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exceeding in all the aggregate amount of Four thousand pounds, (£4,000) in form hereinafter provided, and all such debentures Ord. No. 1, shall bear interest at and after the rate of five per cent. per annum ; which interest shall be payable quarterly—out of the Public Treasury of these islands, that is to say, between the 1st and 10th April, the 1st and 10th July, the 1st and 10th October, the 1st and 10th January of each year-and the payment of all such amounts of interest shall have preference over all other payments which have been or may hereafter be charged upon or made payable out of the Public Treasury aforesaid.
III. And be it further ordained, that all debentures issued under and by virtue of this Ordinance shall be according to the form hereunto annexed, marked A, and shall be signed by the ReceiverGeneral, as aforesaid, countersigned by the Colonial Secretary, and shall be approved of by the President or person administering the Government for the time being.
VII. And be it further ordained, that whenever at any of the quarterly periods herein before specified any moneys shall remain in the Public Treasury of these islands not otherwise appropriated, it shall and may be lawful for the President or officer administering the Government to direct that the same be applied to the formation of a sinking fund, to be applied to the liquidation of the several amounts secured by the said debentures, in such manner as may be determined upon by the President, by and with the advice and consent of the council of the same, and with the sanction of Her Majesty's Government.
Bearing interest at five per cent.
IV. And be it further ordained, that a memorandum in the form Memorandum hereunto annexed, marked B., shall be kept in the Receiver- of Debenture to General's office for each debenture issued as aforesaid, and from be filed "B." which each debenture on being issued shall be severed.
VIII. And be it further ordained, that upon the liquidation of any such amounts, and the redemption of any such debentures, no higher or greater amount shall be due or payable to the holder of such debentures than the sum actually secured thereby, with the interest which may then be due thereon, and that a tender of the amount so secured with interest as aforesaid shall be a legal tender notwithstanding any higher or greater amount at which such debentures have been or may be negotiable.
In preference to all other charges on the
V. And be it further ordained, that no debenture or debentures Debentures not issued under and by virtue of this Ordinance shall be disposed of to be disposed to any person or persons for any less amount than the sum actually of below par. secured to be paid by such debenture.
VI. And be it further ordained, that so soon as this Ordinance Appropriation shall have come into operation, and a sum of money shall have of the sums been raised by virtue thereof, sufficient to liquidate in all or in raised on part the then unliquidated portion of the debt to the Bahamas, that then it shall be the duty of the President to issue his warrant in the usual manner for the payment of such amount as aforesaid into the Treasury of the Bahama Government, in such manner and under such restrictions as Her Majesty's Government shall be pleased to direct and appoint.
IX. And be it further ordained, that all such debentures when called in by the Receiver-General to be paid off wholly or in part, shall have the word "cancelled" written across each such debenture so called in, with the day, month, and year on which such
Form of Debenture "A."
Unappropriated Revenue to form a "Fund"
for the liquida. tion of the said
Debentures not to be redeemed
Debentures how dealt with when redeemed.
No. 1. Ord. No. 1, 1851.
Priority of date to be observed
in paying Debentures.
Explanation of certain words.
debenture was paid off "wholly" or "in part," the word "cancelled" being also written in the same manner across the memorandum from which such debenture shall have been disjoined, and under such words "cancelled," the signature of the cc. v.rGeneral and Colonial Secretary as aforesaid shall be affixed; and such debenture so cancelled shall be kept by the said ReceiverGeneral among the records in his office, and for each such debenture paid off" in part" a new debenture shall be issued in the form provided for in this Ordinance, for such sum as may remain unpaid on each such debenture "cancelled" as aforesaid.
X. And be it further ordained, that it shall be the duty of the Receiver-General, when directed to cancel any debentures, to pay off such debentures according to priority of date, unless payment be previously required by any holder or holders of such de
XI. And be it further ordained, that by the term President shall be understood the President or officer administering the Government for the time being; that by the term "Colonial Secretary" shall be understood the Colonial Secretary or other officer acting as such; that by the term "Receiver-General" shall be understood the Receiver-General or other officer acting as such.
XII. And be it further ordained, that this Ordinance shall come into operation so soon as Her Majesty's confirmation thereto shall have been proclaimed within these islands.
RECEIVER-GENERAL'S OFFICE, GRAND TURK,
Countersigned in accordance with the provision of the Ordinance of the Legislative Council, No. 1, 1851.
Colonial Debenture, No.
By virtue and in terms of an Ordinance of the Legislative Council of the Turks and Caicos Islands, entitled "An Ordinance for regulating the Form of Treasury Debentures, and for other purposes," I do hereby promise to pay to order, the sum of with interest, at and after the rate of five per cent. per annum.
No. 1. Act 41 G. 3, c. 3.
Interest reduced to six per cent.
Damages on protested bills drawn on Europe.
Damages on protested bills drawn on North
America, or the
Penalty for charging more than six per cent,
RATE OF INTEREST.
