No. XXVII. No. XXVII. [Ord. 7 anno AN ORDINANCE TO AUTHORISE THE RAISING ON LOAN A 1850.] SUM NOT EXCEEDING THE SUM OF TWO HUNDRED AND FIFTY THOUSAND POUNDS, UNDER THE PROVISIONS OF 11 AND 12 VICTORIA, CAP. 130, FOR THE PURPOSES OF PROMOTING THE INTRODUCTION OF FREE LABOURERS INTO THE COLONY OF BRITISH GUIANA, AND OF PRO. MOTING THE FORMATION OF A RAILWAY IN SAID COLONY. Preamble. Enacted 4th March, 1850, published the 9th September following, came into operation on publication. 66 [HENRY BARKLY, Governor.] WHEREAS by an Act of the Imperial Parliament, passed in "the Session of the 11th and 12th years of Her Majesty's Reign, "chapter 130, after reciting that whereas it was expedient that Her Majesty should be enabled to guarantee the interest, at a rate not "exceeding Four Pounds per Centum per annum, on any Loan or "Loans not exceeding in the whole the sum of Five Hundred Thousand "Pounds, which the Legislatures, or other proper legislative Autho"rity of Her Majesty's Colonies and Possessions on the Continent "of South America, in the West Indies, and the Island of Mauritius, might raise and charge on the respective revenues of such "Colonies and Possessions, for the purpose of promoting the intro"duction of free labourers, or the formation of roads, railways, "works of drainage or irrigation, or other public undertakings of a "similar character; it was enacted, that it should be lawful for Her Majesty to guarantee the payment of the Interest, not exceeding "the yearly rate of Four Pounds in the Hundred, on any principal sum or sums of money not exceeding the sum of Five Hundred "Thousand Pounds in the whole, which, in conformity with the "provisions therein contained, should be raised for all or any of "the purposes aforesaid, by loan, debenture, or otherwise, and the "repayment of which, with interest not exceeding the rate afore"said, within a term to be approved by the Lord High Treasurer "or Commissioners of Her Majesty's Treasury of the United King"dom of Great Britain and Ireland, should be provided for by a "Sinking No. XXVII. [Ord. 7 anno 1850.] "Sinking Fund or otherwise, and secured and charged on the Re"venues of any of the Colonies and Possessions of Her Majesty in "the West Indies, on the Continent of South America and the Island "of Mauritius in which such taxes or other sources of revenue of "sufficient duration shall be by law established, as in the judgment "of the said Lord High Treasurer or Commissioners of Her Ma"jesty's Treasury should be sufficient to provide for the discharge "of such principal sum or sums and interest within such term, (after satisfying any prior charges to which, under existing laws, such revenues might for the time be liable,) by any Acts or Act, Ordinances or Ordinance to be passed or made by the Legislatures "or proper legislative authority of such respective Colonies and "Possessions, and assented to by Her Majesty; and that for giving "effect to every such guarantee, it should be lawful for the said "Lord High Treasurer or Commissioners of Her Majesty's Treasury, or any three of them, to direct and cause to be issued and paid out of the growing produce of the Consolidated Fund of the said "United Kingdom such sums as should be required to make good "any deficiency which should happen in the regular payment, on "the part of the said Colonies and possessions respectively, of the "interest accruing due upon any such Loans or Loan to be raised "as aforesaid: And whereas on the 21st day of December, in the year of our Lord 1849, there were passed by His Excellency the "Governor of British Guiana, with the advice and consent of the "Court of Policy thereof, combined with the Financial Representa"tives of the Inhabitants of said Colony, certain Resolutions, to "wit: : "Firstly-That the Court should pass a resolution to apply for a Resolutions 21st December, "Loan of such portion of £500,000, not to exceed £250,000, 1849. "as Her Majesty might be pleased to grant to this Colony, "under the provisions of the Act of Parliament made and "passed in the Session held in the eleventh and twelfth "years of Her Majesty's Reign, chapter 130, for the pur"pose of promoting the introduction of free labourers, the "formation of roads, railways, works of drainage, and other "public undertakings of a similar character." "Secondly-That the repayment of such Loan with the interest "thereon, not exceeding the rate of Four Pounds in the "Hundred, [Ord. 7 anno 1850.] Resolution 7th Loan Commis. sioners to be appointed in England. No. XXVII. "Hundred, within a term to be approved by the Lord High "Treasurer or Commissioners of Her Majesty's Treasury of "the United Kingdom of Great Britain and Ireland, should "be provided for by a Sinking Fund or otherwise, and se"cured and charged on the revenues of this Colony for such "duration of time as in the judgment of the said Lord High "Treasurer or Commissioners of Her Majesty's Treasury "should be sufficient to provide for the discharge of such "principal sum and interest, within such term, after satis"fying all prior charges to which such revenues are liable "under existing Ordinances. "And whereas on the Seventh day of February, 1850, there was "passed by His Excellency the Governor of British Guiana, with "the advice and consent of the Court of Policy thereof, combined "with the Financial Representatives of the Inhabitants of said Co"lony, a certain other Resolution, to wit: "That the objects to which the Loan (meaning the Loan not "exceeding the sum of £250,000 herein before mentioned) "shall be applied, are, firstly, the sum of £50,000 to the Railway, (meaning the Demerara Railway herein before mentioned) and, secondly, the remainder