Title: Ordinances passed by the Legislative Council of Trinidad and Tobago during the year ..
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Permanent Link: http://ufdc.ufl.edu/UF00103120/00027
 Material Information
Title: Ordinances passed by the Legislative Council of Trinidad and Tobago during the year ..
Uniform Title: Laws, etc. (Ordinances : 1902)
Alternate Title: Ordinances as passed by the Legislative Council of Trinidad and Tobago during the year ..
Physical Description: 51 v. : ; 26 cm.
Language: English
Creator: Trinidad and Tobago
Publisher: G.P.O.
Place of Publication: Port-of-Spain, Trinidad
Port-of-Spain, Trinidad
Publication Date: 1912
Frequency: annual
regular
 Subjects
Subject: Law -- Trinidad and Tobago   ( lcsh )
Genre: government publication (state, provincial, terriorial, dependent)   ( marcgt )
legislation   ( marcgt )
 Notes
Dates or Sequential Designation: 1902-1952.
 Record Information
Bibliographic ID: UF00103120
Volume ID: VID00027
Source Institution: Florida International University College of Law
Holding Location: Florida International University College of Law
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 13324890
lccn - 18009601
 Related Items
Preceded by: Ordinances of the Council of Government
Succeeded by: Ordinances enacted by the Legislative Council of Trinidad and Tobago between the ... and government notices published between the ...

Full Text
re-,



TRINIDAD AND TOBAGO.

General Loan and Inscribed Stock.

No. 25.-1912.

6th May.
AN ORDINANCE to declare the terms and conditions
applicable to Loans authorised to be raised by the
Government of Trinidad and Tobago, and to provide
for the creation of Trinidad Inscribed Stock.




[L.S.] /. I
GEORGE R. LE HUNTE,

GOVERNOR.
23rd May, 1912.





7 HEREAS it is expedient to define in one Ordinance Preamble.
the terms and conditions applicable to Loans here-
after authorised to be raised by the Legislature of the
Colony of Trinidad and Tobago;
And whereas it is expedient to provide for the creation
of Inscribed Stock and to enable the Colony to take advan-
tage of the provisions of an Act of the Imperial Parliament
entitled The Colonial Stock Act 1877 and the subse-
quent Acts on the same subject:
Be it therefore enacted by the Governor of Trinidad Enacting
and Tobago with the advice and consent of the Legislative clause.
Council thereof, as follows :-
1. In this Ordinance unless the context otherwise Interpreta-
requires: tion.










No. 25. General Loan and Inscribed Stock. 1912.

The expression Governor means the person for the
time being administering the Government of Trinidad and
Tobago.
The expression Crown Agents means the person or
persons for the time being acting as Crown Agents for the
Colonies in England.
Loan to be 2. Whenever by any Ordinance authority shall have been
raised by
Debentures or given or shall hereafter be given, to raise any sum of money
Inscribed .
Stock. for the purposes mentioned in such Ordinance, the Gover-
nor 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 Trinidad Inscribed Stock,
or partly by Debentures and partly by Inscribed Stock.
charge upo 3. The principal moneys and interest secured by the
General Debentures or Inscribed Stock issued under the provisions
of this Ordinance are hereby charged upon and shall be
payable out of the general revenue and assets of the Colony
of Trinidad and Tobago.
Borrowing 4. When the- Governor or the Crown Agents acting on
upon
Debentures. his behalf shall deem it expedient to raise money by Deben-
tures, such Debentures shall be issued in London on behalf
of the Government of Trinidad and Tobago 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.
Amount of 5. Every Debenture issued under the provisions of this
each
Debenture. 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 centum per annum.
Debentures 6. The Debentures shall be redeemable at par at the
may be
redeemed by option of the Government of Trinidad and Tobago by pur-
ings or bychase in the market or by annual drawings or on a date to
purchasinthe be named in that behalf by the Governor or by the Crown
fixed date. Agents acting on his behalf as determined when issuing the
Debentures, such date not being later than fifty years from
the date of issue, from and after which date all interest on
the principal moneys secured thereby shall cease and deter-
mine, whether payment of the principal shall have been
demanded or not.












7. There shall-be attached to every Debenture coupons Interest
for the payment of the interest to become due in each half Coupon
year upon the principal secured 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 Trinidad and Tobago may determine.

8. The Debentures and the coupons thereto shall be in Form of
such form as the Governor, or the Crown Agents acting on ebntureand
his behalf, may direct or approve.

