Loan Ordinance 1954

This Ordinance may be cited as the Loan Ordinance, 1954.

Authority to Governor to borrow by sale of debentures or inscribed stock.

The Governor is hereby authorised to issue debentures or stock or both under the provisions of the General Loan and Stock Ordinance [No. 12 of 1949.] to an amount sufficient to produce as nearly as may be the sum of two million one hundred and thirty seven thousand four hundred and fifty seven dollars (two hundred and forty nine thousand three hundred and seventy pounds sterling) and such further sums as may be necessary to defray the expenses of issues.

2

Application of loan.

Ordinance shall be appropriated and applied to the purposes specified in the Schedule.

Variation of appropriation authorised by Schedule.

It shall be lawful for the Governor to direct that any sum or part of any sum appropriated by or under this Ordinance for any purpose mentioned in the Schedule shall, if it is not required for hat purpose, be appropriated and applied to any other purpose of rehabilitation or development, whether mentioned in the Schedule or not.

Provided that no such direction shall be given by the Governor unless the variation of the appropriation made in the Schedule shall first have been approved by resolution of the Legislative Council.

Commencement of contribution to sinking fund.

Loan and Stock Ordinance [No. 12 of 1949.] shall commence in respect of any stock or debentures issued under this Ordinance not later than three years after the date from which the interest on such stock or debenture shall commence to run.

(A)

Water Supplies

$

(1)

Service Reservoir, Booster Station and Mains, Jesselton 250,00

(2)

Boreholes, Sandakan 50,000

(3)

Tawau Water Supply, second instalment 501,000

(4)

Boreholes, extensions and improvements to Labuan

Water Supply

30,000

3

(5)

Beaufort Water Supply 85,000

(6)

Kudat Water Supply – boreholes and wells (part scheme)

20,000

(7)

Keningau Water Supply 175,000

(8)

Minor works and investigations 30,000

(B)

Electricity Supplies

(9)

Tuaran Electricity Supply 11,000

(10)

Labuan Electricity Supply 281,000

(11)

Jesselton Electricity Supply 322,000

(c)

Posts and Telegraphs

(12)

Automatic Telephone Exchange Tawau 26,480

(D)

Unallocated 355,977

2,137,457

Passed this 3rd day of March, 1954.

MOH’D. KASSIM

Clerk of Legislative Council.

THIS PRINTED IMPRESSION has been carefully compared by me with the Bill which has passed the Legislative Council and found by me to be a true and correct copy of the said Bill.

MOH’D. KASSIM

Clerk of Legislative Council.