CHAPTER 366 - LOANS AND GUARANTEES (AUTHORISATION) ACT: SUBSIDIARY LEGISLATION

INDEX TO SUBSIDIARY LEGISLATION

Loans and Guarantees (Maximum Amounts) Order

Loans (Local Registered Stock) (No. 3 and No. 4) Regulations

Loans (Stock, Bonds and Treasury Bills) Regulations

Loans and Guarantees (Authorisation) (Delegation of Functions) Order, 1996

Loans and Guarantees (Authorisation) (Delegation of Functions)(No.2) Order, 1996

Loans and Guarantees (Authorisation) (Delegation of Functions) Order, 1997

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 4) Order, 1997

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 6) Order, 1997

Loans and Guarantees (Authorisation) (Delegation of Functions) Order, 1998

Loans and Guarantees (Authorisation) (Delegation of Functions) Order, 1999

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 2) Order, 1999

Loans and Guarantees (Authorisation) (Delegation of Function) Order, 2000

Loans and Guarantees (Authorisation) (Delegation of Functions) N0. 2, Order, 2000

Loans and Guarantees (Authorisation)(Delegation of Function)(No. 4) Order, 2000

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 4) Order, 2000

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 5) Order, 2000

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 6) Order, 2000

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 7) Order, 2000

Loans and Guarantees (Authorization) (Delegation of Functions) Order, 2001

Loans and Guarantees (Authorization) (Delegation of Functions) (No. 2) Order, 2001

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 3) Order, 2001

Loans and Guarantee (Authorisation) (Delegation of Functions) Order, 2002

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 3) Order, 2002

Loans and Guarantees (Authorisation) (Delegation of Function) (N0. 2) Order, 2002

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 5) Order, 2002

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 2) Order, 1997

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 3) Order, 1996

Loans and Guarantees (Authorisation) (Delegation of Function) No. 3, Order, 2000

Loans and Guarantees (Authorisation) (Delegation of Functions) Order, 2003

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 2) Order, 2003

Loans and Guarantees (Authorisation) (Delegation of Functions)(No. 3) Order, 2003

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 4) Order, 2003

Loans and Guarantees (Authorisation) (Delegation of Functions) Order, 2004

Loans and Guarantees (Authorisation) (Delegation of Functions (No. 2) Order, 2004

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 3) Order, 2004

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 4) Order, 2004

Loans and Guarantees (Authorization) (Delegation of Functions) Order, 2005

Loans and Guarantees (Authorisation) (Delegation of Functions) Order, 2005

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 2) Order, 2005

Loans and Guarantees (Authorisation) Act (Delegation of Functions) (No. 3) Order, 2005

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 2) Order, 2006

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 4) Order, 2006

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 5) Order, 2006

Loans and Guarantees (Authorisation) (Delegation of Functions) Order, 2007

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 2) Order, 2007)

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 3) Order, 2007

Loans And Guarantees (Authorisation) (Delegation of Functions) (No. 4) Order, 2007

Loans And Guarantees (Authorisation) (Delegation of Functions) Order, 2009

Loans And Guarantees (Authorisation) (Delegation of Functions) (No. 2) Order, 2009

Loans And Guarantees (Authorisation) (Delegation of Functions) (No. 3) Order, 2009.

Loans And Guarantees (Authorisation) (Delegation of Functions) (No.4) Order, 2009

Loans And Guarantees(Authorisation) (Delegation of Functions) (No.6)Order, 2009

Loans And Guarantees (Authorisation) (Delegation of Functions) Order, 2009

Loans And Guarantees (Authorisation) (Delegation of Functions) (No. 2) Order, 2009

Loans And Guarantees (Authorisation) (Delegation of Functions) (No. 3) Order, 2009.

