Guarantee (High Commission Posts and Telecommunications Loan) (No. 2) Act

140
ORDINANCE No. 32 of 1953
Assented to in Her Majesty's name this twenty-seventh
day of October, 1953. E. BARING,
Governor. ARRANGEMENT OF SECTIONS
SECTION
1—Short title and commencement. 2—Interpretation. 3—Guarantee of loan. 4—Sums charged on general revenues. SECTION'
5—Provision for payment of money due to
stock-holder. 6—Certificate by Crown Agents. 7—Certain Ordinances may properly be dis-
allowed. H.C. Act,
Cap. 4.

rovision for payment of money due to
stock-holder. 6—Certificate by Crown Agents. 7—Certain Ordinances may properly be dis-
allowed. H.C. Act,
Cap. 4.

AN ORDINANCE TO GUARANTEE A LOAN OF SIX
MILLION POUNDS STERLING OR THE EQUIVA-
LENT IN POUNDS STERLING AND OTHER
CURRENCIES TO BE RAISED BY THE HIGH
COMMISSION FOR CERTAIN PURPOSES OF THE
EAST AFRICAN POSTS AND TELECOMMUNICA-
TIONS 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 THERE-
WITH
By Notice
WHEREAS the High Commission, by an Act entitled the
Loan (Posts and Telecommunications) Act, 1953 (hereinafter
called the Act of 1953), made in accordance with the pro-
visions of section 28 (1) (a) of the East Africa (High Com-
mission) Order in Council, 1947, is authorized to raise, either
at one time or by instalments, as may be convenient, a loan
of six million pounds sterling or the equivalent in pounds
sterling and other currencies for certain purposes of the East
African Posts and Telecommunications Administration (here-
inafter called the Administration) specified in such Act:
AND WHEREAS the principal moneys authorized to be
raised by the Act of 1953 and any interest or other charges
thereon, are by that Act charged upon and payable out of the
Posts and Telecommunications Fund maintained by the High
Commission for the Administration under the provisions of
section 97 of the East African Posts and Telecommunications
Administration Act :
Date of
commencement.

for the Administration under the provisions of
section 97 of the East African Posts and Telecommunications
Administration Act :
Date of
commencement.

H.C. Act,
No. 9 of 1953.

H.C. Act,
No. 9 of 1953.

141
1953 Guarantee (High Commission Posts and
Telecommunications Loan)
AND WHEREAS by section 8 of the Act of 1953 it is pro-
vided that if any portion of the loan thereby authorized is
raised by means of a loan from the International Bank for
Reconstruction and Development and if it be lawful for the
Treasury to guarantee such loan, then any sum issued out of
the Consolidated Fund of the United Kingdom on account
of the guarantee of such loan by the Treasury shall be repaid
with interest to the Treasury out of the said Fund :
AND WHEREAS it is expedient that repayment of such
principal moneys and interest and other charges as aforesaid
should be guaranteed out of the general revenues and other
funds of the Colony and that any sums necessary for fulfilling
such guarantee should be charged on such general revenues
and other funds :
BE IT, THEREFORE, ENACTED by the Governor of the
Colony of Kenya, with the advice and consent of the Legis-
lative Council thereof, as follows : —
1. This Ordinance may be cited as the Guarantee (High
Commission Posts and Telecommunications Loan) Ordinance,
1953, and shall come into force on such day as the Governor
may, by notice in the Gazette, appoint.

sion Posts and Telecommunications Loan) Ordinance,
1953, and shall come into force on such day as the Governor
may, by notice in the Gazette, appoint.

2. In this Ordinance, unless the context otherwise Interpretation. requires—
"High Commission (Posts and Telecommunications
Loan) Securities" means all securities created or issued by the
High Commission on behalf of the Administration for the
purpose of raising the loan of six million pounds sterling or
the equivalent in pounds sterling and other currencies
authorized by the Act of 1953 to which securities 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;
"final judgment, decree, rule or order" means in case of
appeal the final judgment, decree, rule or order of the ultimate
court hearing the appeal;
"the Treasury" means the Commissioners for the time
being of Her Majesty's Treasury in the United Kingdom. No. 32
Short title and
commencement. 40 and 41 Vict.. Cap. 59 to12,
13, 14 Geo. 6,
Cap. 1.

time
being of Her Majesty's Treasury in the United Kingdom. No. 32
Short title and
commencement. 40 and 41 Vict.. Cap. 59 to12,
13, 14 Geo. 6,
Cap. 1.

