The Generaf Loan and Inscribed Stock Ordinance, 1913.
J. HAYES SADLER,
15th December, 1913.
SAINT VINCENT. No. 20 of 1913.
AN ORDINANCE to declare the terms
and conditions applicable to loans author-
ised to be raised by the Government of
Saint Vincent, and to provide fobr the
creation of Inscribed Stock.
[ Z41/h December, 1913. J
WW HEREAS it is expedient to define in one Ordinance preamble.
the terms and conditions applicable to loans here-
after authorized to be raised in London by the Legislature
of the Colony of Saint Vincent:
AND WHEREAS it is expedient to provide for the
creation of inscribed stock, and to enable the Colony to
No. 20 of 1913. take advantage of the provisions of an Act of the Imperial
Parliament entitled The Colonial Stock Act, 1877", and
the subsequent Acts on the same subject.
Enacting clause. Be it therefore enacted by the Governor of the Colony
of Saint Vincent, with the advice and consent of the
Legislative Council thereof as follows :-
Interpretation. 1. In this Ordinance, unless the context otherwise
The expression Governor" means the person for the
time being administering the government of Saint Vincent.
The expression Crown Agents" means the person or
persons for the time being acting as Crown Agents for the
Colonies in England.
Loans to be raised 2. Whenever by any Ordinance authority shall have
iby debentures or n- 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 debentures or by
Saint Vincent inscribed stock, or partly by debentures and
partly by inscribed stock.
Loans to be a 3. The principal moneys and interest represented by
charge upon general the debeintures or inscribed stock issued under the pro-
visions of this Ordinance are hereby charged upon and
shall be payable out of the general revenues and assets
of the Colony of Saint Vincent.
Borrowing upon de- 4. When the Governor, or the Crown Agents acting on
ventures. his behalf, shall deemn it expedient to raise money by
debentures, such debentures shall be issued in London on
behalf of the Government of St. Vincent 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.
Amount of each de- 5. Every debenture issued under the provisions of this
venture. Ordinance shall be for the sum of not less than one hun-
dred pounds sterling, and shall bear interest at a rate not
exceeding five per cent per annum.
Debentures may be 6. The debentures shall be redeemable at par at the
redeemed by annual option of the Government by purchase in the market or
drawings or by pur-
chase in the market bv annual drawings, or on a date to be named in that
or on a date fixed behalf by the Governor or by the Crown Agents acting onr
his behalf, as determined when issuing the debentures
The G'tdieriel Loew and IH80-ibed 'toch Ordifidilec, 'i'91si
e General Loan ad s "i Ordin c, 11
Tlhe General Laan amni Ii,; ilti Stoci Ordhinace, 1913.
such date not being later than iixrvt ve;irs from the date No. 20 of 1913.
of issue, from and after which date all iitereI.t on the
principal money represented thereby shall cease and
determine, whether payment of the. principal shall have
been demanded or not.
7. There shall be attached to every de.hentiure entiupons Itcerestcoupons.
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 w hole
period for which the debenture has to run, or for such
limited period as the Crown Agents, acting on behalf of
the Government of St. Vincent, may determine.
8. The debentures and the coupons thereto shall be in Form of debenture
such form as the Governor or the Crown Agents acting on and coupons.
his behalf, may direct or approve.
9. Every debenture 'and coupon, and the right to Debentures and con-
ports transferable by
receive the principal and interest represented thereby, delivery.
shall be transferable by delivery.
10. Every debenture shall, before being issued, be Registry of deben-
registered in a register book to be kept for that purpose at tures.
the office in London of the Crown Agents.
11. The interest upon the principal represented by Payment of interest
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.
12. So long as any of the debentures remain outstand- Mode of rc,,lding"
S* for payment of m-
ing, the Governor shall, in each half-year ending with the terestondebentures.
day on which the interest on the debentures falls due,
appropriate out of the general revenues and assets of the
Colony .of Saint Vincent a sum equal to one half-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 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 on which it falls due.
13. After the date specified in the Ordinance authoris- Further sums to lo
ing the loan as that on which the contributions to the rempticn of the -
sinking fund shall commence, the Governor shall, in each bentur-s.
half-year ending, as aforesaid, appropriate out of the said
The General Loan and Inscribed Stock Ordinance, 1913.
