Guarantee (High Commission Posts and Telecommunications Loan) (No. 1) Act

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LAWS OF KENYA
The Guarantee (High Commission
Posts and Telecommunications Loan)
(No. 1) Ofdinance 4c
CHAPTER 450
LIBRARY
0ACC. No
DATE RECEIVED
Z-
Revised Edition 1962
Printed and Published by the Government Printer
Nairobi

Loan)
(No. 1) Ofdinance 4c
CHAPTER 450
LIBRARY
0ACC. No
DATE RECEIVED
Z-
Revised Edition 1962
Printed and Published by the Government Printer
Nairobi

Guarantee (High Commission Posts and
2 CAP. 450 Telecommunications Loan) (No. 1) [Rev. 1962
CHAPTER 450
10 of 1950,
59 of 1951. THE GUARANTEE (HIGH COMMISSION POSTS AND
TELECOMMUNICATIONS LOAN) (No. 1) ORDINANCE*
1\
Commencement: 29th August, 1950
An Ordinance to guarantee a loan of four million five hundred
thousand pounds sterling to be raised by the High
Commission for certain purposes of the East African
Posts and Telecommunications Administration, to
facilitate the investment of trust and other funds in the
United Kingdom in High Commission securities issued
for the purposes of such loan, and for other matters
relating thereto and connected therewith
WHEREAS the High Commission, by an Act of the High
Cap. 15 (1951).

rposes of such loan, and for other matters
relating thereto and connected therewith
WHEREAS the High Commission, by an Act of the High
Cap. 15 (1951).

Commission entitled the Loan (Posts and Telecommunica-
tions) Act, made in accordance with the provisions of sec-
tion 28 (1) (a) of the East Africa (High Commission) Order in
Council, 19 t7 , is authorized to raise, either at one time or by
instalments, a loan of four million rive hundred thousand
pounds sterling for certain purposes of the East African Posts
and Telecommunications Administration (hereinafter called
the Administration) set out in the Schedule to such Act :
AND WHEREAS the principal of and the interest on
such loan is by such Act charged upon and payable out of
the Posts and Telecommunications Fund maintained for the
Administration under section 41 of the said Order in Council :
AND WHEREAS it is expedient that the payment of the
principal of and the interest on such loan should be guaranteed
out of the general revenues and other funds of Kenya and
that any sums necessary for fulfilling such guarantee should be
charged on such general revenues and other fdrids :
* By virtue of the East African Common Services Organization
(Adaptation of Laws) (No. 2) Order, 1962 (L.N. 153/1962 and L.N.

enues and other fdrids :
* By virtue of the East African Common Services Organization
(Adaptation of Laws) (No. 2) Order, 1962 (L.N. 153/1962 and L.N.

176/1962)—
(a) the references in this Ordinance to securities of the High
Commission (meaning thereby the loan securities of the High
Commission) are to be read and construed as if they also
included references to the loan securities of the Authority ;
and subject thereto
(b) the references in this Ordinance to the High Commission are,
in respect of any time or period commencing on or after the
8th December, 1962, to be read and construed as if they were
references to the Authority.

in respect of any time or period commencing on or after the
8th December, 1962, to be read and construed as if they were
references to the Authority.

Guarantee (High Commission Posts and
Rev. 19621 Telecommunications Loan) (No. 1) CAP. 450 3
BE IT THEREFORE ENACTED by the Governor of
the Colony of Kenya, with the advice and consent of the
Legislative Council thereof, as follows : —
1. This e may be cited as the Guarantee (High
Commission Posts and Telecommunications Loan) (No. 1)
Ordinance. JAC ■
2. In this Ordittafioe, except where the context other-
wise requires—
"final judgment, decree, rule or order" means in case of
appeal the final judgment, decree, rule or order of the ulti-
mate court hearing the appeal;
"High Commission (Posts and Telecommunications
Loan) securities" means all securities created or issued by the
High Commission for the purpose of raising a loan of four
million five hundred thousand pounds sterling authorized by
the Loan (Posts and Telecommunications) Act of the High
Commission to which for the time being the Colonial Stock
Acts, 1877 to 1948, of the United Kingdom apply, and which
are for the time being registered in the United Kingdom in
accordance with the provisions of those Acts. 3.

