No TRINIDAD AND TOBAGO.

Transcription

1 r)( /6 / 2 TRNDAD AND TOBAGO. General Loan and nscrbed Stock. No th May. AN ORDNANCE to declare the terms and condtons applcable to Loans authorsed to be rased by the Government of Trndad and Tobago, and to provde for the creaton of Trndad nscrbed Stock. / [L.S.] GEORGE R. LE UNTE, GOVERNOR. 23rd May, n ths Ordnance unless the context otherwse nterpreta- ton. requres: y W HEREAS the terms t and s condtons expedent to applcable defne n to one Loans Ordnance hereafter authorsed to be rased by the Legslature of the Preamble. Colony of Trndad and Tobago; And whereas t s expedent to provde for the creaton of nscrbed Stock and to enable the Colony to take advantage of the provsons of an Act of the mperal Parlament enttled " The Colonal Stock Act 1877 " and the subsequent Acts on the same subject: Be t therefore enacted by the Governor of Trndad Enactng and Tobago wth the advce and consent of the Legslatve clause. Councl thereof, as follows:- J 7,

2 2 Loans to be rased by Debentures nscrbed Stock. The expresson " Governor " means the person for the tme beng admnsterng the Government of Trndad and Tobago. The expresson " Crown Agents " means the person or persons for the tme beng actng as Crown Agents for the Colones n Englancl 2. Whenever by any Ordnance authorty shall have been or gven or shall hereafter be gven, to rase any sum of money for the purposes mentoned n such Ordnance, the Governor or the Crown Agents actng on hs behalf may from tme to tme, as he or they may deem expedent, rase such sum ether by Debentures or by Trndad nscrbed Stock, or partly by Debentures and partly by nscrbed Stock. Loans to be a charge upon 3. The prncpal moneys and nterest secured by the General Debentures or nscrbed Stock ssued Revenue. under the provsons of ths Ordnance are hereby charged upon and shall be payable out of the general revenue and assets of the Colony of Trndad and Tobago. Borrowng upon Debentures. Amount of each Debenture. 4. When the Governor or the Crown Agents actng on hs behalf shall deem t expedent to rase money by Debenshall be ssued n London on behalf tures, such Debentures of the Government of Trndad and Tobago by the Crown Agents upon the best and most favourable terms that can be obtaned, and shall be sgned by any one of them on that behalf. 5. Every Debenture ssued under the provsons of ths Ordnance shall be for the sum of not less than One hundred pounds sterlng and shall bear nterest at a rate not exceedng fve per centumn per annum. Debentures 6. The Debentures shall may be redeemable be at par at the redeemed by opton of the Government of Trndad and Tobago by pur- annual drawngs or by chase n the market or by annual drawngs or on a date to purchasenthe be named n that behalf market or on by a the Governor or by the Crown fxed date. Agents actng on hs behalf as determned when ssung the Debentures, such date not beng later than ffty years from whch date all nterest on the date of ssue, from and after the prncpal moneys secured thereby shall cease and determne, whether payment of the prncpal shall have been demanded or not. / a

3 3 L ( 7. There shall be attached to every Debenture coupons nterest for the payment of the nterest to become due n each half coupons. year upon the prncpal secured by the Debenture. The coupons shall be sufcent n number to provde for the payment of the nterest ether durng the whole perod for whch the Debenture has to run, or for such lmted perod as the Crown Agents actng on behalf of the Government of Trndad and Tobago may determne. 8. The Debentures and the coupons thereto shall be n Form of such form as the Governor, or the Crown Agents actng on hs behalf, may drect or approve. Debenture and Coupons. 9. Every Debenture and coupon and the rght to receve Debentures the prncpal and nterest secured or represented thereby, de"v ery. shall be transferable by delvery. by delvery. 10. Every Debenture shall before beng ssued be regstered n a Regster Book to be kept for that purpose at the Regeter of Debentures offce n London of the Crown Agents. l } s r The nterest upon the prncpal secured by each Payment of Debenture shall run from the day named n that behalf n nterest. the Debenture, and shall be pad half-yearly on the days named n that behalf n the Debenture at the offce n London of the Crown Agents. 12. So long as any of the Debentures reman outstandng, fode of prothe Governor shall n each half-year endng wth the day on vdng for whch the nterest on the Debentures falls due, approprate nterest on out of the general revenues and assets of the Colony a sum Debentures. equal to one half-year's nterest on the whole of the Debentures ssued, ncludng any whch may have been redeemed, but exclusve of any whch may have been at any tme exchanged for nscrbed Stock, and shall remt that sum to the Crown Agents at such tme as wll enable them to pay thereout the then current half-year's nterest on the day on whch t falls due. 13. After the date specfed n the Ordnance authorsng Further sums a loan as that on whch the contrbutons to the Snkng for redemp- Fund shall commence, the Governor shall, n each ton of S

