Act No. 11 of 1935
HOTEL AMENDMENT (1935) |
An Act to
amend The Hotel (1924) Act. | 11 of 1935 |
[Commencement 18th
December, 1935] |
WHEREAS The
Waterloo Hotel Company, Limited, a Company incorporated under the laws of the
Bahama Islands and carrying on business within The Bahama Islands is indebted
to the Government of the said Bahama Islands in the sum of two hundred and
twenty thousand pounds; |
AND WHEREAS the
said Waterloo Hotel Company, Limited, has agreed to pay to the Government of
the said Bahama Islands interest upon the said sum of two hundred and twenty
thousand pounds at the rate of four pounds per centum per annum from the first
day of January 1931; |
AND WHEREas the
said Waterloo Hotel Company, Limited, claimed that it was unable to pay
interest upon the said sum of two hundred and twenty thousand pounds at the
rate of four pounds per centum per annum in respect of the years 1931 and 1932; |
AND WHEREAS the
said Waterloo Hotel Company, Limited, has complied
with the provisions of the Hotel Amendment (1933) Act which related to payments
of interest for the years 1931 and 1932, and which waived interest for the
years 1933 and 1934; |
AND WHEREAS the
said Waterloo Hotel Company, Limited, maintains that it is not yet able to pay
the full interest upon the said sum of two hundred and twenty thousand pounds
at the rate of four pounds per centum per annum. |
1. This Act
may be cited as the Hotel Amendment (1935) Act, and in so far as the context
may admit, shall be read and construed as one with the Hotel (1924)
Act and with the Hotel Amendment (1933) Act. | Short title. |
2. It shall
be lawful for The Waterloo Hotel Company, Limited, (hereinafter called "The
Company") to pay to the Government of the said Bahama Islands (hereinafter
called "the Government"), and for the Government to accept, the sum
of four thousand pounds per annum as interest on the sum of two hundred and
twenty thousand pounds (in respect of which capital sum the Company is still
indebted to the .Government) for the years one thousand nine hundred and thirty-five,
one thousand nine hundred and thirty-six and one thousand nine hundred and
thirty-seven, such interest to be paid on or before the thirty-first day of
December in each year: | Government may reduce
interest for 1935, 1936 and 1937. |
Provided that in
respect of the said years one thousand nine hundred and thirty-five, one
thousand nine hundred and thirty-six and one thousand nine hundred and thirty-seven
the Governor in Council may reduce the said sum of four thousand pounds by not
more than fifty per centum: | Proviso for further reduction. |
Provided further
that the Governor in Council may in his discretion extend the date on or before
which any interest due under this Act shall be paid for a period of four
calendar months: | Proviso for extension of time for payment. |
Provided also that
if the interest hereinbefore mentioned or any part thereof be not be paid on or
before the date on which payment is due, then the provisions of this Act shall
be null and void and the Company shall immediately become liable to pay
interest on the said capital sum at the rate of four pounds per centum
in accordance with the provisions of the Hotel (1924) Act. | Proviso for reversion to original interest if not paid
on due date. |