LOCAL LOANS (REGISTERED STOCK) REGULATIONS (registeredstock)

SUBSIDIARY LEGISLATION 161.01

LOCAL LOANS (REGISTERED STOCK)

REGULATIONS

4th December, 1959

LEGAL NOTICE 81 of 1959, as amended by Legal Notices 68 of 1973

and 410 of 2007.

The title of these regulations is the Local Loans

(Registered Stock) Regulations.

Amended by

L.N. 410 of 2007.

Form 1

GOVERNMENT OF MALTA

LOCAL REGISTERED STOCK

Form of Application

(Regulation 3)

{ Allotment

Application No ...............

For official use

No ..................

To

The Accountant General,

(Address)

Date ........................................ , ........

Sir,

I/We hereby apply for € ................................................ (in words) ..................

................................................... of Malta Government ...................................... per

centum Local Registered Stock ...................................................... according to the

conditions contained in the Prospectus of ............................................................

and undertake to pay .................................................... for every .............................

................................... stock, and to accept the same, or any less amount that may be

allotted to me/us, and to pay for the same in conformity with the terms of the said

Prospectus.

*I/We enclose a deposit of ................................................................, being

........................................... per centum on the nominal amount of Stock applied for.

*I/We enclose € ....................................... in payment of this Stock applied for.

Ordinary signature ............................................................... T h e a d d i t i o n a l

space s should be

Name in full ......................................................................... filled in only when

(Block letters, state whether Mr., Mrs. or Miss and titles, if any.)

two or more

persons apply as

Full address ** ..................................................................... joint subscribers.

Ordinary signature ...............................................................

Name in full .........................................................................

(Block letters, state whether Mr., Mrs. or Miss and titles, if

any.)

Full address ** .....................................................................

Ordinary signature ...............................................................

Name in full .........................................................................

(Block letters, state whether Mr., Mrs. or Miss and titles, if

any.)

Full address** .....................................................................

* Strike out whichever is inapplicable.

** Where the address given is c/o another person, bank, or firm,

the place of residence or business of the applicant should also be

given.

LOCAL LOANS (REGISTERED STOCK)

FORM 2

GOVERNMENT OF MALTA

................ LOCAL REGISTERED STOCK

Letter of Allotment

(Regulation 4)

No. .......................................

(Address) .............................................

To: ...............................................

Sir /Gentlemen,

I thank you for your remittance of € .................... and your application for Stock

in the Loan, and have the pleasure to inform you that you have been allotted Stock to

the nominal value of € .................... . An official receipt for your deposit is attached.

(a)* The sum of € ............ as calculated below is payable by you on or

before the ............................. , ........... .

€

Gross value of allotment at ........... per ........... Stock

Less amount paid on application ................................

Net amount payable by you ......................................

(b)* The sum of € ................... as calculated below is payable to you and

cheque No. ............... for that amount is enclosed.

€

Amount paid on application ......................................

Less gross value of the allotment at ..............................

for .......................... Stock ....................................... ______________

Net amount payable to you ............................................ ______________

If special arrangements for the payment of interest are desired, the form

overleaf should be completed.

Intd .........................................

Exd. ........................................

Accountant General

To: The Accountant General,..................................., ...........

(Address)

Sir,

................................ LOCAL REGISTERED STOCK

A *remittance / cheque for € ................ is enclosed. Please forward receipt and

stock certificate to *me / us / to the person named below

Name .......................................... Signature(s) ..........................................

Address .......................................

*Strike out whichever is inapplicable.

LOCAL LOANS (REGISTERED STOCK)

FORM 2 (Reverse).

GOVERNMENT OF MALTA

................ LOCAL REGISTERED STOCK

Interest Request

(Address)

Until further notice, please pay interest falling due half-yearly/yearly on the

under-stated stockholding(s) by warrant to -

*

Name ................................................................

* Bank

Company

Address ............................................................

Firm

Person

Details of the stockholding(s) are as follows

Certificate No.

