No. 17.] General Loan and Inscribed Stock Ordin-
ance, 1918.


[1913.


I assent.
EDwARD DnAYTOu,
Acting Governor.
20th September, 1913.


SAINT LUCIA.


No. 17 of 1913.


AN ORDINANCE to declare the terms and conditions applica-
ble to loans authorised to be raised by the Government of
Saint Lucia, and to provide for the creation of Inscribed
Stock.
[ 25th October, 1913. ]

TyJ EREAS it is expedient to define in one Ordinance the
V terms and conditions applicable to loans hereafter
authorised to be raised by the Legislature of the Colony of
Saint Lucia.












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Short title.


Interpretation.





Loans to be raised
by debentures or
inscribed stock.






Loansto be a charge
upon general reve.
nue.


Borrowing upon
debentures.





Amount of each
debenture.


No. 17.] General L-oan and I ecribed Stock Ordi - [1913.'"
aince, 19f.-



And whereas it is expedient to provide for the creation of
inscribed stock, and to enable the Colony to take advantage
of the provisions of an Act of the Imperial Parliament
entitled "The Colonial Stock Act, 1887," and the subsequent
Acts on the same subject.

BE it therefore enacted by the Governor, with the advice and
consent of the Legislative Council of Saint Lucia, as follows:-

1. This Ordinance may be cited as the General Loan and
Inscribed Stock Ordinance, 1913.

2. In this Ordinance the expression "Governor" means the
person for the time being administering the government of
Saint Lucia, and the expression "Crown Agents" means the
person or persons for the time being acting as Crown Agents
for the Colonies in England.

3. Whenever by any Ordinance authority shall have been
given, or shall hereafter be given, to raise any sum of money for
the purposes mentioned in such Ordinance, 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 deben-
tures or by Saint Lucia inscribed stock, or partly by debentures
and partly by inscribed stock.

4. The principal moneys and interest represented 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 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 Saint Lucia by 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 Ordin-
ance shall be for the sum of not less than one hundred pounds
sterling, and shall bear interest at a rate not exceeding five per
cent. per annum.












JBo.: :7.] General Loan aid Inscribed Sltock Ordin-
ance, 19S3,


. 191.


7. The debentures shall be redeemable at par at the option Debentures may be
of the Government by purchase in the market or by annual remed by annual
drawings, or on a date to be named in that behalf by the purchase in the
Governor or by the Crown Agents acting on his behalf, as deter- maret or on a date
mined when issuing the debentures, such date not being later
than sixty years from the date of issue,' from and after which
date all interest on the principal money represented thereby
shall cease and determine, whether payment of the principal
shall have been demanded or not.

8. There shall be attached to every debenture coupons for the Interest coupons.
payment of the interest to become due in each half year upon
the principal repiesentedby the debenture. The coupons shall
be sufficient in number to provide for the payment of the inter-
est, 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 Saint Lucia, may determine.

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

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

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

12. The interest upon the principal. represented by each Payment of interest.
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 Mode of providing
Governor shall, in each half-year ending with the day on which intereston deben -
the interest on the debentures falls due, appropriate out of the tures.
general revenues and assets of the Colony a sum equal to one-
half year's interest on the whole of the debentures issued, inclu-
ding any which may have been redeemed, but exclusive of any
which may have been at any time exchanged for inscribed stock,













No. 17.] General Loan and Incribed Stook Ordin-
ance, 1913.


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









Application of sink-
ing fund.





Creation of sinking
fund for redemption
of debentures pay-
able on a fixed date.











Disposal of sinking
fund when deben-
tures are redeemed
by purchase or by
annual drawings.


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.

14. After the date specified in the Ordinance authorising 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
the Colony an additional sum for the formation of a sinking
fund of not less than ten shillings sterling per hundred pounds
on the total nominal amount of all the debentures issued, inclu-
ding 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 remit-
tance hereinbefore mentioned.

15. The sinking fund shall be applied in the first 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 Ordinance to be given, and in the next place, and
subject to the aforesaid payments, in repayment of the princi-
pal moneys for the time being represented by the debentures.

