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PUBLIC WORKS LOAN (1921)
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AN ORDINANCE TO MAKE PROVISION FOR A LOAN OF SIX MILLION POUNDS STERLING FOR THE CONSTRUCTION OF CERTAIN PUBLIC WORKS AND OTHER PURPOSES.
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[16th February
, 1921 ]
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Short title.
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1. This Ordinance may be cited as the Public Works Loan (1921) Ordinance.
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Authority to Governor to borrow by sale of debentures or inscribed stock.
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2.
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(1) The Governor is hereby authorized to issue stock or debentures, or both, under the provisions of the General Loan and Stock Ordinance to an amount sufficient to produce, as nearly as may be, the sum of six million pounds sterling, to be appropriated and applied to the purposes specified in the Schedule, and such further sum as may be necessary to defray the expenses of issue:
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Provided that no expenditure shall be incurred in respect of the tenth item in the Schedule, until such expenditure shall have been approved by a resolution of the State Council and by a Secretary of State. [8]
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(2) It shall be lawful for the Governor to direct that any sums which may not be required for a purpose specified in the Schedule may be appropriated and applied to any other purpose therein specified :
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Provided that no such transfer of money from one item of the Schedule to any other item thereof shall be made, unless such transfer shall first have been approved by a resolution of the State Council and by a Secretary of State. [8]
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Commencement of contribution to sinking fund.
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3. The contributions to sinking fund, as contemplated by sections 13 and 27 of the General Loan and Stock Ordinance, shall commence after the expiration of three years from the date on which the interest on the first debentures or inscribed stock to be issued under this Ordinance shall begin to run.
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Repeal.
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4. The borrowing powers created by the Public Works Loan (1909) Ordinance, except to the extent to which they have been already exercised at the date of the commencement of this Ordinance, shall as from such date cease to be operative.
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Schedules
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