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No. 2. in-chief in and over the said islands for the time being, shall from Act 8 Vic. time to time judge proper and necessary.
c. 49. II. That from and after the period aforesaid, the said peseta £5 in Pesetas
shall not be a legal tender within these islands in any sum exceedonly to be a ing Five pounds. legal tender. III. That from and after the period of one year from the passing At the expira- of this Act, the coin called and known by the name of the peseta tion of one year, shall cease to be a legal tender within the Bahama islands. the Peseta to cease to be a legal tender,
PUBLIC LOANS. No. 1.
No. 1.-ORDINANCE No. 1 of 1851. Ord. No. 1, An Ordinance to repeal Ordinance No. 8 of 1850; and further to 1851.
authorize the Receiver-General and Treasurer for the Turks and Caicos Islands to issue Debentures for a sum of money to be raised on Loans not exceeding the sum of Four Thousand Pounds (£4,000), in the manner and for the purposes set forth in this Ordinance. (Passed 11th April, 1851. Confirmed
23rd Dec., 1851.) PREAMBLE. W HEREAS by an Ordinance of the Legislative Council of
V these islands, made and passed in the fourteenth year of Her Majesty's reign, and numbered No. 8, 1850, it is recited and set forth-That whereas by an Act of the Bahama Legislature, passed in the eleventh year of Her Majesty's reign, and commonly known as the “ Separation Act," it is amongst other things enacted that the sum of Eight Thousand Pounds (£8,000) be allotted to the Turks and Caicos Islands, as the proportion of the then existing debt of the colony, to be borne and paid by the inhabitants of the said Turks and Caicos Islands; which sum of £8,000, with interest thereon, at the rate of five per cent. per annum, shall be charged upon and made payable out of the General Revenue of the said Turks and Caicos Islands, and shall have preference of all other payments which may be charged upon and made payable out of the same,- and whereas the sum of Four thousand pounds (£4,000) still remains unpaid, and it is considered expedient that the same should be paid and liquidated as speedily as possible, and that for that purpose a sufficient sum of money should be raised in manner hereinafter mentioned ; And whereas some of the provisions of the said before-recited Ordinance are defective, and it is expedient therefore that the said Ordinance should be repealed, and further and other provision should be made for raising a sum of money by the issuing
of debentures as in the said Ordinance is set forth ; May it, &c., That Ordinance whensoever this Ordinance shall come into operation, the beforeNo. 8 of 1850 mentioned Ordinance No. 8, 1850, shall be repealed and cease to
mentioned a repealed.
be of any force or effect.
II. And be it further ordained, that so soon as this Ordinance £1,000 to be laised on
shall come into operation, it shall be lawful for the ReceiverDebentures. General of these islands to issue debentures to any amount not
exceeding in all the aggregate amount of Four thousand pounds, No. 1. (£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; 1851. which interest shall be payable quarterly-out of the Public Trea
Bearing interest sury of these islands, that is to say, between the 1st and 10th ati
r cent. April, the 1st and 10th July, the 1st and 10th October, the 1st per annum. and 10th January of each year, and the payment of all such In preference amounts of interest shall have preference over all other payments to all other which have been or may hereafter be charged upon or made charges on the payable out of the Public Treasury aforesaid.
Revenue. III. And be it further ordained, that all debentures issued under Form of Deand by virtue of this Ordinance shall be according to the form benture “ A." 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.
IV. And be it further ordained, that a memorandum in the form Memorandum hereunto annexed, marked B., shall be kept in the Receiver- of Debentuie to General's office for each debenture issued as aforesaid, and from be filed which each debenture on being issued shall be severed.
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
Debentures. 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.
VII. And be it further ordained, that whenever at any of the Unappropriated quarterly periods hereinbefore specified any moneys shall remain Revenue to in the Public Treasury of these islands not otherwise appropriated,
"s for the liquida. it shall and may be lawful for the President or officer administer- tio
tion of the said ing the Government to direct that the same be applied to the for- Debentures. mation 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.
VIII. And be it further ordained, that upon the liquidation of Debentures not any such amounts, and the redemption of any such debentures, no to be redeemed higher or greater amount shall be due or payable to the holder of abo 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.
IX. And be it further ordained, that all such debentures when Debentures called in by the Receiver-General to be paid off wholly or in part, how dealt with shall have the word “ cancelled" written across each such debenture so called in, with the day, month, and year on which such
when : edeemed.
No. 1. debenture was paid off “wholly” or “in part,” the word Ord. No.1, “ cancelled” being also written in the same manner across the 1851. memorandum from which such debenture shall have been disjoined,
and under such words “ cancelled," the signature of the : ce 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. Pria date
ate X. And be it further ordained, that it shall be the duty of the to be observed Receiver-General, when directed to cancel any debentures, to pay in paying off such debentures according to priority of date, unless payment tures. be previously required by any holder or holders of such de
bentures. Esplanation of
XI. And be it further ordained, that by the term President certain words. 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. Operation. 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, I
RECEIVER-GENERAL'S OFFICE, GRAND TURK,
in favour of
Colonial Debenture, No. £
By virtue and in terms of an Ordinance of the Legislative Council of
or order, the sum of
Countersigned in accordance with the provision
of the Ordinance of the Legislative Council,
Colonial Secretary. CHO
RATE OF INTEREST. No. 1. No. 1.-41 Geo. 3, ch. 3. An Act to reduce the Rate of Interest, Act 41 G. 3, 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.) Interest reduced
W HEREAS it is thought expedient, as well on account of the to six per cent.
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, Proviso. 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 protested bills these islands upon any part of Europe, which shall be returned
under protest for want of acceptance, payment, or any other cause, Europe.
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. Damages on III. That all bills of exchange drawn or negotiated within these protested bills isl.
islands upon any part of North America, or any of the West India drawn on North America, or the
the Islands, which shall be returned under protest for any of the causes West India before mentioned, there shall be paid upon all such bills, as aforeIslands. said, 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. Penalty for IV. And to prevent exactions or oppressions from any person charging more that may presume to offend against this Act, and that all due obethan six per dience may be paid to the same; Be it, &c., that if any other