CHAPTER 350
GENERAL LOAN AND STOCK ACT

Arrangement of Sections

   Section

   1.   Short title

   2.   Interpretation

   3.   Loans to be raised by debentures or stock

   4.   Loans to be a charge upon general revenues

   5.   Borrowing upon debentures

   6.   Amount of each debenture

   7.   Debentures may be redeemed by annual drawings or by purchase in the market or on a date fixed

   8.   Interest coupons

   9.   Form of debentures and coupons

   10.   Debentures and coupons transferable by delivery

   11.   Registry of debentures

   12.   Payment of interest

   13.   Mode of providing for payment of interest on debentures

   14.   Further sums to be remitted for the redemption of debentures

   15.   Application of sinking fund

   16.   Creation of sinking fund for redemption of debentures payable on a fixed date

   17.   Disposal of sinking fund when debentures are redeemed by purchase or by annual drawings

   18.   Appointment of day for drawing of debentures

   19.   Notice of time and place appointed for drawing

   20.   Mode of drawing

   21.   Notice of debentures drawn for redemption

   22.   Payment of drawn debentures

   23.   Cesser of interest from day appointed for payment of principal

   24.   Redeemed debentures to be cancelled

   25.   Date of redemption of stock

   26.   Mode of providing for payment of interest on stock

   27.   Provision for payment of principal of stock

   28.   Creation of sinking fund

   29.   Cesser of sinking fund contributions

   30.   Charge upon general revenues

   31.   Expenses to be paid out of sinking fund

   32.   Powers of Minister

   33.   Exchange of securities for stock

   34.   Converted securities to be cancelled

   35.   Trustees to apportion amount of sinking fund released by conversion

   36.   Sinking funds released: how to be disposed of

   37.   Creation, inscription, issue, conversion and transfer of stock

   38.   Making of regulations under section 16 of the Colonial Stock Act, 1877

   39.   Raising of loans in the Republic

AN ACT

to declare the terms and conditions applicable to loans authorised to be raised by the Government of the Republic of Zambia; to provide for the creation of stock; and to provide for matters incidental to or connected with the foregoing

[27th March, 1931]

Act 15 of 1931,

Act 18 of 1949,

Act 38 of 1950,

Act 19 of 1952,

Act 40 of 1952,

Act 54 of 1955,

GN 315 of 1964,

GN 497 of 1964,

SI 159 of 1965.

1.   Short title

This Act may be cited as the General Loan and Stock Act.

[S 1 am by Act 18 of 1949.]

2.   Interpretation

In this Act, unless the context otherwise requires—

“Crown Agents” means the person or persons for the time being acting as the Crown Agents for Oversea Governments and Administrations, or any other person or persons appointed for the purposes of this Act by the Minister;

“International Bank” means the International Bank for Reconstruction and Development. (World Bank)

[Am by Act 40 of 1952, 54 of 1955; SI 159 of 1965.]

3.   Loans to be raised by debentures or stock

Whenever by any Act authority shall have been given, or shall hereafter be given, to raise any sum of money for the purposes mentioned in such Act, the Minister, or the Crown Agents acting on his behalf, may from time to time, as he or they may deem expedient, raise such sum either by debentures or by Zambia stock, or partly by debentures and partly by stock, or by a loan raised in any other manner:

Provided that in the case of any such loan the Minister, or the Crown Agents acting on his behalf, may issue any stock or bond which may be required by the International Bank in accordance with the terms of such loan, and such stock or bond shall, except where the terms of any agreement entered into between the Minister and the International Bank provide otherwise, be subject to the provisions of this Act

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