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Method of redemption.
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3.—(1) The redemption of the External Loans by the Minister under this Act shall be effected as follows, that is to say:—
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(a) where the sum payable is the amount or balance due on a ten-dollar or a twenty-five-dollar bond, by the payment of such amount or balance in money of the United States of America;
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(b) where the sum payable is the amount or balance due on any other bond either, as the Minister thinks fit—
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(i) by the payment in money of the United States of America of such sum (less than five dollars) as is necessary to reduce such amount or balance to a multiple of five dollars, and the issue of securities created under this section for so much of such amount or balance as is not so paid in money, or
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(ii) by the payment of the whole of such amount or balance in money of the United States of America.
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(2) The Minister may, for the purpose of paying any sums which under the preceding sub-section of this section are payable by the issue of securities, create such securities capable of registration bearing such rate of interest and subject to such conditions as to repayment, redemption, or otherwise (including repayment or redemption in money of the United States of America) as he shall think fit.
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(3) All moneys payable under this Act in redemption of the External Loans and also the principal and interest of all securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund and the growing produce thereof.
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