4 3 4 Y 1 Y half-year endng as aforesad, approprate out of the sad revenues and assets of the Colony of Trndad and Tobago an addtonal sum for the formaton of a Snkng Fund of not less than ten shllngs sterlng per hundred pounds on the total nomnal amount of all the Debentures ssued, ncludng any whch may have been redeemed, but exclusve of any whch may have been at any tme exchanged for nscrbed Stock, and shall remt that sum to the Crown Agents wth the remttance herenbefore mentoned. Applcaton of 14. The Snkng Fund shall be appled n the frst place Snkng Fund. n payment of all expenses of, or ncdental to, the redempthe Notary ton of the Debentures, ncludng the charges of Publc attendng at any drawng thereof, and the costs and expenses of all notces requred by ths Ordnance to be gven, and n the next place, and subject to the aforesad payments, n repayment of the prncpal moneys for the tme beng represented by the Debentures. creaton of snkng Fund for redemnpton of Debentures paable on a fxed date. 15. n the case of Debentures redeemable on a date to be named when ssung the Debentures, the Crown shall nvest so much of the moneys so remtted to them Agents as aforesad as shall not be requred for the payment of nterest for the current half-year n the purchase of such securtes as may be approved by Hs Majesty's Prncpal Secretary of State for the Colones as a Snkng Fund for the fnal extncton of the debt, and the Crown Agents shall also nvest the dvdends, nterest or produce of such nvestments n the purchase of lke securtes, and may from tme to tme wth the approval of the Secretary of State change any such nvestments, and shall hold such Fund n trust for the repayment of the prncpal moneys for the tme beng represented by the Debentures. Dsposal of 16. n the case of Debentures redeemable by annual snkng fund when Debentures are moneys so remtted to them, drawngs, the Crown Agents shall place and keep the redeemed by or so much thereof as may not annual drawngs be requred for mmedate payments, at and shall nterest, or by purchase. hold all such moneys and the accumulatons thereon n trust to apply them n the frst place to the purchase of the Debentures when they can be obtaned at a prce not exceedng par, and secondly to the redempton of the Debentures by means of annual drawngs. F-.

5 1 t 5 N o. 25. General Loan and nscrbed Stock After the date specfed n the Ordnance authorsng Appontment a loan, as that on whch the contrbutons to the Snkng of dr day for of Fund shall commence n respect of that loan, and so long Debentures. thereafter as any of the Debentures reman outstandng and unsatsfed, the Crown Agents shall n every year, unless the whole of the moneys applcable n that year to the redempton of debentures has been appled n the purchase thereof appont a day n that year for the drawng by lot of the Debentures to be redeemed. ( 18. f a day s apponted for drawng, the Crown Agents Notce of tme and place shall gve, by advertsement n the London Tmes news- apponted for paper not less than ffteen days prevous notce, specfyng drawng. s the day on whch and the hour and place at whch, the drawng wll take place and the nomnal amount of the Debentures at that drawng. 4'l 19. On the day and at the hour and place so specfed, the Mode of Crown Agents shall hold a meetng, at whch the holder any Debenture may, f he thnk ft, be present, and shall then n the presence of such Debenture holders, f any, as may attend, and of a Notary Publc, draw by lot out of the whole number of Debentures for the tme beng outstandng, Debentures of the specfed nomnal amount. of drawng. b k 20. The Crown Agents shall thereupon declare the dstn- Notce of Debentures gushng numbers of the Debentures drawn for redempton, drawn for and shall as soon as may be by advertsement n the London redempton. Tmes newspaper, specfy those numbers and appont a day not beng later as to each Debenture than the day on whch the then current half-year's nterest thereon s payable, on whch the prncpal moneys represented by the Debentures so dstngushed wll be repad. 21. On the day so apponted the Crown Agents shall at Payment of ther offce n London on demand pay to the holders of the drawn Deb nres. Debentures drawn for repayment the prncpal moneys represented by those Debentures, wth all nterest payable thereon up to that date. 22. From and after the day apponted for the repayment cesser of of any Debenture, all nterest on the prncpal moneys nterest from represented thereby shall cease and determne, whether for payment payment of the prncpal shall have been demanded or weh day apponted not. of prncpal.

