7% Malta Government Stock 2010

L.N. 117 of 2000

LOCAL LOANS

(REGISTERED STOCK AND SECURITIES) ORDINANCE

(CAP.16l)

Directive by the Minister of Finance

for the issue of Lm544,900

7% Malta Government Stock 2010

IN exercise of the powers conferred by article 4(1)(a) of the Local

Loans (Registered Stock and Securities) Ordinance, Cap. 161, and by

article 6 of the Ecclesiastical Entities (Properties) Act, Cap. 358, and in

virtue of the Agreement entered into between the Holy See and Malta,

signed on the 28th November, 1991, and reproduced in the Schedule to

the Ecclesiastical Entities (Properties) Act, 1992, the Minister ofFinance

has authorised that the sum of Lm544,900 7% Malta Government Stock

be created and issued directly to the Foundation for Church Schools as

follows

The Stock which is negotiable and free of duty on documents Mode of issuing

shall be issued at the price of Lm100 per cent and shall be allotted to Slock.

the Foundation for Church Schools in multiples of LmlOO on the 30th

June, 2000.

Interest in full will be payable in arrears half-yearly on the Rate oflnteresl

30th June and on the 30th December in every year during the currency ~~ of

of the Stock. The rate of interest shall be revised upon the lapse of

every period of two years, starting from the date of emission of such

stock, in such a way as to maintain it at 1 % lower than the normal

maximum lending rate allowed at law, it being understood that it cannot

fall below 7%.

Payment of interest will be made by warrant, which will be sent

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

branch of any local bank, person or body of persons to whom the

stockholder has by a request in writing, authorised the Accountant

General to issue such warrant. No warrant shall be paid until the relative

receipt has been duly signed and such receipt shall be a full discharge

to the Accountant General and the Government for such payment. In

cases where Stock is registered in the names of two or more persons as

joint stockholders, the Accountant General may make payment in the

manner above-mentioned to the person whose name first appears in

the register. A receipt for the payment of interest given by one or two or

more joint stockholders shall, unless notice in writing to the contrary

has been received by the Accountant General from any other joint

stockholder, be a full discharge to the Accountant General and the

Government for the payment of such interest.

An application for the Stock to be put on the official list for

trading on the Malta Stock Exchange will be made in tenns of the Malta

Stock Exchange Act, Cap. 345. Such Stock may be freely sold to the

public with the prior authorization of the Maltese Episcopal Conference.

The Stock and interest thereon will be a charge on the general

revenue and assets of the Government of Malta.

The Stock shall be redeemed at a premium of 10% over the

nominal value on such date between the 1st January, 2010 and the 31 st

December, 2010 (both dates inclusive) as shall be determined by the

Accountant General and notified in the Government Gazette.