Sub-Title D - Loans

• Author: Ralph Hone
• Pages: #6

306 General Loan And Stock

CHAPTER 306.

GENERAL LOAN AND STOCK.

ARRANGEMENT OF SECTIONS.

SECTION.

1. SHORT TITLE.

2. INTERPRETATION.

3. LOANS TO BE RAISED BY DEBENTURES OR STOCK.

4. LOANS TO BE A CHARGE UPON GENERAL REVENUE.

5. BORROWING UPON DEBENTURES.

6. AMOUNT OF EACH DEBENTURE.

7. DEBENTURES MAY BE REDEEMED BY ANNUAL DRAWINGS OR BY PURCHASE IN THE MARKET OR ON A DATE FIXED.

8. INTEREST COUPONS.

9. FORM OF DEBENTURES AND COUPONS.

10. DEBENTURES AND COUPONS TRANSFERABLE BY DELIVERY.

11. REGISTRY OF DEBENTURES.

12. PAYMENT OF INTEREST.

13. MODE OF PROVIDING FOR PAYMENT OF INTEREST ON DEBENTURES.

14. FURTHER SUMS TO BE REMITTED FOR THE REDEMPTION OF THE DEBENTURES.

15. APPLICATION OF SINKING FUND.

16. CREATION OF SINKING FUND FOR REDEMPTION OF DEBENTURES PAYABLE ON A FIXED DATE.

17. DISPOSAL OF SINKING FUND WHEN DEBENTURES ARE REDEEMED BY PURCHASE OR BY ANNUAL DRAWINGS.

18. APPOINTMENT OF DAY FOR DRAWING OF DEBENTURES.

19. NOTICE OF TIME AND PLACE APPOINTED FOR DRAWING.

20. MODE OF DRAWING.

21. NOTICE OF DEBENTURES DRAWN FOR REDEMPTION.

22. PAYMENT OF DRAWN DEBENTURES.

23. CESSER OF INTEREST FROM DAY APPOINTED FOR PAYMENT OF PRINCIPAL.

24. REDEEMED DEBENTURES TO BE CANCELLED.

25. BORROWING UPON STOCK.

26. WHEN THE PRINCIPAL IS TO BE REPAID.

27. MODE OF PROVIDING FOR THE PAYMENT OF INTEREST ON STOCK.

28. MODE OF PROVIDING FOR PAYMENT OF PRINCIPAL OF STOCK.

29. CREATION OF SINKING FUND.

30. CHARGE UPON GENERAL REVENUE.

31. EXPENSES TO BE PAID OUT OF SINKING FUND.

32. POWERS OF GOVERNOR.

33. EXCHANGE OF SECURITIES FOR STOCK.

34. CONVERTED SECURITIES TO BE CANCELLED.

35. TRUSTEES TO APPORTION AMOUNT OF SINKING FUNDS RELEASED BY CONVERSION36. SINKING FUNDS RELEASED: HOW TO BE DISPOSED OF.

37. CREATION, INSCRIPTION, REGISTRATION, ISSUE, CONVERSION AND TRANSFER OF STOCK.

38. REGULATIONS.

39. REPEAL OF 44 OF 1927.

40. SAVING.

    ICH.306. 3301

    CHAPTER 306.

    GENERAL LOAN AND STOCK.

    AN ACT TO DECLARE THE TERMS AND CONDITIONS APPLICABLE TO LOANS AUTHORISED TO BE RAISED IN ENGLAND BY THE GOVERNMENT OF THE COLONY AND TO PROVIDE FOR THE CREATION OF INSCRIBED STOCK.

    [21st July 1952.] 1. This Act may be cited as The General Loan and Stock Act.

2. In this Act, unless the context otherwise requires'Crown Agents' means the persons for the time being acting as Crown Agents for Oversea Governments and Administrations in England, or any of them;

   'Registered Stock' means stock transferable by instrument in writing;

   'stock' includes both inscribed and registered stock.

3. Whenever by any Act authority shall have been given,:or shall hereafter be given, to raise any sum of money in England for the purposes mentioned in such Act, the Governor or the Crown Agents acting on his behalf, may from time to time, as he or they may deem expedient, raise such sum either by debentures or by stock or partly by debentures and partly by stock.

4. The principal moneys and interest represented by debentures or stock issued under the provisions of this Act are hereby charged upon and shall be payable out of the general revenues and assets of the Colony.

5. When the Governor or the Crown Agents acting on his behalf, shall deem it expedient to raise money by debentures, such debentures shall be issued in London on behalf of the Government of the Colony by 8 of 1952.

   8 of 1953.