142
No. 32
Guarantee
of loan. H.C. Act,
Cap. 4. Sums charged
on general
revenues. Provision for
payment of
money due to
stock-holder. Guarantee (High Commission Posts and 1953
Telecommunications Loan)
3. (1) The payment of the principal moneys authorized
to be raised by the High Commission under the authority of
the Act of 1953 and any interest and other charges thereon,
is, to the extent to which such principal moneys and interest
and other charges are not paid out of the Posts and Telecom-
munications Fund maintained for the Administration under
the provisions of section 97 of the East African Posts and
Telecommunications Administration Act, hereby guaranteed
out of the general revenues and funds of the Colony :
Provided that the aggregate amount of principal moneys
guaranteed under this Ordinance shall not exceed six and a
half million pounds sterling. (2) The guarantee created by sub-section (1) of this
section shall extend to the repayment to the Treasury of any
sums due to be repaid to the Treasury under section 8 of the
Act of 1953. 4.

(1) of this
section shall extend to the repayment to the Treasury of any
sums due to be repaid to the Treasury under section 8 of the
Act of 1953. 4.

Any sum required for fulfilling the guarantee created
by this Ordinance shall be charged upon and paid out of the
general revenues and other funds of the Colony, and the
Governor shall appropriate out of the general revenues and
funds of the Colony and remit to the Crown Agents any such
sum; and any sum received by the Governor by way of the
repayment of any sum so paid shall form part of the general
revenues of the Colony. 5. (1) Whenever by the final judgment, decree, 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). Securities, then that sum, if not forth-
with paid by the High Commission, shall be paid by the
Governor out of the funds of the Colony in the hands of the
Crown Agents without other or further appropriation than
this Ordinance.

ll be paid by the
Governor out of the funds of the Colony in the hands of the
Crown Agents without other or further appropriation than
this Ordinance.

(2) Whenever any sum of money is required to be paid to
the Treasury under section 8 of the Act of 1953, then that sum,
if not forthwith paid by the High Commission, shall be paid
by the Governor out of the funds of the Colony in the hands
of the Crown Agents without other or further appropriation
than this Ordinance.

ll be paid
by the Governor out of the funds of the Colony in the hands
of the Crown Agents without other or further appropriation
than this Ordinance.

143
1953 Guarantee (High Commission Posts and
Telecommunications Loan)
(3) If the sum remitted to the Crown Agents under
section 4 of this Ordinance is insufficient for the payment of
any sum adjudged or declared to be payable under sub-
section (1) of this section or of any sum required to be repaid
to the Treasury as aforesaid, any balance required to meet
such deficit shall be charged upon and paid out of the general
revenues and funds of the Colony, and the Governor shall
forthwith appropriate 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 the amount due
under any such final judgment, decree, rule or order or the
amount due to the Treasury, as the case may be, as aforesaid. 6. In order to enable every payment due to be made by Certificate by
Crown Agents.

r the
amount due to the Treasury, as the case may be, as aforesaid. 6. In order to enable every payment due to be made by Certificate by
Crown Agents.

the Crown Agents under the provisions of this Ordinance to be
duly made, a certificate under the hand of the Crown Agents,
specifying the sums so paid under a judgment, decree, rule or
order of any court or to the Treasury, as the case may be,
shall be sufficient authority to the Auditor General, or other
officer having the auditing of the accounts of the Crown
Agents, for passing such sum without further appropriation. 7. If at any time hereafter an Ordinance is passed which Certain
appears to Her Majesty's Government in the United Kingdom Ordinances
may properly
to alter any of the provisions affecting the High Commission be disallowed. (Posts and Telecommunications) Loan Securities to the injury
of the holder thereof, or to involve a departure from the
original contract in regard to these securities, or to prejudi-
cially affect the right of the Treasury to require repayment of
any sum under section 8 of the Act of 1953, that Ordinance
may properly be disallowed. No. 32