9. Every Debenture and coupon and the right to receive Debentures
the principal and interest secured or represented thereby, ,ransferable
shall be transferable by delivery. by delivery.

10. Every Debenture shall before being issued be regis Register of
tered in a Register Book to be kept for that purpose at the Debentures.
office in London of the Crown Agents.

11. The interest upon the principal secured by each Payment of
Debenture shall run from the day named in that behalf in Interest.
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 outstanding, Mode of pro-
the Governor shall in each half-year ending with the day on viding for
payment of
which the interest on the Debentures falls due, appropriate intereston
out of the general revenues and assets of the Colony a sum Debentures.
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 authorising Further sums
a loan as that on which the contributions to the Sinking for redemp-
Fund shall commence, the Governor shall, in each Dbentures,


No. 25.


General Loan and Ivscribed Stock.


1912.









No. 25. General Loan and Inscribed Stock. 1912.

half-year ending as aforesaid, appropriate out of the said
revenues and assets of the Colony of Trinidad and Tobago
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,
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 with the remittance hereinbefore mentioned.
Application of 14. The Sinking Fund shall be applied in the first place
Sinking Fund. in payment of all expenses of, or incidental to, the redemp-
tion of the Debentures, including the charges of the Notary
Public attending at any drawing thereof, and the costs 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 15. In the case of Debentures redeemable on a date to be
king Fund named when issuing the Debentures, the Crown Agents
of Debentures shall invest so much of the moneys so remitted to them as
payable on a n
fixed date. 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 time being
represented by the Debentures.
Disposal of 16. In the case of Debentures redeemable by annual
when Deben drawings, the Crown Agents shall place and keep the
red bre moneys so remitted to them, or so much thereof as may not
redeemed by
annual draw- be required for immediate payments, at interest, and shall
ings or by
puhase 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 exceed-
ing par, and secondly to the redemption of the Debentures
by means of annual drawings.










No. 25. General Loan a2~d Inscribed Stock. 1912.

17. After the date specified in the Ordinance authorising Appointment
a loan, as that on which the contributions to the Sinking drawn of
Fund shall commence in respect of that loan, and so long Debentures.
thereafter as any of the Debentures remain outstanding and
unsatisfied, the Crown Agents shall in every year, unless
the whole of the moneys 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.
18. If a day is appointed for drawing, the Crown Agents Notice of time
and place
shall give, by advertisement in the London Times news- appointed for
paper not less than fifteen days previous notice, specifying drawing.
the day on which and the hour and place at which, the
drawing will take place and the nominal amount of the
Debentures at that drawing.
19. On the day and at the hour and place so specified, the Mode of
Crown Agents shall hold a meeting, at which the holder of drawing.
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 distin- Notice of
Debentures
guishing numbers of the Debentures drawn for redemption, drawn for
and shall as soon as may be by advertisement in the London redemption.
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.
21. On the day so appointed the Crown Agents shall at Payment of
their office in London on demand pay to the holders of the ~tures.
Debentures drawn for repayment the principal moneys repre-
sented by those Debentures, with all interest payable
thereon up to that date.
22. From and after the day appointed for the repayment lesser of
of any Debenture, all interest on the principal moneys interest from
day appointed
represented thereby shall cease and determine, whether forpayment
payment of the principal shall have been demanded or not. of principal.










No. 25. General Loan and Inscribed Stock. 1912.

ebentures to 23. Upon the repayment of the principal moneys secured
be cancelled, by any Debenture, the Debenture with all the coupons
thereunto belonging shall be delivered up to the Crown
Agents, to be by them cancelled and forwarded to the
Government of Trinidad and Tobago.
Any Debenture redeemed by purchase shall likewise be
so cancelled and forwarded.
Borrowing 24. When the Governor or the Crown Agents acting on
upon inscribed
stock, his behalf shall deem it expedient to raise money by the
issue of Trinidad Inscribed Stock, then such stock shall be
issued in England by the Crown Agents under the provi-
sions of the Act of the Imperial Parliament entitled The
Colonial Stock Act, 1877 upon the best and most favour-
able terms that can be obtained ; provided that the interest
on such Inscribed Stock shall not exceed Four pounds per
centum per annum.
When 25. All the Inscribed Stock which may be created under
rnpald to be he 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.
Mode of 26. So long as any of the Inscribed Stock shall remain
providing for
payment of unredeemed, the Governor shall in each half-year ending
interest on with the day on which the interest on such Inscribed Stock
inscribed
stock, falls due, appropriate out of the general revenue and assets
of the Colony of Trinidad and Tobago 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.
Mode of 27. After the date specified in the Ordinance authorising
parn ofor an issue of Inscribed Stock as that on which the contribu-
principal of tion to the Sinking Fund shall commence, the Governor
inscribed
stock. shall further appropriate out of the said revenue and assets
in each half-year ending as aforesaid an additional sum for
the formation of a Sinking Fund of not less than ten











No. 25. General Loan and Inscribed Stock. 1912.

