DIRECTIVE BY THE PRIME MINISTER AND MINISTER OF FINANCE FOR THE ISSUE OF €678,779.41 7% MALTA GOVERNMENT

ISSUE OF €678,779.41 7% MALTA

GOVERNMENT STOCK 2015 (III)

SUBSIDIARY LEGISLATION 161.70

DIRECTIVE BY THE PRIME MINISTER AND

MINISTER OF FINANCE FOR THE ISSUE OF

€678,779.41 7% MALTA GOVERNMENT

STOCK 2015 (III)

1st July, 2005

LEGAL NOTICE 240 of 2005, as amended by Legal Notice 410 of 2007.

The title of this Directive is Directive by the Prime

Minister and Minister of Finance for the Issue of €678,779.41 7%

Malta Government Stock 2015 (III).

The Stock which is negotiable and free of duty on

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

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

on the 30th June, 2005.

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

30th June and on the 30th December in every year during the

currency 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 abovementioned 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.

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, 2015 and the

ISSUE OF €678,779.41 7% MALTA

GOVERNMENT STOCK 2015 (III)

31st December, 2015 (both dates inclusive) as shall be determined

by the Accountant General and notified in the Government

Gazzette.