l,mZll,M7,OOO7'" Malta eo.-~mml Stoc:k 2003

L.N . ., 01 1993

LOCAL LOANS

(REGISTERED STOCK AND SECURl11ES) ORDINANCE

(CAP. Hit)

[)lftctl.n by 1IM MInlsIn- 01 fl....- for the IssIw or

l,mZll,M7,OOO7'" Malta eo.-~mml Stoc:k 2003

IN exercise of the powen confe rred by subsection 4(\ )(8) of the

LocallAans(Registered Stock and Sccurities)Ordinance. Cap. 161 and

subsection 6(1) of the Ecclesiastical Entities (Propenies) Act. 1992. and

in vinue of the Agree ment en tered into between th e Holy Sce and

Malta, signed on the 28th day of November , 1991, and reproduced in

the Schedule 10 the Ecclesiastica l Entities (Propenies) Act, ]992, the

Minister of Finance has aUlhorised that Ihe sum of Lm28 ,067.000 7%

Mal ta Government Stock be crea ted and iSliued directly 10 the

Ecclesiastical Entities as follOW$

The Slock which is negotiable and free of dUly on documents

shall be issued at the price ofUn IOO percent and shall be allotted to the

Ecclesiastical Enti ties in multiples of LrnlOO on the 18th day of

February. 1993.

Inlerest in full will be payable in IlITUr half·~arlyon lIIe I&h

February and 00 lbe Igth August in e~ry ~ar duri", lIIe currency of

the Stock. The fint payment covering tile period from the 19th

February. 1993 to the 18th August, 1993 "'all be made on the 18th

August, 1993. The IlIte of intcfC$t shall be revised upon the lapse of

e~ry period of IWO ~an, !laning from tile dale of emission of such

$lock, in such a way IU to maintain it at 1% lower than the normal

maximum lending IlIle allowed alIa ... it being undentoad lhat it cannol

fall below 7%.

Paymen t of inlerest will be made by warrant. which will be sent

by post, at the stockholder's risk to the slockholder himself or 10 any

bnr.nch of any local bank , person or body of pef50ns 10 whom the

stockholder has by a request in writing dul y made to the Accountant

Genenr.l. authorised the Acoountant General to issue such warrant. No

warrant shall be paid ... ntilthe relative receipt has been duly signed and

such re<:eipt shall be a full discharge to the Acoounlanl General and the

Government for such payment. In cascs where Stock is registered in the

names of IWO or more persons as ;olnt stockholdcrs the Accountant

Ge neral may make payment in the manncr D!xIvC mentioned to the

pef50n whose name firsl appears in Ihe regi5ler. A reot:ipt for the

payment of inlerst given by oneor two ormore joint stock~dcn shall,

unl C!oS notice in writing to lIIe con llllry has been re<:elved by the

ACDDUntaot CJc,nentl from any othcr joinl stockholder, be D full

diKharge 10 lIIe Accountant CJc,neral . nd the Governmenl for the

pilymentof such interest.

J. An applic.atioD lor the Stock to be put on the official list Ind

trading 01] the Malla Stock Exchange will be made in terms of tbe Malla

Stock E:lchaoge Act. Cap. 345. Such stocks may be frcely sold to the

public with the prior authorisation of the Maltese Episcopal

Conference, up to a total nominal value of nOI more Ihan LmS.OOO,()((J

per annum and beyond by aUloonly of Ihe Minister of Finance. Such

Stock may, however. be traded between Ecclcsia5lical Entities outside

the Malta Stocli: Exchange. does not require sIKh lulhoriution, is not

taken into ao;:ounl in the computation of Ihe total amounl IlIal can be

ITall5ferred annually aDd shall beexempl from duty on docume nts ,

A half-yt:arly .ppt opn.tion of not le5lllhan Lm2'iO.OOO OUI of

the general reven\IC and !Web of the Govemmcmt of Malla shall be

made u a conlnootion 10 the si nking fund established for the: purpose of

redeeming the Slock. The first oontribution shall be made within Ihree

yean from !he 18th day of AugU$l . 1993.

The Slock and in terest !hereon will be. charge on the geocral

revenue and ilS5Ctsof the Government of Malla .

The Slock $IIa11 be redeemed It a premium of 10% <m:r lhe

nominal value on such dale belween the 151 dayof January, 2003 and the

31st day of December, 2003 (both dates inclusive) as shall be

dctennioed by the A ccou ntant General and notified in the G<m:mmcot

Gazette.