Issue); and Lml ,670,OOO 6 1/ .. % Local Oe"elopment Registered

I..N. 66 of IIlI!!!

LOCAL LOANS (REGISTERED STOCK AND SECUR ITU:S)

ORDlNANn: , 1959

CONVERSION OF STOCK

Directh'e by t~ Minister of Finance for the con~erslon of the

Lm2,OOO,OOO 6'/4% Local Development Registe~ Stock t987/88 ;

LmJ ,215,OOO M'8% Loca l Oe~elopment registered Stock 11187/88 (2nd

Issue); and Lml ,670,OOO 6 1/ .. % Local Oe"elopment Registered

Stock 1988

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

Loans (Rcgisterd Stock and Securities) Ordi nancc, 1959 . the Ministcr

of Finance has declared the Lm2,OOO.(XX) 61/4% Local Dp.vc!opmenl

Registe red Stock 1987/88 due for repaymenl on the 21st August 19AA;

the Lm3,215,OOO 63!s% Local Devclopmenl Registered Stock 1987188

(2nd Issue) due for repaymcnI on the 30th Septe mber 1988; and for

Lml.670,OOO 61/4% Local Devclopmenl Registered Stock 1988 due for

repayment on the 28th November, 1988, to be convertible into

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

The Mi nister has also authorised in terms of Section 31(b) and 32

of the samc Ordinance that. for the conversion of the Lm2.000,OOO

61/4% Local Developmenl Registered Stock 1987188; Lm3,2IS,OOO

63..1;% Local Development Registered Stock 1987/88 (2nd Issue); and

Lm1.670 ,OOO6 114'Yo Local Development Registered Stock 1988. a new

6% local Development Registered (Conversion) Stock 1994 be created

~nd issued as follows

I. (a) The Stock shall be issued at the price of Lm 100 per cent

and shall be allotted by application . Tnc Stock. when fully paid.

shall be registered. Appli cations for the allotment of stock for the

presenl holders of the 6 1/4% Local Developmen t Registered Stock

1987/88; 6 3!1l% Local Development Registered Stock 1987188 (2nd

I>sue); and 6'/4% local Development Registe red Stock 1988 shall

opcn at 9.00 a .m. on Monday. 5th September, 19&! and close at

12.00 noon o n Friday, 7th October, 1988.

(b) Applications from the general public for the

remaining balance of the 6% Local Development Registered

(Conversion) Stock 1994 will be received at the Treasury between

9.00 a.m. on Monday, 24th October. 1988 and 12.00 noon on

Friday, 4th November. 1988, or earlier if the stock is fully

subscribed. at the discretion of the Accountan t Gene ral.

The sum of money to be raised by the stoc k shall be Su'" cl Moo< y

Lm6,885JXXI.

J. Interest shall be paya ble in arrear hal f-yearly on the 28th day R, ,. 01 ;n" .. "

of May ~nd Ihe 28th day 01 Novemberof every year during the currency . od dOle> 01

of the stock. The first payment of Lm3 per Lm 100 STock covering the I"y""'n' .

pcriod from the 28th day of November, 1988 to the 27th day of May ,

1989 shall be made on the 28th day of May 1989.

A half·yearly appropriation of not less than Lm60.000 out of

the genera l revenue and assets of the Government of Malta shall be

made as a contribution to the sin king fund established for the purpose

of redeeming the stock. Th e first contribution sha ll be made within

onc yea r from the 28th day of November. 1988,

S. The stock shall be redee med at par on such date between the

ISI day of January, 1994 and the 31s1 day of Oecember, 1994 (both

dates inclusive) as shall be de termined by the Accoun tant Genera l and

no tified in the Gaze ne. Stock shall be redeemed only on the surrender

of the stock certificate i$ ued.

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