Transport Act, 1944

Provisions in relation to debenture stock.

17.— (1) Substituted debenture stock shall bear interest at the rate of 3 per cent. per annum and the said interest shall be payable half-yearly on the 15th day of July and the 15th day of January in each year in respect of the half-year ending on the immediately preceding 30th day of June and 31st day of December respectively.

(2) The following provisions shall apply in relation to the redemption of substituted debenture stock, that is to say:—

(a) it may be redeemed at par in cash on the 30th day of June, 1955, or on any 31st day of December, or 30th day of June thereafter,

(b) if it is not redeemed before the 30th day of June, 1960, it shall be redeemed at par in cash on that date,

(c) it shall not be redeemed on any 30th day of June (other than the 30th day of June, 1960) or 31st day of December except upon six months' notice of intention to redeem.

(3) Debenture stock (other than substituted debenture stock) may be created and issued from time to time subject to such terms and conditions as regards the rate and payment of interest thereon and the redemption thereof as the Minister for Finance may approve.

(4) The terms and conditions on and subject to which any debenture stock is to be redeemed shall be stated on each certificate of such debenture stock.