6 ! / 6 R3ledeemed Debentures to bc cancelled, Borrowng upon nscrbed stock. 23. Upon the repayment of the prncpal moneys secured by any Debenture, the Debenture wth all the coupons thereunto belongng shall be delvered up to the Crown Agents, to be by than cancelled and forwarded to the Government of Trndad and Tobago. Any Debenture redeemed by purchase shall lkewse be so cancelled and forwarded. 24. When the Governor or the Crown Agents actng on hs behalf shall deem t expedent to rase money by the ssue of Trndad nscrbed Stock, then such stock shall be ssued n England by the Crown Agents under the provsons of the Act of the mperal Parlament enttled " The Colonal Stock Act, 1877 " upon the best and most favourable terms that can be obtaned ; provded that the nterest on such nscrbed Stock shall not exceed Four pounds per centum per annum. when 25. All the nscrbed Stock whch may be created under repad.toe the provsons of ths Ordnance shall be redeemable at par on a date to be named n that behalf by the Crown Agents when ssung the Stock, such date not beng later than sxty years from the date of ssue, from and after whch date all the nterest on the prncpal moneys represented thereby shall cease and determne, whether payment of the prncpal shall have been demanded or not. Mode of provdng for payment of nterest on nscrbed stock. Mode of provdng for payment of prncpal of nscrbed stock. 26. So long as any of the nscrbed Stock shall reman unredeemed, the Governor shall n each half-year endng wth the day on whch the nterest on such nscrbed Stock falls due, approprate out of the general revenue and assets of the Colony of Trndad and Tobago a sum equal to one half-year's nterest on the whole of such nscrbed Stock, and shall remt that sum to the Crown Agents at such tme as wll enable them to pay thereout the then current halfnterest on the day when t falls year's due. 27. After the date specfed n the Ordnance authorsng an ssue of nscrbed Stock as that on whch the contrbuton to the Snkng Fund shall commence, the Governor shall further approprate out of the sad revenue and assets n each half-year endng as aforesad an addtonal sum for the formaton of a Snkng Fund of not less than ten

7 7 shllngs per centum on the total nomnal amount of such nscrbed Stock, and shall remt that sum to the Crown Agents wth the remttance heren before mentoned. 28. The Crown Agents shall, for the purpose of such Snkng Fund, from tme to tme nvest so much the moneys so remtted to them as a oresad as shall not be requred for the payment of nterest for the current halfyear, n the purchase of such securtes as may from tme to tme be approved by Hs Majesty's Prncpal Secretary of State for the Colones, and shall also nvest the dvdends, nterest or produce of such nvestments n the purchase of lke securtes, and may from tme to tme, wth the approval of the Secretary of State change any such nvestments, and shall hold such Fund n trust for repayment of the prncpal moneys for the tme beng represented by the nscrbed Stock. 29. n case the Snkng Funds provded for by ths Ordnance shall be nsuffcent for the payment of all the prncpal moneys borrowed under the authorty of ths Ordnance at the tme the same shall have become due, the Governor shall make good the defcency out of the general revenue and assets of the Colony of Trndad and Tobago. formng Creaton of snkng fund. charge upon general revenue. 30. All expenses of or ncdental to the management of Expenses to be the Snkng Fund or to the payment of the prncpal moneys pal snkng out fund. of borrowed shall be pad out of the Snkng Fund. 31. The Governor shall also have and may from tme to Powers of tme exercse the followng powers and authortes or any Governor. of them: (a.) He may authorse the Crown Agents when ssung Debentures yfse rtble any loan n the form of Debentures, to declare nto nscrbed that such Debentures wll be convertble nto stock condtons on pre- nscrbed Stock at such dates and on such terms scrbed by -- Crown Agents and condtons as may be prescbed by the at tme of Crown Agents at the tme of the ssue of the ssue. Debentures. (b.) He may declare all or any of the Trndad Loans, Converson of oa"s whether exstng n the form of Stock or Deben-' generally tures, to be convertble nto nscrbed Stock to be ssued under the provsons of ths Ordnance,