Xo. 20 of 1913. revenues and assets of the Colony of Saint Vincent an
additional sum for the formation of a sinking fund of Pot
less than ten shillings sterling per hundred pounds on the
total nominal amount of all the debentures issued, includ-
ing any which may have been redeemed, but exclusive of
any which may have been at any time exchanged for in-
scribed stock, and shall remit that sum to the Crown
Agents with the remittance hereinbefore mentioned.
Sing on of sinkf- 14. The sinking fund shall be applied in the first place
in payment of all expenses of, or incidental to, the re-
demption 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 principal moneys for the time being
represented by the debentures.
Creation of sinking 15. In the case of debentures redeemable on a date to
fund for redemption
of debentures pay- be named when issuing the debentures, the Crown Agents
able on a fixed date. 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 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 the repayment of the principal moneys
for the tinie being represented by the debentures.
Disposal of sinking 16. In the case of debentures redeemable by annual
fund when deben-
tures are redeemed drawings, the Crown Agents shall pl.ce aid keep the
by purchase or by moneys so remitted to them, or so much thereof as may
annual drawings. 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 be obtained at a price not
exceedling par and, secondly, to the redemption of the
debentures by means of annual drawings.
Appointment of dy 17. After the date specified in the Ordinance authorising
:for drawing of de-
bentures. 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
77he Gei.cral Loan and Iaixsel ld S/ot k Ordinance, 1913.
the redemption of debentures has been applied in the pur. No. 20 of 1913-
chase thereof, appoint a day in that year for the drawing
by lot of the debentures to be redeemed.
18. IE a day is appointed for drawing, the Crown Notice of time and
Agents shall give, by advertisement in the London Times" ainte fri
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.
19. On the day and at the hour and place so specified Mode of drawing.
the Crown Agents shall hold a meeting, at which the
holder of any debenture may, if he think 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.
20. The Crown Agents shall thereupon declare the Notiwoe.riye.tirn
n drawit for redemp-
distiiguishing numbers of the debentures drawn for re- tion.
demption, and shall, as soon as may be, by advertisement in
the London Times" Jiiewp.qpi-r, 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 repre-
sented by the debentures so distinguished will be repaid.
21. On the day so appointed the Crown Agents shall, P;yxent of drama
at their office in London, on demand, pay to the holders of ebere8.
the debentures drawn for repayment the principal moneys
represented by those debentures, with all interest payable
thereon up to that day.
22. From and after the day appointed for the repay- Cer of i tr
from day appointed
ment of any debenture all interest on the principal moneys for payment of prii--
represented thereby shall ce1se and determine, whether cipal.
payment of the principal shall have been demanded or not.
23. Upon the repayment of the principal moneys Redeemed daebe-
r-prescnted by any debenture, the debenture, with all the turto canc
coupons thereunto belonging, shall be delivered up to the
Crown Agents, to be by them cancelled and forwarded to
the Government of Saint Vincent. Any debenture re-
deemed by purchase shall likewise be so cancelled and
24. When the Governor, or the Crown Agents acting Borrowing upon ia-
on his bt half, shall deem it expedient to raise money by scrie k.
the issue of Saint Vincent inscribed stock, then such stock
The Genertel Lfwm anld iwmcr,1ffd A!tock Ordhiance,7 1913..
Wo. 20 of 1913. 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 m3st
favourable terms tht can be obtained, provided that the
interest on such inscribed stock shall not exceed four
pounds per centum per annum.
"wn the rncpal 25. All the inscribed stock which may be created under
toberepai 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 repre-
sented thereby shall cease and determine, whether payment
of the principal shall have been demanded or not.
-ome of providing 26. So long as any of the inscribed stock shall remain
if te mt oame unredeemed, the Governor shall, in each half-year ending
sAex. 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 current half-year's interest on the
day when it falls due.
"ode o providing 27. After the date specified in the Ordinance authorising
J.or payment of prin- .
cipal of inscribed an issue of inscribed stock as that on which the contribu-
tion to the sinking fund shall commence, 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 of not less than ten shil-
lings per centimi on the total nominal amount of such
inscribed stock, and shall remit that sum to the Crown
Agents with the remittance hereinbefore mentioned.
co sikig 28. 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 Princip.l Secretary
of State for the Colonies, and shall also invest the
dividends, interest, or produce of such investments 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
repayment of the principal moneys for the time beino-
represented by the inscribed stock.
