Section 32: The Governor shall also have, and may from time to time Powers of

Governor. exercise, the following powers and authorities or any of them- (a) He may authorise the Crown Agents when issuing any Debentures convertible loan in the form of debentures to declare that such debentures into stock will be convertible into stock at such dates and on such terms on conditions and conditions as may be prescribed by the Crown Agents at f~:s~~~~~ by the time of the issue of the debentures. Agents at time of issue. (b) He may declare all or any of the Sierra Leone loans, Conversion whether existing in the form of stock or debentures, and ~!~~:~Jy. whether issued before or after the commencement of this S.L.-VoL. V-24 Creation and issue of stock in exchange for other securities. Creation and sale of stock or debentures to raise loans and for other purposes. Arrange· ments for conversion. Exchange of securities for Converted securities to be cancelled. Trustees to apportion amount of sinking fund released by conversion. Ordinance, to be convertible into stock, to be issued under the provisions of this Ordinance. (c) He may authorise the creation and issue of such an amount of stock in exchange for the securities held for such loans as may be necessary. (d) He may authorise the creation and sale of any such stock or debentures for the purpose of raising money for redeeming any outstanding loans whether issued before or subsequent to the passing of this Ordinance, for paying any expense in the creation of stock, and otherwise for carrying out the provisions of this Ordinance. (e) Any conversion so authorised may be effected either by an arrangement with the holders of existing securities or by purchase thereof out of moneys raised by the sale of stock, or partly in one way and partly in the other.