For the issue of €430,700 7% Malta Government Stock

B

L.N. 327 of 2010

LOCAL LOANS (REGISTERED STOCK

AND SECURITIES) ORDINANCE

(CAP. 161)

Directive by the Minister of Finance, the Economy and Investment

For the issue of €430,700 7% Malta Government Stock

2020 (III)

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 7 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 Minister of Finance, the Economy and Investment has

authorised that the sum of €430,700 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 Mode of issuing

documents shall be issued at the price of €100 per cent and shall be Stock.

allotted to the Foundation for Church Schools in multiples of €100 on

the 30 th June 2010.

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

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

payment.

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 is 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, 2020 and the 31 st

December, 2020 (both dates inclusive) as shall be determined by the

Accountant General and notified in the Gazette.

€0.19