16. In the case of debentures redeemable on a date to be
named when issuing the debentures, the Crown Agents shall
invest so much of the money so remitted to them as aforesaid
as shall not be required for the payment of interest for the
current half-year in the purchase of such securities as may be
approved by His Majesty's Principal Secretary of State for the
Colonies as a sinking fund for the final extinction of the debt,
and the Crown Agents shall also invest the dividends, interest,
or produce of such investments in the purchase of like securi-
ties 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.

17. In the case of debentures redeemable by annual draw-
ings, 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 accumulations thereon in trust, to apply them in the
first place to the purchase of the debentures when they can


[1918.













No. 17.] General Loan and Incribed S&o0k Ordin-
ance, 1913.


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 Ordinance authorising 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.

19. 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.

20. 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 think fiti 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.

21. The Crown Agents shall thereupon declare the distin-
guishing 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 represented by the debentures so
distinguished will be repaid.

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


Appointment of day
for drawing of
debentures.






Notice of time and
place appointed for
drawing.



Mode of drawing,







Notice of deben-
tures drawn for
redemption.






Payment of drawn
debentures.


23. From and after the day appointed for the repayment of lesser of interest
any debenture all interest on the principal moneys represented from day pointed


[1913.













No. 17.] General Loan and Inscribed Stock O�din-
ance, 1918.


for payment of prin.
cipal.

,Redeemed deben-
tures to be can-
celled.





Borrowing upon in-
soribed stock.







When the principal
is to be repaid.







Mode of providing
for the payment of
interest on inscribed
stock.






Mode of providing
for payment of prin-
cipal of inscribed
stock.


thereby shall cease and determine, whether payment of the
principal shall have been demanded or not.

24. Upon the repayment of the principal moneys represented
by any debenture, the debenture, with all the coupons there-
unto belonging, shall be delivered up to the Crown Agents, to
be by them cancelled and forwarded to the Government of Saint
Lucia. Any debenture redeemed by purchase shall likewise be
so cancelled and forwarded.

25. When the Governor, or the Crown Agents acting on his
behalf, shall deem it expedient to raise money by the issue of
Saint Lucia inscribed stock, then such stock shall be issued in
England by the Crown Agents under the provisions of the Act
of the Imperial 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 pounds per centum per annum.

26. 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 sixty years
from the date of issue, from and after which date all the interest
on the principal moneys represented thereby shall cease and
determine, whether payment of the principal shall have been
demanded or not.

27. So long as any of the inscribed stock shall remain unre-
deemed, 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 the 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 cur-
rent half-year's interest on the day when it falls due.

28. After the date specified in the Ordinance authorising an
issue of inscribed stock as that on which the contribution to the
sinking fund shall commence, the Governor shall further appro-
priate out of the said revenues and assets in each half-year end-
ing as aforesaid an additional sum for the formation of a sinking
fund of not less than ten shillings per centum on the total


[1914.











938

No. 17.] General Loan and Inscribed Stock Ordin-
ance, 1913.


nominal amount of such inscribed stock, and shall remit that
sum to the Crown Agents with the remittance hereinbefore
mentioned.

29. The Crown Agents shall, for the purpose of forming such
sinking fund, from time to time invest so much of the money so
remitted to them as aforesaid as shall not be required for the
payment of interest for the current half-year in the purchase of
such securities as may from time to time be approved by His
Majesty's Principal Secretary of State for the Colonies, and shall
also invest the dividends, interest, or produce of such invest-
ments in the purchase of like securities, 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 repay-
ment of the principal moneys for the time being represented by
the inscribed stock.

30. In case the sinking funds provided for by this Ordinance
shall be insufficient for the payment of all the principal moneys
borrowed under the authority of this Ordinance at the time the
same shall have become due, the Governor shall make good the
deficiency out of the general revenues and assets of the Colony.

31. All expenses of or incidental to the management of the
sinking fund, or to the payment of the principal moneys bor-
rowed, shall be paid out of the sinking fund.


Creation of sinking
fund.










Charge upon gene-
ral revenue.




Expenses to be paid
out of sinking fund.


