CHAPTER 353
LOCAL LOANS (REGISTERED STOCK AND SECURITIES) ACT

Arrangement of Sections

   Section

PART I
PRELIMINARY

   1.   Short title

   2.   Interpretation

   3.   Application

PART II
POWER TO RAISE LOANS

   4.   Issue of registered stock and debentures for the purpose of raising authorised loans

   5.   Loans to be charged upon general revenues

   6.   Minister to direct mode of raising loans and other particulars

   7.   Secretary to make necessary arrangements

PART III
REGISTERED STOCK

   8.   Register of stock

   9.   Liability of Government in respect of issue of registered stock

   10.   Stockholder

   11.   Registration of first stockholders

   12.   Stock certificate

   13.   Transfer of registered stock

   14.   Registration of transfers of stock

   15.   Closing of register

   16.   Register to be conclusive evidence of facts entered therein

PART IV
SECURITIES

   17.   Securities

   18.   Interest coupons

   19.   Registered securities

   20.   Bearer securities

PART V
PAYMENT OF INTEREST ON STOCK AND SECURITIES

   21.   Appropriation of general revenues for payment of interest

   22.   Payment of interest

   23.   Cessation of liability to pay interest

   24.   Payments

PART VI
SINKING FUNDS

   25.   Appropriation of general revenues for sinking fund

   26.   Separate sinking fund for each loan

   27.   Investment of sinking fund

   28.   Cessation of contributions to sinking fund

   29.   Expenses to be paid out of sinking fund

   30.   Deficiency in sinking fund to be a charge upon general revenues

PART VII
CONVERSION OF LOANS

   31.   Power of Minister to authorise conversion of loan generally

   32.   Arrangements for conversion

PART VIII
SPECIAL PROVISIONS RELATING TO BONDS AND STOCK ISSUED IN SUBSTITUTION FOR THOSE OF THE FORMER FEDERAL GOVERNMENT

   33.   Interpretation of terms in Part VIII

   34.   Application of Part VIII

   35.   Provisions relating to the issue of substituted bonds and stock

PART IX
ISSUE OF DUPLICATES AND RENEWALS OF STOCK CERTIFICATES AND SECURITIES AND EXCHANGE AND CONSOLIDATION

   36.   Issue of duplicates and renewals

   37.   Right of Secretary to compel renewal of securities

   38.   Exchange of registered stock and securities

   39.   Consolidation and subdivision of stock and securities

   40.   Indemnity bonds

   41.   Immediate discharge in certain cases

   42.   Discharge in other cases

   43.   Summary procedure in special cases

PART X
MISCELLANEOUS

   44.   Signature of Secretary may be printed on stock or securities

   45.   Notice of trust not receivable save as provided

   46.   Exemption from stamp duties

   47.   Inspection of register and documents

   48.   Regulations

   49.   Saving

      SCHEDULE

AN ACT

to make provision for the creation and issue of registered stock and debentures for the purpose of raising loans in Zambia; and to provide for matters incidental thereto and connected therewith.

[2nd April, 1953]

Act 13 of 1953,

Act 52 of 1955,

Act 39 of 1961,

Act 57 of 1964,

GN 120 of 1964,

GN 315 of 1964,

GN 497 of 1964,

SI 159 of 1965,

SI 161 of 1967.

PART I
PRELIMINARY

1.   Short title

This Act may be cited as the Local Loans (Registered Stock and Securities) Act.

2.   Interpretation

In this Act, unless the context otherwise requires—

“bond” means any bond issued under the provisions of this Act;

“Crown Agents” means the person or persons acting for the time being as Crown Agents for Oversea Governments and Administrations in England;

“debenture” means any debenture issued under the provisions of this Act;

“register” means a register kept for any purpose of this Act;

“registered stock” or “stock” means Zambia stock issued under the provisions of this Act;

“the scheduled territories” means the territories specified in the Schedule, so, however, that the Minister may at any time by statutory order amend the Schedule, either by the addition or exclusion of territories or otherwise, and the said expression shall be construed accordingly;

“Secretary” means the Permanent Secretary, Ministry of Finance;

“security” means any bond or debenture issued under the provisions of this Act;

“stockholder” means a person holding registered stock who is entered as the owner thereof in the register.

[S 2 am by Act 39 of 1961; GN 315 of 1964; SI 159 of 1965.]

3.   Application

This Act shall be applicable only to loans raised in Zambia.

[S 3 am by Act 52 of 1955; SI 159 of 1965.]

PART II
POWER TO RAISE LOANS

4.   Issue of registered stock and debentures for the purpose of raising authorised loans

   (1) Whenever by any Act authority is given to the President or the Minister to raise any sum of money by way of loan for any purpose mentioned in that Act, or whenever it is necessary to raise any sum of money for the purpose of repaying any loan raised by the Government under this or any other Act, the Minister may, from time to time, raise such sum or any part thereof under the provisions of this Act in either of the following modes—

      (a)   by the creation and issue of registered stock;

      (b)   by the issue of securities in the form of bonds or debentures.

   (2) Each issue of registered stock or securities under this Act for the purpose of raising any specified sum of money shall be deemed to be stock or securities issued in respect of a separate loan, notwithstanding that the sum of money so raised is part only of a sum of money authorised by any other Act to be raised by way of a loan.

[S 4 am by Act 39 of 1961; GN 315 of 1964.]

5.   Loans to be charged upon general revenues

The principal money and interest represented or secured by any registered stock or securities issued under this Act are hereby charged upon and shall be payable out of the general revenues and assets of the Republic.

[S 5 am by SI 159 of 1965.]

6.   Minister to direct mode of raising loans and other particulars

   (1) The Minister shall, in respect of each loan to be raised under this Act, specify by directions published in the Gazette

      (a)   the sum of money to be raised by that loan;

      (b)   the mode or modes of raising the loan;

      (c)   the rate of interest payable on the loan;

      (d)   the date or dates in each year on which the interest on the loan shall be payable;

      (e)   the rate at which appropriations out of the general revenues and assets of the Republic shall be made as a contribution to the sinking fund established for the purpose of redeeming that loan and the date from which such contributions shall commence;

      (f)   the date of redemption of the registered stock or securities to be issued for the purpose of raising that loan and, where applicable, the method of redemption of such stock or securities;

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