7% Malta Government Stock 2017

L.N. 26 of 2007

LOCAL LOANS

(REGISTERED STOCK AND SECURITIES) ORDINANCE

(CAP. 161)

Directive by the Prime Minister and Minister of Finance

for the issue of Lm287,200

7% Malta Government Stock 2017

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, 2 (b) 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 28 th November, 1991, and reproduced in the

Schedule to the Ecclesiastical Entities (Properties) Act, 1992, the Prime

Minister and Minister of Finance has authorised that the sum of

Lm287,200 7% Malta Government Stock be created and issued directly

to the Ecclesiastical Entities as follows>

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

Stock.

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

the Ecclesiastical Entities in multiples of Lm100 on the 18 th February,

2007.

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

and dates of

18 February and on the 18 th August in every year during the currency payment.

th

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 terms of the

Financial Markets Act. Such Stock may be freely sold to the public

with the prior authorization of the Maltese Episcopal Conference. Such

Stock may, however be traded between Ecclesiastical Entities outside

the Malta Stock Exchange, does not require such authorization, and

shall be exempt from duty on documents.

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 1 st January, 2017 and the 31 st

December, 2017 (both dates inclusive) as shall be determined by the

Accountant General and notified in the Government Gazzette.

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press