Section 22
Section 22
(1)
The Financial Secretary shall also in each half-year ending with the day on which the interest on any loan falls due appropriate out of the general revenues and assets of the Colony for the formation of a sinking fund for repayment of that loan at par an additional sum equal to one half of the annual contribution specified in the prospectus, or in the case of a loan not issued publicly, in the terms of issue relating to the loan, and shall remit such sum, or the balance of such sum as provided in subsection (4), to the
Crown Agents.
(2)
The Crown Agents shall invest the money remitted to them under the provisions of this section in the purchase of such securities as may be approved by the
Financial Secretary 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 investment in the purchase of like securities and may from time to time with the approval of the Financial
Secretary, change any such investments and shall hold such funds in trust for payment of the principal moneys for the time being represented by any such loan.
(3)
In case the sinking fund provided for by this section shall be insufficient for the payment of all principal moneys borrowed under the authority of this Ordinance in respect of any particular loan at the time the same shall have become due the Financial
Secretary shall make good the deficiency out of the general revenues and assets of the
Colony, or by a loan authorised under section 3.
(4)
The Financial Secretary may at any time or times authorise the utilisation of the appropriation for contribution to the sinking fund prescribed by subsection (1) for the redemption of debentures or North Borneo stock by purchase and in such case the contribution remitted to the Crown Agents shall be the balance, if any, of such appropriation not utilised for purposes aforesaid together with a certificate as to the amount redeemed and the Financial Secretary shall forward to the Crown Agents a certificate as to the value of debentures or North Borneo stock redeemed.
9
No notice of trust to be received or registered.