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.
28. The Crown Agents shall, for the purpose of forming Creation of
such Sinking Fund, from time to time invest so much of sinking fund.
the moneys 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 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 being represented by the Inscribed
Stock.
29. In case the Sinking Funds provided for by this Ordi- Charge upon
nance shall be insufficient for the payment of all the princi- eenerl.
pal 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 revenue
and assets of the Colony of Trinidad and Tobago.
30. All expenses of or incidental to the management of Expenses tobe
the Sinking Fund or to the payment of the principal moneys iliog und.
borrowed shall be paid out of the Sinking Fund.
31. The Governor shall also have and may from time to Powers of
time exercise the following powers and authorities or any Governor.
of them:-
(a.) He may authorise the Crown Agents when issuing Debentures
any loan in the form of Debentures, to declare io inscribed
that such Debentures will be convertible into ns pr-
conditions pre-
Inscribed Stock at such dates and on such terms scribed by
-Crown Agents
and conditions as may be prescribed by the at time of
Crown Agents at the time of the issue of the issue.
Debentures.
(b.) He may declare all or any of the Trinidad Loans, Conversion of
whether existing in the form of Stock or Deben- gnally.
tures, to be convertible into Inscribed Stock to
be issued under the provisions of this Ordinance,











No. 25. General Loan and Inscribed Stock. 1912.

Creation and (c.) He may authorise the creation and issue of such
in excnge for an amount of Inscribed Stock in exchange for
other. the securities held for such loans as may be
securities.
necessary.
Creation and (d.) He may authorise the creation and sale of any
sale of in-
scribed stock such Inscribed Stock for the purpose of raising
an o rotner" money for redeeming any outstanding Loans,
purposes, for paying any expense in the creation of
Inscribed Stock, and otherwise for carrying out
the provisions of this Ordinance.
Arrangements (e.) Any conversion so authorised may be effected
for conversion. .
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.
Exchange of 32. Nothing in this Ordinance contained shall authorise
securities for
inscribed an increase of the capital or of the annual charge on any
stock. 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 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 Ordinance.
Converted 33. The securities exchanged or otherwise converted into
securities to
becancelled. 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 Trinidad and Tobago.










No. 25. General Loan and I ,rtibtt Stoec. 1914
34. The Trustees of the Sinking Fund appointed under Trustees- ,
this Ordinance and acting under any Ordinance authorising '',:-.AIt -if
the issue of any securities which may be exchanged into ;m"i.i Fj~-,ud
Inscribed Stock or cancelled or purchased under the provi conversion.
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 determination
of such question the Trustees shall take into consideration
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.
35. So much of the Sinking Funds as may be released sinking Funds
released, how
shall either be transferred unto the Trustees of the to bedisposed
Inscribed Stock Sinking Fund or be disposed of in such a of.
manner as the Governor, with the advice and consent of
the Legislative Council, may direct.
36. The Crown Agents may from time to time, at the creation,
request of the Governor, make arrangements for all or any inue, over-
of the following things :- jir ofn inscib
stock.
(1.) For Inscribing Stock in their books.
(2.) For managing the creation, inscription and issue
of Inscribed Stock.
(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 occasion shall require re-issuing or rein-
scribing Stock and re-issuing Inscribed Stock
Certificates.
37. This Ordinance shall be applicable only to the raising Raising of
of Loans in England, and nothing in this Ordinance con- '"a
trained 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.









No. 25. General Loan and Inscribed Stock. 1912.
Stock issued 38. All Inscribed Stock issued under the Ordinance
n~ 2s8 f No. 28 of 1890 (now No. 260 of the Revised Edition) shall
189o. for all purposes be deemed to be stock issued under this
Ordinance.
Repeal. 39. The Ordinance No. 18-1908 is hereby repealed.
short Title. 40. This Ordinance may be cited as the General Loan
and Inscribed Stock Ordinance 1912.
Passed in Council this Sixth day of May, in the year
of Our Lord one thousand nine hundred and twelve.

HARRY L. KNAGGS,
Clerk of the Council.




I




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