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Parliament entitled "The Colonial Stock Act, 1877," upon
the best and most favourable terms that can be obtained,
provided that the interest on such Inscribed Stock shall
not exceed four and one half
per annum.*

per centum

5. All the Inscribed Stock which may be created under When the the provisions of this Ordinance, shall be redeemable at principal is to par on a date to be named in that behalf by the Crown Agents when issuing the stock, such date not being later

than sixty years from the date of issue.

From and after which date all interest on the principal money secured thereby shall cease and determine whether payment of the principal shall have been demanded or not.

6. So long as any of the Inscribed Stock shall remain Mode of prounredeemed the Governor shall in each half-year ending viding for payment of with the day on which the interest on such Inscribed Stock interest and falls due appropriate out of the general revenue and assets principal. of the Government of the Colony, a sum equal to one halfyear'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 halfyear's interest on the day when it falls due. After the date specified in the Ordinance authorizing 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 revenue and assets in each halfyear 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, and shall remit that sum to the Crown Agents with the remittance herein before mentioned.

Fund.

7. The Crown Agents, shall for the purpose of forming Creation of such Sinking Fund, from time to time invest so much of Sinking the money so remitted to them as aforesaid as shall not be required for the payment of interest for the current halfyear, and the dividends, interest or produce of such investments, in the purchase of such debentures, stock or other security, as may from time to time be approved by Her Majesty's Principal Secretary of State for the Colonies, and may from time to time, with the like approval, change any

*Crown Agents appointed Agents for Government, 19th February, 1898. See Appendix, p. 1182.

Expenses to

be paid out of

Sinking
Fund.

Governor may authorize the conversion of loans.

Creation and issue of stock in exchange for other securities.

Creation and sale of In

scribed Stock to raise loans

and for other purposes.

Arrangements for conversion.

Exchange of

securities for Inscribed

Stock.

such investment, and shall hold such fund in trust for repayment of the principal moneys for the time being secured by the Inscribed Stock.

8. 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.

9. The Governor shall also have and may from time to time exercise the following powers and authorities or any

of them :-*

(a.) he may declare all or any of the Gold Coast loans whether existing in the form of stock or debentures to be convertible into Inscribed Stock to be issued under the provisions of this Ordi

nance;

(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, for paying any expenses in the creation of Inscribed Stock and otherwise for carrying out the provisions of this Ordinance.

(d.) Any conversion so authorized 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.

10. 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

* Powers and authorities exercised, 19th February, 1898. See Appendix, p. 1184.

difference in saleable value between the securi-
ties 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.

securities to

11. The securities exchanged for or otherwise converted Converted into Inscribed Stock under the provisions of this Ordinance be cancelled. shall be forthwith cancelled by the Crown Agents, and the debentures surrendered shall be cancelled and transmitted to the Governor of Gold Coast.

amount of

released by

12. The trustees of the Sinking Fund appointed under Trustees to the Ordinance authorizing the issue of any securities which apportion may be exchanged for, or converted into Inscribed Stock or Sinking Fund cancelled or purchased under the provisions of this Ordi- conversion. nance shall determine what amount of the Sinking Fund held by them and created for repayment of such securities shall be released, and in the determination of such question the trustees shall take into consideration the value of the whole investments held by them on account of such Sinking Fund, the 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.

Funds re

13. So much of the Sinking Funds as may be released Sinking shall be converted into money and paid by the trustees to leased: how the Crown Agents for the credit of the Colony to be dis- to be disposed posed of in such manner as the Governor, with the advice and consent of the Legislative Council, may direct.

of.

14. The Crown Agents may from time to time, at the Creation, inrequest of the Governor, make arrangements for all or any issue, conver

of the following things:-*

(1.) For inscribing stock in their books.

(2.) For managing the creation, inscription, and issue

of Inscribed Stock.

(3.) Foreffecting the conversion of loans into Inscribed

Stock.

* Crown Agents requested to act under this section, 19th February, 1898. See Appendix, p. 1183.

scription,

sion and transfer of Inscribed Stock.

Raising of loans in Gold Coast.

Short title.

(4.) For paying interest on Inscribed Stock, and managing the transfers thereof.

(5.) For issuing Inscribed Stock certificates to bearer and as often as occasion shall require re-issuing

or re-inscribing stock and re-issuing Inscribed Stock certificates.

15. This Ordinance shall be applicable only to the raising of loans in England and nothing in this Ordinance contained shall prevent the raising of loans in the Colony under such terms and conditions as shall be specified in any Ordinance authorizing the raising of such loans.

16. This Ordinance may be cited as "The General Loan and Inscribed Stock Ordinance, 1898."

The Governor
may borrow
£220,000.

RAILWAY LOAN.

Ordinance No. 6 of 1898.

AN ORDINANCE for raising the sum of Two hundred and twenty thousand pounds for the Construction and Equipment of a Railway from Sekondi to Tarkwa.

[9th February, 1898.

WHEREAS it is expedient to raise a loan of two hundred and twenty thousand pounds for the purpose of defraying the cost of certain public works and undertakings.

Be it therefore enacted by the Governor of the Gold Coast Colony, with the advice and consent of the Legislative Council thereof, as follows:

1. The Governor may borrow the sum of two hundred and twenty thousand pounds, by the sale of Inscribed Stock under the provisions of "The General Loan and Inscribed No. 5 of 1898. Stock Ordinance, 1898," for the construction and equipment of a railway from a point on the coast at or in the neighbourhood of Sekondi to Tarkwa.

to Sinking

2. The contributions to the Sinking Fund as contem- Contribution plated by sections 6 and 7 of the Ordinance above Fund. referred to shall commence three years from the date of the first issue of stock under this Ordinance.

3. This Ordinance may be cited for all purposes as Short title. "The Railway Loan Ordinance, 1898."

RAILWAYS.

Ordinance No. 7 of 1898.

AN ORDINANCE to provide for the Construction and Maintenance of Railways.

[9th February, 1898.

BE IT ENACTED by the Governor of the Gold Coast
Colony, with the advice and consent of the Legislative
Council thereof, as follows:-

tion of Public

1. The Public Lands Ordinance, 1876, hereinafter re- Incorporaferred to as the principal Ordinance, shall be and is hereby Lands Ordiincorporated with this Ordinance except in so far as the nance, 1876. provisions hereinafter contained shall be inconsistent with No. 8 of 1876. the provisions of the said principal Ordinance.

main

2. It shall be lawful for the Government of the Gold Construction Coast Colony to construct, establish and maintain a railway and me of or railways for the said Colony with terminal and inter- railways. mediate stations and all proper works and conveniences for the conveyance of passengers, animals and goods, and for that purpose to appoint and authorize its officers with all necessary workmen and other servants at all times, under the provisions of the principal Ordinance, to enter upon land's belonging to the Crown or to private persons and to survey, set out, appropriate and take so much of such land as may in the opinion of such officers be required and expedient for the construction, establishment and maintenance of any such railway.

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