   G.N. 172 of 1964.

   Short title.

   Interpretation.

   Loans to be raised by debentures or stock.

   Loans to be a charge upon general revenue.

   Borrowing upon debentures.

   Amount of each debenture.

   Debentures may be redeemed by annual drawings or by purchase in the market or on a date fixed.

   the Crown Agents, upon the best and most favourable terms that can be obtained, and shall be signed by any one of them on that behalf.

6. Every debenture issued under the provisions of this Act shall be for the sum of not less than one hundred pounds sterling.

7. The debentures shall be redeemable either(a) at par on a fixed date to be declared on the issue of the debentures such date not being later than sixty years from the date of issue:

   Provided that the Governor or the Crown Agents acting on his behalf, may reserve the option to redeem the debentures prior to such date on such conditions as may be declared at the time of issue; or (b) by.annual drawings at par or at the option of the Governor or the Crown Agents acting on his behalf, by purchase at or below par.

8. There shall be attached to every debenture coupons for the payment of the interest to become due in each half-year upon the principal represented by the debenture. The coupons shall be sufficient in number to provide for the payment of 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 the Colony, may determine.

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

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

11. Every debenture shall, before being issued, be registered in a register book to be kept for that purpose at the office in London of the Crown Agents.

    Interest coupons.

    Form of debentures and coupons.

    Debentures and coupons transferable by delivery.

    Registry of debentures.

    Payment of 12. The interest upon the principal represented interest 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. 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 the Colony a sum equal to onehalf year's interest on the whole of the debentures issued, including any which may have been redeemed, but exclusive of any which may have been at any time exchanged for 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 on which it falls due. Debentures shall not be deemed to be outstanding for the purpose of this Act by reason only that one or more of the debentures have not been presented for payment on the day appointed for payment and have, in consequence, not been paid.

14. -(1) The Governor shall, in the half-year ending on the date specified in the terms of issue of the loan as that on which the first contribution to the sinking fund shall be taken and in each subsequent halfyear, appropriate out lof the said revenues and assets of the Colony for the formation of a sinking fund an additional sum equal to one-half of the annual contribution specified in the prospectus or, in the case of a loan not issued publicly, in the terms of issue relating to the loan, in respect of the total nominal amount of all the debentures issued, including any which may have been redeemed, but exclusive of any which may have been at any time exchanged for stock, and shall remit that sum 'to the Crown Agents with the remittance hereinbefore mentioned.

    (2) Notwithstanding anything to the contrary contained in subsection (1) of this section, if at any time the trustees of the sinking fund 'of any loan issued under the provisions of this Act are satisfied that the value of the fund will be sufficient with further accumulations of interest but without further payment of contributions to enable the loan to be redeemed out of the proceeds of the sinking fund not later than the final redemption date, the Governor may with the approval of the Secretary of State suspend further contributions to, the said sinking fund:

    Provided always that contributions to the sinking fund shall be recommenced if the trustees shall at any time inform the Governor that this is necessary.

    Mode of providing for payment of interest on debentures.

    Further sums to be remitted for the redemption of the debentures.

    8 of 1953, s. 2.

    Application of 15. The sinking fund shall be applied in the first iing fnd. place in payment of all expenses of, or incidental to, the redemption of the debentures and the cost and expenses of all notices required by this Act to. be given, and in the next place, and subject to the aforesaid payments, in repayments of the principal moneys for the time being represented by the debentures.

    creation of 16. In the case of debentures redeemable on a for redemption fixed date the Crown Agents shall place at interest or of debentures invest in the purchase of such securities las may be able on a approved by the Secretary of State so much of the fixed date.

    money so remitted to them as aforesaid as shall not be required for the payment of interest for the current halfyear,,as a sinking fund for the final extinction of the debt, and the Crown Agents shall also place at interest or invest in the purchase of like securities the accumulations of interest or the dividends, interest or produce of such investments 'and may, from time to time, with the approval of the Secretary of State, change any such investments and shall hold such fund in trust for the repayment of the principal moneys for the time being represented by the debentures.

    Disposal of sinking fund when debentures are redeemed by purchase or by annual drawings.

17. In the case of debentures redeemable by annual drawings, the Crown Agents shall place and keep the moneys so remitted to them, or so much thereof as may not be required for immediate payments, at interest, and shall hold all such moneys and the accumulation thereon in trust to apply them in the first place to the purchase of the debentures when they can be obtained at a price not exceeding par, and secondly, to the redemption of the debentures by means of annual drawings.

18. After the date specified in the Act authorising a loan as that on which the contribution to the sinking fund shall commence in respect of that loan, and so long...