of the grant "£200,000, or whatever sum it may be, to the purposes of "Immigration." "And whereas it is necessary to make provision for carrying into "effect the said several resolutions : 1. "Be it therefore enacted by His Excellency the Governor of "British Guiana, with the advice and consent of the Court of Policy thereof, that Her Majesty, in any manner or form Her Majesty may think proper, may nominate, constitute, and appoint such "and so many persons as Her Majesty may deem fit, Her Majesty's "Commissioners in England under this Ordinance for the purpose " of borrowing, raising, managing, and expending the funds herein"after proposed to be borrowed and raised; and that Her Majesty may direct and order in such appointment that any number of "such Commissioners may act in the execution of this Ordinance, every such appointment at her pleasure may revoke, and in the YAT [Ord. 7 anno 1850. No. XXVII. " event of any vacancy occurring in the number of such Commis"sioners by death, resignation, or any other cause may fill up every "such vacancy. 2. "And be it enacted, that the said Commissioners shall have full power and authority, and they are hereby fully authorised and em"powered, to borrow and raise money in Great Britain upon the se"curity of the public revenues of British Guiana as hereinafter " mentioned, by issuing bonds in the name of the Governor and "Court of Policy of British Guiana, or framed in such other manner "and form as to the said Commissioners shall seem fit, or by the "issue of debentures with a sufficient number of interest coupons "annexed, to the extent of a sum not exceeding the sum of Two "Hundred and Fifty Thousand Pounds of lawful money of Great "Britain; the said Commissioners taking care that the said bonds " and debentures shall be transferable and negotiable; each of the "said bonds and debentures to be for the sum of not less than One "Hundred Pounds of lawful money of Great Britain, bearing interest "at a rate not exceding Four Pounds per cent. per annum; the "interest on the said bonds and debentures to be made payable half"yearly in London, at such place and in such manner and form as "the said Commissioners shall deem fit and proper, and the capital "sums of the said bonds and debentures to be redeemable at the "expiration of twenty years from the 1st day of July, 1850. 3. "And be it enacted, that it shall be lawful for the said Com- Incidental "missioners, and they are hereby authorised and empowered, to charges. "order and direct to be issued and paid out of any money which may by them be realized under the provisions of this Ordinance, "or out of any funds which may be remitted to them from this "Colony, all such incidental charges as may be necessarily incurred by the said Commissioners in the execution of the powers com"mitted to them by this Ordinance, such charges to be however "subject to the allowance or disallowance of Her Majesty's Princi"pal Secretary of State for the time being of the Colonial Depart "ment. 4." And be it enacted, that no Commissioner or other officer or Commissioners "servant acting in the execution of this Ordinance, and subscribing not personally responsible. "" any Amended by Ordinance 9 of 1851. [Ord. 7 anno 1850.] established. No. XXVII. "any bond or debenture to be issued under the provisions of this "Ordinance, or the transfer of any such bond or debenture, shall be "individually responsible in person or property for the payment of "the same or of any interest thereon. 5. "And be it enacted, that in order to provide for the redempSinking Fund "tion of the aforesaid Loan, there shall be, as there is hereby "declared to be, established, at the expiration of one year after the "date of the first bond or debenture issued under this Ordinance, "a Sinking Fund, equal to one-fortieth part of the bonds and deben"tures actually issued under this Ordinance, and the half-yearly "amount of such Sinking Fund shall, on the first day of January "and on the first day of July of every year during a period of "twenty years from the 1st day of July, 1850, and during the ex"istence of such Loan, if such Loan shall longer exist, be remitted "to said Commissioners, to be by them invested in the public funds "of Great Britain in such manner as shall be determined by said "Commissioners, as a provision for the formation of a Sinking Fund "for the purpose of redeeming said Loan. Revenues of the Colony to security. When Bond defaced new one may be issued. 6. "And be it enacted, that the bonds and debentures to be "issued by the said Commissioners, together with the interest "thereon, and the redemption thereof, shall be, and they are hereby "declared to be, secured on the general revenues of the Colony, "and specially on such duties and taxes as may be determined by "Ordinance of this Court, combined with the Financial Representa"tives of the inhabitants of the Colony. 7. "And be it enacted, that in case any bond or debenture issued "under this Ordinance shall by any accident be defaced, it shall be "lawful for the said Commissioners, from time to time, to cause a new bond or debenture to be made and delivered to the party en"titled thereto instead of any bond or debenture so defaced, which "bond or debenture so defaced shall be cancelled in the presence "of the said Commissioners, and the bond or debenture so cancelled "shall be kept on a file or files provided for that purpose, and such new bond or debenture so to be made shall have a like currency, " and shall, in all respects, be subject to the same rules as the bond or debenture defaced was subject to, and the new bond or deben"ture shall bear the same number, date, and principal sum as were "borne |