Names of Holders

or

Amount of Stock

Allotment No.

Signatures (to be signed by all Stockholders).

LOCAL LOANS (REGISTERED STOCK)

FORM 3

GOVERNMENT OF MALTA

................ LOCAL REGISTERED STOCK

(Regulation 5)

Stock Certificate No. .......................

€ .................... Stock.

This is to certify that .............................................................................................

has/have been recorded in the Register of Stockholders as the proprietor(s) of Malta

Government ........................................... Local Registered Stock .................. to the

value of ....................................................................................................................

Valletta ......................................., ..........

Exd. .......................................................

Transfer No. ...........................................

Accountant General

Registered Folio No. .................................

(Reverse)

Interest is payable on the 15th June and on the 15th December.

This certificate is not negotiable by endorsement, and a sale or transfer of the

stock, in whole or in part, must be effected by an instrument of transfer on the

approved form which must be registered at the office of the Accountant General,

Valletta.

Please complete and forward to the Accountant General, The Treasury, Floriana.

Received Stock Certificate No. .......................................

Signature .................................................

Date ..................................., ..................

LOCAL LOANS (REGISTERED STOCK)

GOVERNMENT OF MALTA

................ LOCAL REGISTERED STOCK

Instrument of Transfer of Local Registered Stock

(Regulation 7)

I/We .............................................................................................

........................................................................................................ address in full

of ....................................................................................................

hereinafter called the Transferor, in consideration of the sum of .......

paid by ............................................................................................

........................................................................................................ address in full

of* ..................................................................................................

hereinafter called the Transferee, being the consideration money for

Malta Government ................................................ Local Registered

Stock, ..................................................... do hereby transfer the said

Stock (together with the interest accrued thereon since the last half-

yearly payment of such interest) to the Transferee. The relative Certificate to

Stock Certificate(s), according to particulars shown overleaf, is/are be enclosed.

enclosed.

And I/We, the Transferee, do hereby accept the transfer of the same.

Witness the hands of the said parties this .................................

day of ................................. ......................................................... .

Witness

(1)

(2)

Transferor

Witness

(1) ......................................

(2) ......................................

Transferee

*Where the address is c/o another person, bank or firm, the place of residence or

business of the transferee should also be given.

(Reverse)

PARTICULARS OF STOCK CERTIFICATE(S) ENCLOSED.

Number of Stock Certificate

Amount

Total ..................... €

LOCAL LOANS (REGISTERED STOCK)

FORM 5

GOVERNMENT OF MALTA

................ LOCAL REGISTERED STOCK

Application for Consolidation / Subdivision of Stock

(Regulation 8)

......................................., ..................

The Accountant General,

(Address)

The undersigned herewith tender the undernoted Stock Certificate(s) and request

that (a) new Stock Certificate(s) may be issued to the values indicated below.

PARTICULARS OF STOCK CERTIFICATES TENDERED FOR

CONSOLIDATION/SUBDIVISION.

Stock Certificate Number

Amount

Total ..................... €

PARTICULARS OF STOCK CERTIFICATES REQUIRED ON

CONSOLIDATION/SUBDIVISION.

Stock Certificate

Amount

Total ..................... €

Signature(s) and address(es) of holder(s).

In

these

regulations,

unless

the

context

otherwise

requires -

"Accountant General" means the Accountant General of the

Government of Malta;

"these Islands" means the Island of Malta and its Dependencies;

"Ordinance" means the Local Loans (Registered Stock and

Securities) Ordinance;

"the register" means the register of stock kept by the Accountant

General for the purpose of the Ordinance;

"registered stock" or "stock" means Malta stock issued under the

provisions of the Ordinance;

"stockholder" means a person holding registered stock who is

entered as the owner thereof in the register;

"unit of stock" means stock of the denomination of two euros and

thirty-three cents (2.33).

(1) Applications for allotment of stock shall be made in the

form set out in Form 1 of the Schedule to these Regulations.

