An Act to authorize the raising of a loan to be used for the purpose of the completion of the work and for additional work on Prince George's Wharf.

1. This Act may be cited as the Prince George's Wharf Loan Act.

2. In this Act-

3. It shall be lawful for the Governor in Council to raise locally by the issue of debentures any sum or sums not exceeding in the whole four hundred and twenty thousand pounds, to be applied to defraying expenses in connection with the completion of the Prince George's Wharf extension, the construction of a warehouse thereon, and the stabilization of the existing wharf and the widening and strengthening of the bridge.

4. The principal moneys and interest secured by the debentures are hereby charged upon and made payable out of the fund known as the Prince George's Wharf and Harbour Facilities Fund established under the provisions of section 8 of the Harbour Dues Act:

5. The debentures shall be for such sums or denominations as the Governor in Council shall deem advisable and shall bear interest at a rate not exceeding four and one-half per centum per annum, and shall be redeemable over a period of eight years by annual redemption of one-eighth of the amount of moneys raised:

6. The debentures shall be in such form as the Governor in Council shall determine and shall be signed by the Treasurer or such other person as may be designated for the purpose by the Governor in Council. They shall be countersigned by the Colonial Secretary or such other person as may be designated for the purpose by the Governor in Council.

7. Every debenture shall, before being issued, be registered in a Register Book, to be kept for that purpose, at the Treasury.

8. The interest accruing due on debentures shall be payable half-yearly out of the Treasury, and shall have the same preference over all other payments to be made out of the Treasury, as has hitherto been granted to interest payable on debentures.

9. Every debenture and the right to receive the principal and interest secured or represented thereby, shall be transferable by delivery

10. The Minister for Finance shall appropriate out of the Prince George's Wharf Fund and from the general revenue and assets of The Bahamas if the Prince George's Wharf Fund shall prove deficient in each and every year during which interest on the debentures shall be payable such sum as shall be necessary to provide for the interest on the debentures as such debentures are payable appropriate from the same sources such sums as may be necessary to provide for the redemption of the principal sums represented and secured by the debentures:

11. Where a person who is the holder of a debenture for the payment of a sum exceeding one hundred pounds desires to convert the same into securities of a lower denomination it shall be lawful for the Treasurer with the sanction of the Minister for Finance, upon delivery to him of the debentures so desired to be converted, to issue to such persons other debentures in such sums, not less than five pounds, as may be approved for which the debentures so delivered up was originally issued.

12. Upon the repayment of the principal moneys secured by any debentures the debentures shall be delivered up to the Treasurer to be by him cancelled and destroyed in such manner as the Minister for Finance may direct.

13. The debentures and the interest on such debentures shall not be liable to any present or future income or other similar tax.

14. All expenses of and incidental to the issue of debentures and of and to the repayment of the principal moneys borrowed under the Act and all moneys required and all expenses incurred in carrying, out the provisions and objects of this Act shall be paid out of the Treasury by warrant in the usual manner on the authority of the Minister for Finance.