8 8 creaton and ssue of stock n exchange for other securtes. Creaton and sale of nscrbed stock to rase loans end for other purposes. Arrangements for converson. (c.) He may authorse the creaton and ssue of such an amount of nscrbed Stock n exchange for the securtes held for such loans as may be necessary. (d.) He may authorse the creaton and sale of any such nscrbed Stock for the purpose of rasng money for redeemng any outstandng Loans, for payng any expense n the creaton of nscrbed Stock, and otherwse for carryng out the provsons of ths Ordnance. (e.) Any converson so authorsed may be effected ether by an arrangement wth the holders of exstng securtes or by purchase thereof out of moneys rased by the sale of nscrbed Stock, or partly n one way and partly n the other, Exchange of securtes for nscrbed stock. 32. Nothng n ths Ordnance contaned shall authorse an ncrease of the captal or of the annual charge on any loan except : (a.) When securtes exchanged for nscrbed Stock bear a rate of nterest not less than the nscrbed Stock, an addtonal amount of nscrbed Stock may be created and ssued to make up the dfference n saleable value between the securtes and the nscrbed Stock. (b.) n the case of the converson of securtes nto nscrbed Stock, the Crown Agents shall ssue such an amount of nscrbed Stock as may be requred to defray the stamp dutes and all other expenses ncdental to the converson. (c.) n accordance wth such terms and condtons as may be prescrbed under Secton 31 (a) of ths Ordnance. converted securtes to be cancelled. 33. The securtes exchanged or otherwse converted nto nscrbed Stock under the provsons of ths Ordnance shall be forthwth cancelled by the Crown Agents, and the Debentures surrendered shall be cancelled and transmtted to the Governor of Trndad and Tobago.

9 9 No. 25. General Loan and nscrbed Stock The Trustees of the Snkng Fund apponted under Trustees to ths Ordnance and actng under any Ordnance authorsng gmonto apoutof the ssue of any securtes whch may be exchanged nto snkng Fund released by nscrbed Stock or cancelled or purchased under the prov- converson. sons of ths Ordnance shall determne what amount of the Snkng Fund held by them and created for repayment of such securtes shall be released, and n the determnaton of such queston the Trustees shall take nto consderaton the value of the whole nvestments held by them on account of such Snkng Funds, the amount of the debt remanng a charge on such Snkng Funds, and such matters as the Trustees may thnk ft to take nto account. 35. So much of the Snkng Funds as may be released snkng Funds released, how shall ether be transferred unto the Trustees of the to be dsposed nscrbed Stock Snkng Fund or be dsposed of n such a of. manner as the Governor, wth the advce and consent of the Legslatve Councl, may drect. 36. The Crown Agents may from tme to tme, at request of the Governor, make arrangements for all or of the followng thngs:- (1.) For nscrbng Stock n ther books. (2.) For managng the creaton, nscrpton and ssue of nscrbed Stock. (3.) For effectng the converson of Loans nto nscrbed Stock. (4.) For payng nterest on nscrbed Stock and managng the transfers thereof. (5.) For ssung nscrbed Stock certfcates to bearer, and as occason shall requre re-ssung or renscrbng Stock and re-ssung nscrbed Stock Certfcates. the creaton, nscrpton, any ssue, converson and transfer of nscrbed stock. 37. Ths Ordnance shall be applcable only to the rasng Rasng of of Loans n England, and nothng n ths Ordnance con- Trandada. taned shall prevent the rasng of Loans n the Colony upon such terms and condtons as shall be specfed n any Ordnance authorsng the rasng of such Loans.

10 All nscrbed Stock ssued under the Ordnance No. 28 of 1890 (now No. 260 of the Revsed Edton) shall for all purposes be deemed to be stock ssued under ths Ordnance. Stock ssued under Ordnance 28 of Repeal. Short Ttle. 39. The Ordnance No s hereby repealed. 40. Ths Ordnance may be cted as the General Loan and nscrbed Stock Ordnance Passed n Councl ths Sxth day of May, n the year of Our Lord one thousand nne hundred and twelve. 4 HARRY L. KNAGGS, Clerk of the Councl.