Mode of providing for payment of interest on debentures and for contributions to sinking fund

(1) So long as any of the debentures remain outstanding the Minister shall, in each half-year ending with the day on which the interest on the debentures falls due, appropriate out of the Consolidated Revenue Fund and assets of Belize a sum equal to one half-year’s interest on the whole of the debentures issued, including any which may have been redeemed. (2) The Minister shall also in the half-year ending on the date specified in the terms of issue of the loan as that on which the first contribution to the sinking fund shall be taken and in each subsequent half-year appropriate out of the Consolidated Revenue Fund and assets of Belize for the formation of a sinking fund an additional sum equal to one-half of the annual contribution to be decided upon by the Minister on the issue of the loan. (3) The contribution shall be in respect of the total nominal amount of all the debentures issued, including any which may have been redeemed. (4) Debentures shall not be deemed to be outstanding for the purposes of this Act by reason only that one or more of the debentures have not been presented for payment on the day appointed for payment and have, in consequence, not been paid.