(2) The Accountant General may, in his sole discretion and

without assigning any reason therefor reject any application to

purchase stock and in any such case the money paid upon any such

application shall be refunded not later than twenty one days from

the date of the receipt thereof.

Letters of allotment of stock shall be made in the form set

out in Form 2 of the Schedule.

Stock certificates shall be issued in the form set out in

Form 3 of the Schedule.

(1) The interest due on any registered stock shall be paid,

by warrant to the registered stockholder or to any branch of any

bank in these Islands, person or body of persons to whom the

stockholder has by a request duly made to the Accountant General

authorised the Accountant General to issue such warrant.

(2) No warrant shall be paid until the receipt thereon for the

amount thereby payable has been duly signed, and such receipt

shall be a full discharge to the Government and to the Accountant

General for the payment of the sum named in the warrant.

(3) The posting of a letter containing a warrant sent by the

Accountant General in pursuance of these Regulations addressed to

any person at the last address furnished by that person to the

Accountant General shall, as regards the liability of the

Government and of the Accountant General, be equivalent to the

delivery of the warrant to the person to whom the letter was

addressed.

(4) Where in pursuance of these Regulations or in accordance

with any authority given thereunder any payment is to be made by

the Accountant General to a body of persons a receipt for the

payment given by any person purporting to be an agent or officer of

that body and to be authorised to receive the payment shall be a full

discharge to the Government and Accountant General for the

amount paid.

(5) Where stock is registered in the names of two or more

persons as joint stockholders the Accountant General may, unless

other arrangements with respect to the payment of interest have

been made in accordance with these Regulations, pay any interest

thereon to the stockholder whose name appears first in the register.

(6) A receipt for the payment of interest on any stock which is

given by any one of two or more joint stockholders of such stock

shall, unless notice in writing to the contrary has been received by

the Accountant General from any other joint stockholder of such

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

Government for the payment of that interest.

Transfers of stock inter vivos shall be executed by an

instrument in the form set out in Form 4 of the Schedule.

Applications for consolidation or subdivision of stock shall

be made in the form set out in Form 5 of the Schedule.

No transfer, consolidation or subdivision of stock shall be

made except in respect of units of stock.

(1) The loss or destruction of any stock certificate issued

by the Accountant General shall be notified in writing to him as

soon as practicable by the person entitled to the possession thereof.

(2) Upon receipt of such notification the Accountant General

shall cause to be published in the Gazette a notice stating that the

certificate has been lost or destroyed, as the case may be, and that

he proposes, after expiration of two calendar months from the date

of such notice, to issue a duplicate of such certificate.

(3) The person giving such notification shall also be required

to issue a notice in a local newspaper, stating that the certificate has

been lost or destroyed as the case may be and that he proposes to

apply to the Accountant General for the issue of a duplicate.

(4) If the Accountant General is satisfied that any stock

certificate has been lost or destroyed, or is of opinion that any stock

certificate has been issued in error or has been tampered with, or is

in such a condition as to render its renewal desirable, he may -

(a) in the case of loss or destruction, issue, subject to the

provisions of subregulation (2), a duplicate certificate;

and

(b) in any other case, issue a renewal of the stock

certificate, to any person who satisfies him that he is

entitled to the possession thereof.

(5) Where any fee is authorised on the issue of a duplicate or

on the renewal of a stock certificate, no such fee shall be payable in

relation to a duplicate or renewal of a stock certificate occasioned

solely by an error attributable to the person issuing the original

stock certificate.

(1) Any application with respect to stock in the names of

two or more persons as joint stockholders shall be made by all such

persons.

(2) The joint stockholders of any stock may authorise any

person, including one of themselves, to act as their agent in respect

of such stock and the provisions of these regulations relating to the

authorisation of agents shall apply accordingly.

(3) Where stock is registered in the names of three or more

stockholders and an application in that behalf is made in respect of

such stock in accordance with the provisions of this regulation, all

things required to be done for the purpose of dealing with such

stock may be done and given by a majority of the persons who are

the registered stockholders at the date when the application is

made.

