Section 2

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.