No. 1.-41 Geo. 3, ch. 3. An Act to reduce the Rate of Interest, without prejudice to any former Securities or Contracts, made previous to the first day of January, One thousand eight hundred and two, and for ascertaining the Damages on Bills of Exchange. (A.D. 1800.)
HEREAS it is thought expedient, as well on account of the increase of population in these islands as for the advancement of trade and improvement of lands, that the rate of interest should be reduced from eight to six per centum; May it, &c., That no person or persons whatsoever, from and after the first day of January, which will be in the year of our Lord One thousand eight hundred and two, upon any mortgage, bill, promissory note, or other contract, specialty, or security which shall be made from and after the first day of January, which will be in the year of our Lord One thousand eight hundred and two, take, directly or indirectly, for loan of any moneys, wares, merchandise, or other commodities above the value of Six pounds for one year for every Hundred pounds, and so after that rate for a greater or lesser sum, or for a longer or shorter time: Provided always, that nothing herein contained shall extend, or be construed to extend, to prevent any person or persons having debts due and owing to them, by specialty or otherwise, which shall have been contracted previous to the first day of January, which will be in the year of our Lord One thousand eight hundred and two, from receiving interest thereon at and after the rate of eight per centum per annum, until paid.
II. That for all bills of exchange drawn or negotiated within these islands upon any part of Europe, which shall be returned under protest for want of acceptance, payment, or any other cause, there shall be paid upon all such bills so protested and returned as aforesaid, a re-exchange, as damages for the same, at the rate of Twenty pounds per centum; and in case of non-payment of such protested bills and damages within three days after demand being made by the possessor of such bill from the drawer or indorser, then the said bill, together with the damages thereon, shall bear the legal interest as ascertained by this Act.
III. That all bills of exchange drawn or negotiated within these islands upon any part of North America, or any of the West India Islands, which shall be returned under protest for any of the causes before mentioned, there shall be paid upon all such bills, as aforesaid, a re-exchange, as damages for the same, at the rate of Fifteen pounds per centum; and in case of non-payment of such protested bill, within three days after demand being made by the possessor of such bill, from the drawer or indorser, then the said bill, together with the damages thereon, shall bear the legal interest, as ascertained by this Act.
IV. And to prevent exactions or oppressions from any person that may presume to offend against this Act, and that all due obedience may be paid to the same; Be it, &c., that if any other
interest upon any specialty, as aforesaid, be charged or received by any person whatsoever other than that hereinbefore limited, whether it be charged or received as interest, premium, or under any other name, so that it amounts to more than Six pounds per centum per annum upon the principal, such person so offending shall pay to the party aggrieved the full sum of One hundred pounds current money of these islands, and shall forfeit his spe- £100 old curcialty, of what kind soever it may be, on which the extortion was rency. made, with the interest due thereon, which sum of One hundred pounds may be sued for and recovered by the party aggrieved in any Court of Record in these islands, by writ, plaint, or information and provided such specialty shall have been paid off, then and in that case the amount of such specialty, with the interest paid thereon, shall be recovered in any Court in these islands in manner aforesaid.
No. 1. Act 41 G. 3, c. 3.
Penalty for overcharging on protested bills.
V. And likewise, to prevent exactions or offences against this Act in regard to protested bills of exchange, any person or persons receiving or charging any higher damages or interest thereon than he, she, or they shall be entitled to by virtue of this Act, shall incur and be liable to the same penalties of One hundred pounds, £100 old curtogether with the amount of such protested bill, with all interest, rency. re-exchange, or damages thereon as aforesaid, to be sued for and recovered in manner as extortion in cases of interest, as in this Act is particularly before enacted.
REPRINT OF LAWS.
No. 1.-ORDINANCE No. 5 of 1860.
An Ordinance to Authorize the Compilation and Reprint of the Laws of these Islands, and for other purposes. (Passed 11th April, 1860. Confirmed 5th Sept., 1860.)
if the several laws now in force
HEREAS it would tend to facilitate the due administration of PREAMBLE. therein were collected and reprinted with a proper index; May it, &c.,
I. That it shall be lawful for the President to cause the several Reprintal of laws in force in these islands, together with the Ordinances of laws authorized. 1860, to be collected and reprinted with an index, under the superintendence of some properly-qualified person, and according to such plan as shall be approved of by the said President.
Ord. No. 5, 1860.
II. And whereas many of the said laws were originally enacted for the government of the Bahama Islands, and only extended to these islands by the Bahama Act, 11 Victoria, chapter 1, known as the Separation Act, and contain words and phrases wholly inapplicable to this colony; Be it therefore further ordained, that Inappropriate. whenever the wording of any such Act shall be manifestly inapplicable to these islands, such words shall be substituted as would have been used if the said laws had been originally enacted by the Legislative Council of these islands; for instance, "President"
Bahama Acts to be altered.