Loans Ordinance 1957

The Governor may from time to time raise, by the issue of debentures or stock or both in the manner hereinafter provided, a sum of money not exceeding in the whole the sum of nine million Malayan dollars, and such further sums as may be necessary to defray the expenses of any issue or issues, to be applied in the manner hereinafter provided.

The loan hereby authorised may be raised either in London or in the Colony, or as to part in London and part in the Colony, as the Governor in Council may direct.

2

If the loan hereby authorised or any part thereof be raised in London, then such loan or part thereof, as the case may be, shall be raised by the issue of debentures or stock under the provisions of the General Loan and Stock Ordinance [Cap. 51.], and, in such case, the contribution to sinking fund as contemplated by the provision of such

Ordinance shall commence, in respect of such debentures or stock issued under this

Ordinance, not later than three years after the date from which the interest on such debentures or stock shall commence to run.

If the loan hereby authorised or any part thereof be raised in the Colony, then such loan or part thereof, as the case may be, shall be raised by the issue of such securities as may be authorised by the provisions of the General Local Loans Ordinance

[Cap. 52.] in force at the time of such issue, and, in such case, the contribution to sinking fund as contemplated by the provisions of such Ordinance shall commence, in respect of such securities issued under this Ordinance, not later than three years after the date from which the interest on such securities shall commence to run.

Application of loan.

Notwithstanding the provisions of section 2, the loan or any part of the loan authorised may be raised by means of a loan made by the Secretary of Sate with the approval of Her Majesty’s Treasury in accordance with section 2 of the Colonial

Development and Welfare (Amendment) Act, 1959 [7 and 8 Eliz. 2 Cap.29.].

Any moneys obtained by a loan referred to in subsection (1) shall be applied for the purposes specified in the Schedule or to such only of those purposes as the

Secretary of State may direct.

The repayment of any loan referred to in subsection (1) shall be by equal annual instalments of principal and interest combined to extinguish such loan in its lifetime and the amount of such loan and the interest thereon shall be charged upon and payable out of the general revenues and assets of the Colony.