Section 5
Section 5
(1)
Debentures may from time to time be issued in the Colony by the
Accountant-General, upon the directions of the Financial Secretary, upon the best and most favourable terms that can be obtained, and such amounts and on such conditions, subject to the provisions of this Ordinance, as the Financial Secretary may, before the issue thereof, from time to time direct.
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(2)
Debentures shall be of such denominations as the Financial Secretary may from time to time direct.
(3)
Debentures shall be redeemable either –
(a)
at par on a fixed date to be declared on the issue of the debentures:
Provided that the Financial Secretary may reserve the option to redeem the debentures prior to such date on such conditions as may be declared at the time of issue; or
(b)
by annual drawings at par; or
(c)
at the option of the Financial Secretary, by purchase.
(4)
Each debenture shall be signed by the Financial Secretary and countersigned by the Accountant-General or such other person as the Governor may appoint:
Provided that it shall be sufficient compliance with the provisions of this subsection if the name and designation of the Financial Secretary and the Accountant-General or other person appointed are stamped on the debentures.
Interest on debentures.