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

(1) So long as any of the Defence Bonds remain outstanding the Minister shall, in each half-year ending with the day on which the interest on the Defence Bonds 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 Defence Bonds 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 contributions to the sinking fund referred to in sub- section (2) shall commence not later than three years after the date from which the interest on the Defence Bonds issued under this Act commences to run. (4) The contribution shall be in respect of the total nominal amount of all Defence Bonds issued, including any which may have been redeemed. (5) Defence Bonds shall not be deemed to be outstanding for the purposes of this Act by reason only that one or more of the 6 Defence Bonds have not been presented for payment on the day appointed for payment and have, in consequence, not been paid.