7!% Local Development Registered Stock 1980-82

L-N. 59 of 1980

LOCAL LOANS (REGISTERED STOCK AND SECURITIES)

ORDI NANCE, 1959

CONVERSION OF STOCK

Directive by the Minister of Finance, Customs and

People's Financial Investments for the convemon of the

;EM2,OOO,OOO

7!% Local Development Registered Stock 1980-82

IN exercise of the powers conferred by section 31 (a) of the Local

Loans (Registered Stock and Securities) Ordinance, 1959, the Minister

of Finance, Customs and People's Financial Investments has dec1ared

the fM2,000,000 7t% Local Development Registered Stock 1980-82

due for repayment on the 17th October 1980 to be convertible into regis­

tered stock to be issued under the provisions of the Ordinance.

The Minister has also authorised in terms of sections 3 1 (b) and 32

of the same Ordinancc that, for the conversion of the fM2,OOO,OOO

7t% Local Development Registered Stock 1980-82 a new 6* % Local

Development Registered (Conversion) Stock 1986-87 be created and

issued as follows

(a) The stock shall be issued at the price of f M 100 per cent

and shall be al10tted by application. The stock when fully paid shall be

registered. Applications for the allotment of stock for the present holders

of the 7t% Local Development Registered Stock 1980-82 shall open

at 9 a.m. on Monday 1 1 th August 1980 and close at 12.00 noon on

Friday, 29th August, 1980.

(b) Applications from the general public for the rcmaining

balance of the 6t % Local Development Registered (Conversion) Stock

1986-87 will be received at the Treasury between 9.00 a.m. on Monday,

8th September, 1980 and 12.00 noon on Friday, 12th September, 1980,

or earlier if the stock is fully subscribed. at the discretion of the Account­

ant General

The sum

of

money to be raised by the

stock

sha11

be

fM2,000,000.

Interest shall be payab1e in arrear half-year1y on the 18th day

of April and the 18th day of October in every year during the currency

of the stock. The first payment of fM3.l2,5 per f M 100 stock covering

the period from the 18th day of October 1980 to the 17th day of Apti!

1981 shall be made on the 18th day of April, 1981.

A half-yearly appropriation of not less than fM20,000 out of

the general revenue and assets of the Govemment of Malta shall be

ma de as a contribution to the sinking fund established for the purpose

of redeeming the stock. The first contribution shall be made within one

year from the 18th day of October 1980.

The stock shaH be redeemed at par on such date between the

1st day of January 1986 and the 31st day of December 1987 (both dates

inclusive), as shaH be determined by the Accountant General and noti­

fied in the Gazette. Stock shal1 be redeemed only on the surrender of the

stock certificate issued.

All payments of interests made in respect of this stock shaB be

Exemption from

exempt from stamp duty.

Ippubblikat mid·Dipartiment ta' I·Informazzjoni

Published by

the

Department

of

Informatioll

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Stampat fl·U.C.S. - Stamperija tal·Gvern

PrinJed at the C.O.S.

Government Pri1l/ing Press

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