Law library · Sierra Leone · Cap. 268
Section 28, Cap. 268
Status not yet checkedCap. 268, Sierra Leone
(I) The Governor shall, in the half-year ending on thedate specified in the terms of issue of the loan as that on which
the first contribution to the sinking fund shall be taken and in
each subsequent half-year, appropriate out of the said revenues
and assets of Sierra Leone for the formation of a sinking fund 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, in respect of
the total nominal amount of such stock including any such stock
which may at any time have been issued in exchange for debentures under the authority of this Ordinance, and shall remit the
sum to the Crown Agents with the remittance hereinbefore
mentioned. ·
(2) Notwithstanding anything to the contrary contained in
sub-section (I) of this section, if at any time the trustees of the
General Loan and Stock reap. 268
sinking fund of any loan issued under the provisions of this
Ordinance are satisfied that the value of the fund will be sufficient
with further accumulations of interest but without further
payment of contributions to enable the loan to be redeemed out
of the proceeds of the sinking fund not later than the final
redemption date, the Governor may with the approval of the
Secretary of State suspend further contributions to the said
sinking fund:
Provided always that contributions to the sinking fund shall
be recommenced if the trustees shall at any time inform the
Governor that this is necessary.
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