48, of the United Kingdom apply, and which
are for the time being registered in the United Kingdom in
accordance with the provisions of those Acts. 3.

Payment of the principal of and interest on any loan
raised by the High Commission under the authority of the
Loan (Posts and Telecommunications) Act of the High Com-
mission, io the extent to which such principal and interest
are not paid out of the Posts and Telecommunications Fund
maintained for the Administration under section 41 of the
East Africa (High Commission) Order in Council, 1947, is
hereby guaranteed out of the general revenues and funds of
Kenya :
Provided that payments in respect of the amount of the
principal of the loan guaranteed under this Ordinance shall
not in the aggregate exceed four million seven hundred and
fifty thousand pounds sterling. 4. Any sum required for fulfilling any guarantee under
this Ordinance shall be charged upon and paid out of the
general revenues and other funds of Kenya, and the Governor
shall appropriate out of the general revenues and funds of
Kenya and remit to the Crown Agents any such sum, and
any sum received by way of repayment of any sum so paid
shall form part of the general revenues. Short title. Interpretation. Cap. 15 (1951). 12 and 13
Geo. 6, c. 1. Guarantee
of loan. Cap. 15 (1951). Sums charged
on general
revenues.

al revenues. Short title. Interpretation. Cap. 15 (1951). 12 and 13
Geo. 6, c. 1. Guarantee
of loan. Cap. 15 (1951). Sums charged
on general
revenues.

Guarantee (High Commission Posts and
4 CAP. 450 Telecommunications Loan) (No. 1) [Rev. 1962
Provision
for payment
of money due
to stock-
holders. 59 of 1951, s.2. Certificate
by Crown
Agents. Certain
Ordinances
may properly
be disallowed. 5. (1) Whenever by the final judgment. cleerre. rule or
order of any court of competent jurisdiction in the United
Kingdom any sum of money is adjudged or declared to be
payable in respect of any of the High Commission (Posts and
Telecommunications Loan) securities, then that sum, if not
forthwith paid by the High Commission, shall forthwith be
paid by the Governor out of the funds of Kenya in the hands
of the Crown Agents without further appropriation than this
Ordinance.

shall forthwith be
paid by the Governor out of the funds of Kenya in the hands
of the Crown Agents without further appropriation than this
Ordinance.

(2) If the sum received by the Crown Agents under sec-
tion 4 of this Ordinance is insufficient for the payment of
any sum adjudged or declared to be payable under subsection
(1) of this section, any balance required to meet such deficit
shall be charged upon and paid out of the general revenues
and funds of Kenya, and the Governor shall forthwith appro-
priate out of such general revenues and funds and shall remit
to the Crown Agents a sum equal to the amount of the said
balance; and the said sum shall be applied by the Crown
Agents in the satisfaction of any such final judgment, decree,
rule or order. 6. In order to enable every such payment to be duly
made, a certificate under the hand of the Crown Agents,
specifying the sums so paid under order of any court, shall
be sufficient authority to the Controller and Auditor-General,
or other officer having the auditing of their accounts, for
passing such sum without further appropriation. 7.

to the Controller and Auditor-General,
or other officer having the auditing of their accounts, for
passing such sum without further appropriation. 7.

If at any time hereafter an Ordinance is passed which
appears to Her Majesty's Government in the United Kingdom
to alter any of the provisions affecting the High Commission
(Posts and Telecommunications Loan) securities to the injury
of the holder thereof, or to involve a departure from the
original contract in regard to those securities, that Ordinance
may properly be disallowed. GPK(L)