, or incidental to, the redemption of debentures, including the charges of the notary public attending at any drawing thereof and the costs and expenses of all notices required by this Ordinance to be given, and in.

Loans and Inscribed Stock.

the next place, and subject to the aforesaid payments, in repayment of the principal moneys for the time being secured by the debentures.

14 The debentures shall, at the option of the Crown Agents, subject to the approval of Her Majesty's Principal Secretary of State for the Colonies for the time being, be redeemed either by purchase in the open market or by annual drawings, and, subject to the aforesaid payments, the sum to be applied annually to such redemption shall correspond as nearly as may be to, but not exceed, the amount for the time being standing to the credit of the sinking fund.

15 After the date specified in the Ordinance authorizing a loan as that on which the contributions to the sinking fund shall commence in respect of that loan, and so long thereafter as any of the debentures remain outstanding and unsatisfied, the Crown Agents shall in every year, unless the whole of the money applicable in that year to the redemption of debentures has been applied in the purchase thereof, appoint a day in that year for the drawing by lot of the debentures to be redeemed.

16 If a day is appointed for drawing, the Crown Agents shall give, by advertisement in the London Times newspaper, not less than fifteen days' previous notice, specifying the day on which, and the hour and place at which, the drawing will take place, and the nominal amount of the debentures to be redeemed at that drawing.

17 On the day and at the hour and place so specified, the Crown Agents shall hold a meeting, at which the holder of any debenture may, if he thinks fit, be present, and shall then in the presence of such debenture-holders (if any) as may attend, and of a notary public, draw by lot out of the whole number of debentures for the time being outstanding debentures of the specified nominal amount.

18 The Crown Agents shall thereupon declare the distinguishing numbers of the debentures drawn for redemption, and shall as soon as may be, by advertisement in the London Times newspaper, specify those numbers, and appoint a day (not being later as to each debenture than the day on which the then current half-year's interest thereon is payable) on which the principal moneys secured by the debentures so distinguished will be repaid.

19 On the day so appointed the Crown Agents shall, at their office in London, on demand, pay to the holders of the debentures drawn for repayment the principal moneys secured by those debentures, with all interest payable thereon up to that day.

20 From and after the day appointed for the repayment of any debenture all interest on the principal moneys secured thereby shall cease and determine, whether payment of the principal shall have been demanded or not.

21 Upon the repayment of the principal moneys secured by any debenture the debenture with all the coupons thereunto belonging shall be delivered up to the Crown Agents,

Debentures to be redeemed by purchase or by annual drawings.

Appointment of day for drawing of debentures.

Notice of time and place appointed for drawing.

Mode of
drawing.

Notice of debentures drawn for redemption.

Payment of drawn debentures.

Cesser of
interest from
day appointed
for payment
of principal.
Redeemed
debentures to be
cancelled.

Borrowing upon inscribed stock.

When the principal is to be repaid.

Mode of providing for payment of

interest and

principal of inscribed stock.

Sinking fund to be invested.

Loans and Inscribed Stock.

to be by them cancelled and forwarded to the Government of Ceylon. Any debenture redeemed by purchase shall likewise be so cancelled and forwarded.

22 When borrowing shall be upon inscribed stock, such stock shall be issued in England by the Crown Agents under the provisions of the Act of Imperial Parliament, intituled "The Colonial Stock Act, 1877," upon the best and most favourable terms that can be obtained, and on such other conditions, subject to the provisions of this Ordinance, as the Governor may before the issue thereof from time to time direct, provided that the interest on such inscribed stock shall not exceed four per cent. per annum.

23 All the inscribed stock which may be created under the provisions of this Ordinance shall be redeemable at par on a date to be named in that behalf by the Crown Agents when issuing the stock, such date not being later than fifty years from the date of issue, from and after which date all interest on the principal moneys secured thereby shall cease and determine, whether payment of the principal shall have been demanded or not.

24 So long as any of the inscribed stock shall remain unredeemed the Governor shall, in each half-year ending with the day on which the interest on such inscribed stock falls due, appropriate out of the general revenues and assets of this colony a sum equal to 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 day when it falls due. The Governor shall further appropriate out of the said revenues and assets in each half-year ending as aforesaid an additional sum for the formation of a sinking fund equal to ten shillings per centum on the total nominal amount of such inscribed stock, except in the following cases: (a) In the case of that portion of inscribed stock created and exchanged for debentures, which debentures were subject to repayment by annual drawings, the said further appropriation shall commence at the date at which the sinking fund on the debentures so exchanged would have commenced had the debentures remained outstanding.

(b) In case of loans raised by the issue of inscribed stock after the date of this Ordinance, the said further appropriation shall commence at the date specified in the Ordinances authorizing such loans for the commencement of the sinking fund respectively. 25 The amount so remitted for the formation of a sinking fund for the redemption of inscribed stock shall be invested in the names of trustees to be appointed by the Secretary of State for the Colonies; the trustees shall also from time to time invest the dividends, interest, or produce arising from such investment, so that the same may accumulate by way of compound interest and be applied by the Crown Agents towards the final extinction of the debt.

Loans and Inscribed Stock.

26 All sums paid to the account of such sinking fund and the interest thereof shall be invested in Imperial or Colonial Government securities at the discretion of the trustees.

27 In case the said sinking fund shall be insufficient to provide the necessary funds for the redemption of the inscribed stock when it shall have become due, the deficiency shall be made good out of the general revenues and assets of the colony.

28 All expenses of, or incidental to, the management of the sinking fund, or to the repayment of the principal moneys borrowed, shall be paid out of the sinking fund.

29 The Governor shall also have and may exercise the
following powers and authorities, or any of them:
(a) He may from time to time declare all or any of the

existing debenture loans of this colony to be conver-
tible into inscribed stock of such denominations
and on such conditions as he may before the creation
thereof from time to time determine.

(b) He may authorize the creation and issue of such an
amount of inscribed stock in exchange for the
securities held for such loans as may be necessary.
(c) He may authorize the creation and sale of any such
inscribed stock for the purpose of raising money,
for redeeming any outstanding loans, and in paying
any expenses in the creation of inscribed stock, and
otherwise carrying out the provisions of this Ordi-
nance, on such conditions as he may determine.
(d) Any conversion so authorized may be effected either
by arrangement with the holders of existing secu-
rities, or by purchase thereof out of moneys raised
by the sale of inscribed stock, or partly in one way
and partly in the other.

(e) Any power of this section conferred on the Governor
may be exercised from time to time, and he may
alter any conditions as often as occasion shall
require, provided that no contract or engagement
previously entered into shall be prejudicially
affected thereby.

30 Nothing in this Ordinance contained shall authorize an increase of the capital or of the annual charge on any loan, except

(a) 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 difference in saleable
value between the securities and the inscribed
stock.

(b) In the case of the conversion of securities into inscribed
stock, the Crown Agents shall issue such an amount
of inscribed stock as may be required to defray the
stamp duties and all other expenses incidental to the
conversion.

Y

39-00

Securities in which sinking fund is to be invested.

Any deficiency in sinking fund to be made good out of general revenues and assets.

Expenses to be paid out of sinking fund.

Governor may order or authorize, conversion of debentures into inscribed stock.

Creation and issue of inscribed stock in exchange for other securities.

Creation and sale of inscribed stock to raise loans and for other purposes.

Arrangements for conversion.

Governor may exercise powers at any time.

Exchange of securities for inscribed stock.

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