(4) An application for the purpose of this regulation shall be

made in writing to the Accountant General.

(5) A person who is registered as one of the stockholders of any

stock with respect to which an application has been made under this

regulation may give notice in writing to the Accountant General

that the application is revoked, and on notice being so given the

provisions of this regulation shall as from the receipt of the notice

by the Accountant General cease to apply to such stock.

(1) In the event of stock being registered incorrectly

owing to any mistake in the request for registration or transfer the

account shall be amended upon the receipt of a letter or declaration

as the case may require, stating how the error arose. In the event of

alteration to any name or names in the account which has been

necessitated by reason of a transfer, a re-execution of the transfer

shall be made by the transferor.

(2) On the marriage of a female stockholder, her name and

description shall be altered in the register with respect to stock

standing either in her name solely or jointly with any other persons,

on such stockholder producing to the Accountant General her

marriage certificate, and notifying her change of address, if any,

and giving full particulars of the accounts in which it is desired to

have the alterations made. Specimens of her present and former

signatures shall be furnished.

If the stockholder of any stock becomes of unsound mind

or otherwise subject to legal disability, anything which under these

Regulations may be done by or in relation to such stockholder may

be done by or in relation to the person, if any, having power in law

to administer the property of such stockholder, subject to the prior

production to the Accountant General of documentary proof of

such power to the satisfaction of the Accountant General.

(1) Any stockholder may give an authority in writing

authorising any person to act as his agent with respect to stock held

by him or with respect to any interest arising therefrom and such

authority may -

(a) relate to the whole stock or to any unit of stock which

may at any time be held by the persons giving the

authority or to the whole stock or to any unit of stock

which is held by him at the time when the authority is

given; and

(b) authorise the person to whom the authority is given to

deal with the stock or interest to which it relates either

generally at his discretion or subject to any directions

contained in the authority.

(2) An authority under this regulation shall be of no effect

unless and until it is delivered to the Accountant General.

(3) Any payment duly made by the Accountant General under

these regulations in compliance with an authority given under this

regulation shall, notwithstanding the determination by revocation

or otherwise of such authority, be deemed for all purposes to be a

valid payment unless notice in writing of the revocation had been

received by, or the determination of the authority through any other

cause had come to the knowledge of, the Accountant General at the

time when the payment was made.

(4) An authority given under this regulation shall, subject to

the terms thereof, until revoked or otherwise determined -

(a) remain in force notwithstanding any increase or

decrease in the nominal value of the stock to which it

relates;

(b) entitle the person to whom it is given to make any

application and sign any document mentioned in these

Regulations and to receive any payment in pursuance

thereof.

Information with regard to a stock account shall only be

furnished at the request of a stockholder to whom such account

relates or his duly appointed representative.

The Government, the Accountant General and any person

acting under his authority, shall not be liable without proof of

negligence or fraud, in respect of any payment duly made, or act

duly done in accordance with these regulations and any such

payment shall, subject to the provisions of regulation 17, be

deemed to have been a valid payment and a receipt issued by the

person to whom the money was paid shall be a full discharge to the

Government and to the Accountant General for the amount of such

payment

No provision of these regulations for the protection of the

Government and of the Accountant General in respect of any act

done or any money paid shall operate to prevent the recovery by

any person or his representative of any stock or money lawfully due

to him from the person to whom such stock was transferred or such

money was paid by or under the direction of the Accountant

General or from the representative of that person.

The Minister responsible for finance may authorise either

generally or in the case of any particular issue of stock the payment

of the following fees

On the issue of a stock certificate under article 12 of the

Ordinance other than to the first stockholder ............ 20c.

On the issue of a duplicate, or renewal of a stock certificate

under regulation 10 ................................. 50c.

On the registration of the transfer of stock under article 14

of the Ordinance ................................................. 20c.

On the consolidation or subdivision of stock under article

36 of the Ordinance ................................................. 20c.

For information furnished under regulation 15 ......... 15c.

LOCAL LOANS (REGISTERED STOCK)