Loans And Guarantees (Authorisation) (Delegation of Functions) (No.4) Order, 2009

Loans And Guarantees(Authorisation) (Delegation of Functions) (No.6)Order, 2009

Loans and Guarantees (Authorisation) (Delegation of Functions) Order, 2011

Loans and Guarantees (Authorisation) (Delegation of Functions) Order, 2011

Loans and Guarantees (Authorisation) (Delegation of Functions) Order, 2011

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 2) Order, 2011

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 3) Order, 2011

Loans and Guarantees (Authorisation) (Delegation of Functions) Order, 2012

Loans and Guarantees (Delegation of Functions) (No.2) Order, 2012

Loans and Guarantees (Authorisation) (Exemption) Notice, 2012

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 3) Order, 2012

Loans and Guarantees (Authorisation) (Delegation of Functions) Order, 2013

Loans and Guarantees (Maximum Amounts) Order, 2013

Loans and Guarantees (Authorisation) (Delegation of Functions) Order, 2014

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 2) Order, 2014

Loans and Guarantees (Authorisation) (Delegation of Functions) (No. 3) Order, 2014

Loans and guarantees (Authorisation) (Delegation of functions) order, 2014

LOANS AND GUARANTEES (MAXIMUM AMOUNTS) ORDER

[Sections 3 and 15]

[Re-denominate the currency as stipulated under S 4 of Re-denomination Act, 8 of 2012, read with Bank of Zambia Act, 43 of 1996.]

Arrangement of Paragraphs

   Paragraph

   1.   Title

   2.   Maximum on amounts of loans raised within Republic

   3.   Maximum amount of loans raised outside Republic

   4.   Maximum amounts of guarantees

[Order by the Minister]

SI 112 of 1991,

SI 52 of 1998,

SI 53 of 1998.

1.   Title

This Order may be cited as the Loans and Guarantees (Maximum Amounts) Order.

2.   Maximum on amounts of loans raised within Republic

   (1) The amount outstanding at any one time on loans raised within the Republic payable over a period of not more than one year shall not exceed two hundred thousand million kwacha.

[Para 2(a) am by para 2(a) of SI 53 of 1998.]

   (2) The amount outstanding at any one time on loans raised within the Republic repayable over a period of more than one year shall not exceed ten thousand million kwacha.

[Para 2(b) am by para 2(b) of SI 53 of 1998.]

3.   Maximum amount of loans raised outside Republic

The amount outstanding at any one time on loans raised outside the Republic shall not exceed twenty trillion kwacha.

[Para 3 am by para 3 of SI 53 of 1998.]

4.   Maximum amounts of guarantees

   (1) The total contingent liability at any one time in respect of guarantees given in terms of sub-section (1) of section 14 of the Act to persons ordinarily resident in Zambia shall not exceed two hundred thousand million kwacha.

[Para 4(a) am by para 4(a) of SI 53 of 1998.]

   (2) The total contingent liability at any one time in respect of guarantees given in terms of sub-sections (2) and (3) of section 14 of the Act to persons ordinarily resident outside Zambia shall not exceed two trillion kwacha.

[Para 4(b) am by para 4(b) of SI 53 of 1998.]

LOANS (LOCAL REGISTERED STOCK) [NO. 3 and NO. 4] REGULATIONS

[Section 28]

Arrangement of Regulations

   Regulation

   1.   Title

   2.   Application

   3.   Interpretation

   4.   General duty of Bank of Zambia

   5.   Register

   6.   Liability of Government for payment of principal and interest

   7.   Stockholder

   8.   Stock certificate

   9.   Transfer of stock

   10.   Registration of transfer of stock

   11.   Payment of interest after transfer

   12.   Closing of register

   13.   Register conclusive evidence

   14.   Cessation of liability to pay interest

   15.   Payments

   16.   Discharge of liability for payment

   17.   Consolidation and subdivision

   18.   Issue of duplicates and renewals

   19.   Indemnity bonds

   20.   Application of Local Loans (Registered Stock) Regulations

   21.   Signature of registrar may be printed on stock certificates

   22.   Notice of trust not receivable

   23.   Form of documents, etc.

   24.   Inspection of register and documents

SI 459 of 1969.

