DIRECTIVE BY THE MINISTER OF FINANCE, ECONOMY AND INVESTMENT FOR THE ISSUE OF €430,700 7%

ISSUE OF €430,700 7%

MALTA GOVERNMENT STOCK 2020 (III)

SUBSIDIARY LEGISLATION 161.85

DIRECTIVE BY THE MINISTER OF FINANCE,

ECONOMY AND INVESTMENT

FOR THE ISSUE OF €430,700 7%

MALTA GOVERNMENT STOCK 2020 (III)

11th June, 2010

LEGAL NOTICE 327 of 2010.

The title of this Directive is the Directive by the Minister

of Finance, Economy and Investment for the issue of €430,700 7%

Malta Government Stock 2020 (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 2010.

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

t h e st o ck h o l d e r h a s b y a r eq u es t i n w r i t i n g a u t h o r i se d t h e

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

o u t s i d e t h e M a l t a St o c k E x c h a n g e , d o e s n o t r e q u i r e s u c h

authorization, and shall be exempt from duty on documents.

ISSUE OF €430,700 7%

MALTA GOVERNMENT STOCK 2020 (III)

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, 2020 and the

31st December, 2020 (both dates inclusive) as shall be determined

by the Accountant General and notified in the Gazette.