Guarantee (High Commission Railways and Harbours Loan) (No. 5) Act

LAWS OF KENYA
The Guarantee (High Commission Railways
and Harbours Loan) (No. 5) Ordi,mnce
CHAPTER 460
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'? LIBRARY o0
2 ACC. No ................ c
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DATE RECEIVED ......
Revised Edition 1962
Printed and Published by the Government Printer
Nairobi

460
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'? LIBRARY o0
2 ACC. No ................ c
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DATE RECEIVED ......
Revised Edition 1962
Printed and Published by the Government Printer
Nairobi

Guarantee (High Commission Railways
2 CAP. 460 and Harbours Loan) (No. 5) [Rev. 1962
CHAPTER 460
52 of 1960. THE GUARANTEE (HIGH COMMISSION RAILWAYS
AND HARBOURS LOAN) (No. 5) ORDINANCE*
Commencement: 31st October, 1961
An Ordinance to guarantee a loan of five million five hundred
thousand pounds sterling or the equivalent in pounds
sterling and other currencies to be raised by the High
Commission for certain purposes of the East African
Railways and Harbours Administration; to facilitate the
investment of trust and other funds in the United King-
dom or elsewhere 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
3 of 1960. High Commission entitled the Loan (Railways and Harbours)
Act, 1960, is authorized to raise either at one time or by
instalments, and either separately or at the same time as any
other loan, the sum of five million five hundred thousand
pounds sterling or the equivalent in pounds sterling and other
currencies for certain purposes of the East African Railways
and Harbours Administration specified in the Schedule to that
Act :
Cap.

erling and other
currencies for certain purposes of the East African Railways
and Harbours Administration specified in the Schedule to that
Act :
Cap.

3 (1951). AND WHEREAS the principal of and the interest and other
charges on such loan are by that Act charged upon and payable
out of the Railways and Harbours Fund maintained for the
East African Railways and Harbours Administration under
section 22 of the East African Railways and Harbours Act of
the High Commission :
* 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, 1961, 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, 1961, to be read and construed as if they were
references to the Authority.

Guarantee (High Commission Railways
Rev. 1962] and Harbours Loan) (No. 5) CAP. 460 3
AND WHEREAS it is expedient that the payment of the
principal of and the interest and other charges on such loan
should be guaranteed out of the consolidated fund and that
any sums necessary for fulfilling such guarantee should be
charged on the consolidated fund and assets of Kenya:
BE IT THEREFORE ENACTED by the Legislature of the
Colony and Protectorate of Kenya, as follows : —
1. This Ordinance may be cited as the Guarantee (High
Commission Railways and Harbours Loan) (No. 5) Ordinance. 2.

otectorate of Kenya, as follows : —
1. This Ordinance may be cited as the Guarantee (High
Commission Railways and Harbours Loan) (No. 5) Ordinance. 2.

In this Ordinance, except where the context otherwise
requires—
"the Act of 1960" means the Loan (Railways and
Harbours) Act, 1960, of the High Commission;
"final judgment, decree, rule or order" means in the case
of appeal the final judgment, decree, rule or order of the
ultimate court hearing the appeal;
"High Commission (Railways and Harbours Loan)
securities" means all securities created or issued by the High
Commission for the purpose of raising the loan authorized
by the Act of 1960, to which securities for the time being the
Colonial Stock Acts, 1877 to 1948, of the United Kingdom
apply, and which securities are for the time being registered
in the United Kingdom in accordance with those Acts;
"the Treasury" means the Commissioners for the time
being of Her Majesty's Treasury in the United Kingdom. 3.

d Kingdom in accordance with those Acts;
"the Treasury" means the Commissioners for the time
being of Her Majesty's Treasury in the United Kingdom. 3.

(1) The payment of the principal moneys authorized
to be raised by the High Commission under the authority of
the Act of 1960 and any interest and other charges thereon,
to the extent to which such principal moneys and interest and
other charges are not paid out of the Railways and Harbours
Fund maintained for the East African Railways and Harbours
Administration under section 22 of the East African Railways
and Harbours Act of the High Commission, is hereby guaran-
teed out of the consolidated fund :
Provided that the principal moneys guaranteed under
this Ordinance shall not in the aggregate exceed five million
seven hundred thousand pounds sterling. (2) Without prejudice to the guarantee created by sub-
section (1) of this section, there is hereby guaranteed to the
Treasury out of the consolidated fund the payment of any
sums due to be paid to the Treasury under section 8 of the
Act of 1960.. Short title. Interpretation. 3 of 1960. 12 and 13
Geo. 6, c. 1. Guarantee of
loan. Cap. 3 (1951).

to the Treasury under section 8 of the
Act of 1960.. Short title. Interpretation. 3 of 1960. 12 and 13
Geo. 6, c. 1. Guarantee of
loan. Cap. 3 (1951).

Guarantee (High Commission Railways
4 CAP. 460 and Harbours Loan) (No. 5) (Rev. 1962
Sums charged
on general
revenues and
assets. Provision for
payment of
money due to
stockholders. 4. Any sum required for fulfilling the guarantee created
by section 3 of this Ordinance shall be charged upon the
consolidated fund and the assets of Kenya, and the Governor
shall issue out of the consolidated fund and remit to the Crown
Agents any such sum; and any sum received by way of repay-
ment of any sum so paid shall be placed to the credit of the
exchequer account and shall form part of the consolidated
fund. 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 (Railways
and Harbours Loan) securities, then that sum, if not forth-
with paid by the High Commission, shall be paid by the
Governor out of the funds of Kenya in the hands of the Crown
Agents.

en that sum, if not forth-
with paid by the High Commission, shall be paid by the
Governor out of the funds of Kenya in the hands of the Crown
Agents.

(2) Whenever any sum of money is required to be repaid
to the Treasury under section 8, or to Her Majesty's Govern-
ment in the United Kingdom under section 9, of the Act of
1960, then that sum, if not forthwith paid by the High Com-
mission, shall be paid by the Governor out of the funds of
Kenya in the hands of the Crown Agents. (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 subsection
(1), or required to be paid under subsection (2), of this section,
any balance required to meet such deficit shall be charged
upon and paid out of the consolidated fund, and the Governor
shall remit to the Crown Agents a sum equal to the amount
of that balance; and such sum shall be applied by the Crown
Agents in the satisfaction of any such final judgment, decree,
rule or order or of the amount required to be paid as aforesaid. Certificate by
Crown Agents. 6.

the satisfaction of any such final judgment, decree,
rule or order or of the amount required to be paid as aforesaid. Certificate by
Crown Agents. 6.

In order to enable every payment under this
Ordinance to be duly made, a certificate under the hands of
the Crown Agents, specifying the sums so paid under a final
judgment, decree, rule or order of any court in the United
Kingdom, or to the Treasury or to Her Majesty's Government
in the United Kingdom, as the case may be, shall be sufficient
authority to the Controller and Auditor-General or other officer
having the auditing of the accounts of the Crown Agents, for
passing such sums without further appropriation.

ler and Auditor-General or other officer
having the auditing of the accounts of the Crown Agents, for
passing such sums without further appropriation.

Guarantee (High Commission Railways
Rev. 1962) and Harbours Loan) (No. 5) CAP. 460 5
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
(Railways and Harbours Loan) securities to the injury of the
holder thereof, or to involve a departure from the original
contract in regard to these securities, or prejudicially to affect
the right of the Treasury, or of Her Majesty's Government in
the United Kingdom, to require the payment of any sum under
section 8 or section 9 of the Act of 1960, that Ordinance may
properly be disallowed.
Certain
Ordinances may
ProPerlY be
disallowed.

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