Section 28Part 6 — Sinking Fund And Repayment Of Loans
Cessation of contributions to sinking fund
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Notwithstanding anything to the contrary contained in this Law, if, at any time, the trustees are satisfied in relation to any securities issued under this Law for the redemption of which a sinking fund was established under section 23, that such sinking fund will be sufficient with further accumulations of interest, but without further payments under section 24, to enable the securities to be redeemed at the time fixed for its redemption, they shall inform the Governor in Council accordingly and the Governor in Council is hereby authorised in such event to suspend further payments into that sinking fund.
Notwithstanding subsection (1), payments to the sinking fund shall be recommenced if the trustees at any time thereafter inform the Governor in Council that they are no longer satisfied that the sinking fund with further accumulations of interest will be sufficient for the redemption of those securities.
Cross References
- Section 23 of Government Securities Act
sinking fund established under section 23
- Section 24 of Government Securities Act
payments under section 24