The General Loan and Inscribed Stock Or, bnance, 1913.
29. In case the sinking funds provided for by this Ordi-
inance 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 of Saint Vincent.
30. All expenses of or incidental to the management
of the sinking fund, or to the payment of the principal
moneys borrowed, shall be paid out of the sinking fund.
No. 20 of 1913.
Charge upon general
Expenses to be paid
out of sinking fund.
. 31. The Governor shall also have, and may from time Powers of Governor.
to time exercise, the following powers and authorities or
any of them:-
(a) He may authorise the Crown Agents when isstaing' Debentures conver-
any loan in the form of debentures to declare k on conditions
that such debentures will be convertible into prescribed by the
inscribed stock at such dates and on such terms tCoe of ise.nts a
and conditions 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 Vincent Conversion of loans
loans, whether existing in the form of stock or geneIrally.
debentures, to be convertible into inscribed stock,
to be issued under the provisions of this
(c) He may authorise the creation and issue of such Creation and issue
an amount of inscribed stock in exchange for the of stockhern sexungo
securities held for such loans as may be necessary.
(d) He may authorise the creation and sale of any Creation and male of
such inscribed stock or debentures for the pur- inscribed stock or
debentures to laiso
pose of raising money for redeeming-any out- loans and for other
standing loans, for paying any expense in the purposes-
creation of inscribed stock, and otherwise for
carrying out the provisions of this Ordinance.
(e) Any conversion so authorised may be effected Arrangements for
either -by an arrangement with the holders of conversion.
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. :
32. Nothing in this Ordinance contained shall authorise
an increase of the capital or of the annual. charge on any
(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
Exchange of securi-
ties for inscribed
Te in (reudu L' ai aud Jn.scritod MSock, Ordinance, 191$.
No. 20 of 1913. 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.
(c) In accordance with such terms and conditions as
may be prescribed under section 31 (a) of this
Cco-ncited ecur:ties 33. The securities exchanged or otherwise converted in-
to be cancelled. to inscribed 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 of Saint Vincent.
Trustees to arpor- 34. The trustees of the sinking fund appointed under
tion gfncunc of sink- this Ordinan e, and acting under any Ordinance authorising
conversion. the issue of any securities which may be exchanged into
inscribed stock or cancelled or purchased under the provi-
sions of this Ordinance, shall determine what amount of
the sinking fund held by them and created for repayment
of such securities shall be released, and in the determina-
lion of -nbch question the trustees.shall take into considera-
tion the value of the whole investments 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.
dining -funds ro- 35. So much of the sinking funds as may be released
le tsed bow to be
-disposed of. 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.
Creation, inscrip- 6. The Crown Agents may from time to time, at the
tion, issue, c.nver-. ,
aon and iranRfer of request of the Governor, make arrangements for all or any
inscribed stick, of the following 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
(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-inscrib-
TAe General Loan and Inscribed Stock Ordinance, 1913.
37. This Ordinance shall be applicable only t6 the rais-
ing of loans in England, and nothing in this Ordinance
contained shall 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.
38. Part ii of the Debenture Ordinance 1888 relating
to issue of Debentures in London is hereby repealed.
39. Nothing in this Ordinance or in the repeal of sec-
tions 13 to 25 inclusive of Ordinance No. 20 of 1888 shall
affect the rights of any person who holds stock or bonds
under the authority of Ordinance No. 20 of 1888.
No. 2o of 1913.
Rii-,r 'et lo ns in
I hlie C'.iony.
Repeal of Seetions
13 t, 25) of Ordi-
nance No. 20 ,t 18t8.
40. This Ordinance may be cited as "The General short title.
Loan and Inscribed Stock Ordinance, 1913".
Passed the Legislative Council the 2nd day of December, 1913, and
published in the Government Gazette this 24th day cf December, 1913.
W. S. BATTEN-POOLL,
Acting Clerk of Counczls.
PRINTED BY THE GOVERNMENT IhIlNTER AT THE GOVERNMENT PAINTING OFFICE,
KINGSTOWN, ST. VINCENT.