International Hank tor Reconstruction and Development

L.N • • '" 01 1996

MEltmERSI:OP OF INfERNA 110NAL FINANCIAL

ORGANISATIONS ACT

(CAP. 235)

INCOME TAX ACT

(CAP. 123)

EXCHANGE CONT ROL ACT

(CAP.233)

International Hank tor Reconstruction and Development

(Issue ot Securities) Order. 1996

IN exercise of the powers conferred by section 7 of the

Membership of International Financial Organisations Act. and by

section 96 of the Income Tax Act. and by section 36 of the Exchange

Conuol Act, and for the purposes of section 7 of the Membership of

International Financial Organisations Ac t, the Minister of Finance has

made the following Order:-

This order may be cited as the International Bank for ~.

Reconsuuction and Development (Issue of Securities) Order, 1996.

In this Order, unless the context otherwise requires, words I_p .......

used sha ll have the same meanings as in the Membership of

International Financial Organisations Act and "security"' shall mean

any insuument acknowledging indebtedness.

The Central Bank of Malta is hereby designated as the Dt~ .... , • ..

depositary for all the holdings of the Bank in Maltese liri for the

purposes of Anicle V. Section 11 of the Second Schedule to the

Membershi p of International Financial Organisations Act. For the Clp.lOt.

purposes of section 3 of the Central Bank of Malta Act approval is

granted for the opening of accounts by the Bank with the Central Bank

of Malta.

S.

Pursuant to Article VII, Section 9 (c)(i) of the Second

Schedule to the Membership of International Financial Organisations

Act, any income deriving from any security issued in Malta by the

Bank shall be treated as "investment income" as defined in section 41

of the Income Tax ACI and sections 33 to 42 of the Income Tax Act

shall app ly to s uch income subject to the additional r u les or

modifications slated in this Order.

Skond u b' mod konformi mas-Seujoni VD, Artikolu 9 (a)

tat-Tieni Skeda li tinsab ma' l-Attdwar id-Dhul ta' Malta bhala membru

ta' Organizzazzjonij iet Finanzjarji Intemazzjonali, il-Bank m'ghandux

ikun obbligat 1i jigbor jew iiomm xi taxxa fuq hlas li jsir minnu HI x i

persuna skond xi obbligazzjoni jew litolu mahrug mill-Bank. Il· Bank

ma jkun marbut b'ebda dispozizzjoni ta' I-At! dwar il-Taxxa fuq 1-

Income jcw ta' I-Atlla' 1- 1994 dwar I.Amministrazzjoni tal-Tax.xa

rigward il-hlas ta' xi taxxa jew it-Iras missjoni la' prospet!i dwar 1-

a!tivitajiel tieghu,

Skond u b'mod konformi mas-Sezzjoni VD, Artikolu 9 (e)(i)

tat-Tieni Skeda Ii tinsab ma' I-Art dwarid-Oh ul la' Malta bhala membru

la' Organizzazzjonijiet Finanzjarji In temazzjonali, ku ll introjtu li

jinkiseb minn titolu mahrug fMalta mill-Bank g handu jigi kunsidral

bhala "introjtu minn investiment" kif imfisser fl-artikolu 41 ta' I-Atl

dwar il-Taxxa fu q I-Income u I-artikoli 33 sa 42 ta' I-Atl dwar it-Taxxa

fuq I-Income ghandhom ikunu japplikaw ghal dak I-introjlu bla hsara

ghall kull regola jew modifi ka addizzjonali msemmija fdan I-Ordni,

In any issues of securities by the Bank,the terms of the issue

shall specify a person in Malta, being a person licensed to carry on the

business of banking under Banking Act, 1994 , who shall be nominated

10 receive the gross payments of principal and interest on the securities

on behalf of the holders of the securities. Such person shall be obliged

to distribute the payments of principal and interest received on the

securities to the holders of the securities subject to the provisions of

the Income Tax Act and shall be the "payor" for the purposes of the

investment income provisions of the said Income Tax Act and subject

to all the relati ve obligations.

Pursuant to Article VII. Section 9 (c)(i) of the Second

Schedule to the Membership of International Financial Organisations

Act, in addition to the above, no security issued by the Bank shall be

subjected to any taxation, duty or requirement connected therewith

whic h is other or mo re burdensome than the taxation, duty or

requirement to which a security issued by a Maltese entity or resident

in the same circumstances is or may be subjected. In so far as any law

or regulation imposes other or more burdensome taxation ,du ty or other

requirement. such provisions shall not apply to the securities issued

by the Bank and to such extent.

8 . The Exchange Control Act shall not apply to the activities of

the Bank in Malta and in Maltese liri and shall not apply in particular

to the issue of any security. the entering into any underwriting

agreements or any other agreements relating 10 the issue and listing of

any securities in Malta, to the co llection o f sums raised from the issue

of such securities or to any financial transaction in any currency entered

into for operational. hedging or other purposes.

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L-Att dwar il-Kon troll fuq il- Kambju m'ghandux ikun

japplika ghall.altivitajicl tal-Bank fMalta u fHri Maltija u m'gI'Iandux

ikun japplika b'mod partikolari ghall-hrug la' kull titolu , ghall-ghemil

la' kull flehim ta' underwriting jew la' kull ftehim iehor li jkollu

x'jaqsam mal-hrug u l-elenkar la' litoli rMalta, ghall-gbir ta' flus li

jidhlu mill-hrug ta' dawk il-lilolijew ghal kull transaujoni finanzjarja

rkull munita li Ikun li ssir ghal ghanijiet operatlivi, la' hedging jew

ohrajn,