32. The Governor shall also have, and may from time to time Powers of Governor.
exercise, the following powers and authorities or any of them:-
(a) He may authorise the Crown Agents when issuing Debentures conver-
any loan in the form of debentures to declare that le into icori
such debentures will be convertible into inscribed prescribed by the
stock at such dates and on such terms and con- irowfn Aents at
editions as may be prescribed by the Crown Agents
at the time of the issue of the debentures.
(b) He may declare all or any of the Saint Lucia loans, Conversion of loans
whether existing in the form of stock or deben- general.
tures, to be convertible into inscribed stock, to be
issued under the provisions of this Ordinance.
(c) He may authorise the creation and issue of such an Creation and issue
amount of inscribed stock in exchange for the o stoein exchange
securities held for such loans as may be necessary.


[1913.














No. 17.] General Loan and Inscribed Stock Ordin-
ance, 1913.


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


Arrangements for
conversion.




Rzchange of seun-
rities for inscribed
stock.
















Converted seouri.
ties to be cancelled.



Trustees to appor.
tion amount of sink-
ing fund released by
conversion.


(d.) He may authorise the creation and sale of any such
inscribed stock or debentures for the purpose of
raising money for redeeming any outstanding
loans, for paying any expense in the creation of
inscribed stock, and otherwise for carrying out the
provisions of this Ordinance.
.(e) Any conversion so authorised may be effected either
by an 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.

38. Nothing in this Ordinance contained shall authorise an
increase of the capital or of the annual charge on any loan,
except:-
(a) When securities exchanged for inscribed stock bear a
rate of interest not less 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 in-
scribed stock.
(b) In the case of the conversion of securities into in-
scribed 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.
(c) In accordance with such terms and conditions as
may be prescribed under section 32 (a) of this
Ordinance.

34. The securities exchanged or otherwise converted into in-
scribed stock under the provisions of this Ordinance shall be
forthwith cancelled by the Crown Agents, and the debentures
surrendered shall be cancelled and transmitted to the Governor.

85. The trustees of the sinking fund appointed under this
Ordinance, and acting under any Ordinance authorising the
issue of any securities which may be exchanged into inscribed
stock or cancelled or purchased under the provisions of this Or-
dinance, 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


[1913.













No. 17.] General Loan and Inscribed Stock Ordin-
ance, 1913.


held by them on account of such sinking funds, the amount of
the debt remaining a charge on such sinking funds, and such
matters as the trustees may think fit to take into account.

86. So much of the sinking funds as may be released shall
either be transferred unto the trustees of the inscribed stock
sinking fund, or be disposed of in such a manner as the Governor
with the advice and consent of the Legislative Council may
direct.

37. The Crown Agents may from time to time, at the request
of the Governor, make arrangements for all or any of the fol-
lowing things:-
(1) For inscribing stock in their books.
(2) For managing the creation, inscription, and issue of
inscribed stocks.
(3) For effecting the conversion of loans into inscribed
stock.
(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-inscribing
them.


Sinking funds re-
leased how to be
disposed of.




Creation, inscrip-
tion, issue, confer.
eion and transfer of
inscribed stock.


38. This Ordinance shall be applicable only to the raising of Raising of loans in
loans in England, and nothing in this Ordinance contained shall the colony.
prevent the raising of loans in the Colony upon such terms and
conditions as shall be specified in any Ordinance authorising the
raising of such loans.

39. The General Loan and Inscribed Stock Ordinance, 1892, Repealof Ordinance
No. 19.of 1892, is hereby repealed. No. 19 of 1892.

40. Nothing in this Ordinance or in the repeal of Ordinance Saving olause.
No. 19 of 1892 shall affect the rights of any person who holds
stock or bonds under the authority of Ordinance No. 19 of
1892.


Passed the Legislative Council this 1st day of September, 1913.

SAMUEL OKELL,
Clerk of Councils.
1918-840.


PRINTED BY THE GOVERNMENT PRINTER, AT THE GOVERNMENT HRINTIFG OFFICE,.
CASTRIES, ST. LUCIA.


[1913.