MT
85 tal-1990
Statutory Text (4 Articles)
L.N. 85 of 1990
LOCAL LOANS (REGISTERED STOCK AND SECURITIES)
OROINANCE. CAP. 161
Oir«lIYf by ttot: MlnlstO!l' oltlnanct
for the cvnvusion of Lml ,OOO,OOO
6'/:1:')1, l"o(fIl Developownt Register«! Stock 19')0
IN eJleTcisc of the powers conferred by Scction 3 1(a) of the Local
Loans ( Registe red Slock and Securities) Ordi nance. Cap. 16 1. the
Ministe r o f Finance has declared th at the sum of Lm l,OOO,OOO Local
Deve lopmem Registered Stock 1990due for repaymem on t he 31st July
1990 be convened into registered stock to be issued unde r the provisions
o f the Ordinance:-
The Minister has also authorised in terms of Section 31( b) Hnd 32 0f
the same Ordinance that. fo r the conversion o f the L.rnI.OOO.OOO 6'12%
Local Development Registered Stock 1990. a new 6 1 12% Local
Development Registered (Conversion) Stock 1995 (IV Issue) be
crea ted and issued as follows:-
I . (a) The Stock sha ll be issued at th e price of Lm 100 per cent
and shall be allotted by applicatio n. The Stock . when fully paid. shall be
registered _ A pplica tions for the aJlot ment of stock from the presen t
holden of the 6'Il% Local Devclopment Registe red Stock 1990 shall
open at 9.00 a .m. on Monday. 2nd Jul y. 1990 and dose aI12.00 noon on
Mond ay, 9th July , 1990.
(b) Applications from the gentnll public for the remaini ng
bala nce of the 6'1l% Local Development Registered (Conversion)
Stock 1995 ( IV Iss ue) will be received a th e Treasury between 9.00a.m.
on Monday 16th July, 1990and \2.00 noon on Friday, 20th July , 19900r
earl ier ifthe stock is fuUy subscribed , at the discre tion o f the Accoun tant
General.
The sum o f money to be flIised by the stock shall be
Lml ,OOO,CKKl.
l. Imcrest shall be payable in arrear half·yearlyon the 31st dayof
January and the list dayof J ulyof every year during the cu rrency o f the
stock. The first payment o f Lm3.25,O per LmlOO stock covering th e
period from the 31st day of July 1990 to the 30th day o f J anuary. 1991.
shall be made o n the 31st day of Jan uary, 1991 .
As the amou nt in t he Si nk ing Fund on the 31st July . 1990 and
the interest accruing the reon during the currency o f the Stock will be
sufficien t to provide for t he redemption of the Stock in 1995. no
addit ional con tributions to the Sinking Fund will be made.
The Stock shall be rede emed at par on such date betwee n th e
1st day of January. 1995 and the 3lst dayofDcccmber, 1995 ( both dates
inclusive) as sllall be dete rmined by the Accolln13 m General and
notified in the Gazene. Stock shall be redeemed only on the surrender
o f the stock ccn ificale issued.
PubliJJotd by IM 0.".."", .. ,<>/ In~ c",'iI~
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