[Regulations by the Minister]

1.   Title

These Regulations may be cited as the Loans (Local Registered Stock) (No. 3 and No. 4) Regulations.

2.   Application

These Regulations shall apply to Issue No. 3 of 1969 and Issue No. 4 of 1969.

3.   Interpretation

In these Regulations, unless the context otherwise requires—

“register” means the register kept in relation to stock pursuant to these Regulations;

“registered stock” means stock registered under these Regulations;

“registrar” means the Bank of Zambia and includes any person for the time being authorised by the Bank of Zambia to exercise and perform the functions of the registrar under these Regulations;

“stock” means Issue No. 3 of 1969 and Issue No. 4 of 1969 referred to respectively in the preamble to these Regulations;

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

4.   General duty of Bank of Zambia

The Bank of Zambia shall, in accordance with the directions of the Minister, make all such arrangements as may be necessary in connection with the issue of the stock and shall prepare and publish in respect of each issue thereof a prospectus setting forth the terms and conditions and such other particulars relating thereto as the Minister may direct.

5.   Register

The Bank of Zambia shall keep a register in respect of each issue of stock in which such stock and all transfers and dealings in such stock shall be registered, and in which there shall be entered all such matters as are required by these Regulations to be entered in the register.

6.   Liability of Government for payment of principal and interest

   (1) The Government shall be bound to pay to any person registered for the time being as a stockholder the principal sum represented by his registered stock, and the interest due thereon, at the rate and on the dates specified in the prospectus relating thereto or, where an option to redeem such stock at an earlier date is reserved by direction of the Minister in such prospectus, in pursuance of such option.

   (2) Where any amount has become payable on any date as interest due on any registered stock, no interest on that amount shall, after that date, be paid or payable to any person in any circumstances.

7.   Stockholder

   (1) No person shall be entitled to any registered stock unless he is registered as a stockholder in respect thereof.

   (2) No person shall be registered as a first stockholder of any stock except upon payment in full of the purchase price of that stock.

8.   Stock certificate

   (1) Every stockholder shall be entitled to obtain from the registrar a stock certificate in respect of his stock.

   (2) No stockholder, other than the first stockholder of any stock, shall be entitled to obtain a stock certificate save upon payment of such fee as the registrar may from time to time determine.

   (3) Stock certificates in respect of any stock shall be in such form as the registrar may determine.

9.   Transfer of stock

The title of any stockholder to any registered stock shall not be deemed to be transferred to any other person save upon the execution of such instrument of transfer as may be approved by the registrar and upon the registration of the transferee as the stockholder.

10.   Registration of transfer of stock

No person shall be registered as the transferee of any registered stock except upon surrender to the registrar of the stock certificate and the instrument of transfer relating to that stock and upon payment of such fee in respect thereof as the registrar may from time to time determine.

11.   Payment of interest after transfer

Interest which has fallen due in respect of any registered stock at the date of any transfer of such stock, but which has not been paid to the stockholder for the time being, shall not be deemed to be payable to a transferee of that stock unless the instrument of transfer expressly provides for the payment of that interest to that transferee.

12.   Closing of register

The register relating to any stock shall be closed for a period of twenty-one days immediately preceding each date upon which interest on that stock falls due and no transfer of that stock shall be registered during that period.

13.   Register conclusive evidence

Entries in a register shall be conclusive evidence of the facts, matters, particulars and transactions to which those entries relate, and a copy of any entry in a register shall, if certified under the hand of any person thereunto authorised by the registrar to be a true copy of such entry, be admissible in evidence in any proceedings before a court.

14.   Cessation of liability to pay interest

No person shall be entitled to claim interest on any registered stock in respect of any period which has elapsed after the earliest date on which demand could lawfully have been made for the payment of the principal amount due on such stock.

15.   Payments

All payments of interest and all payments of the principal amount due on any registered stock shall be made by the Bank of Zambia.

16.   Discharge of liability for payment

The liability of the Government in respect of any registered stock redeemed on or after the date on which payment of the principal amount becomes due shall be discharged after the lapse of six years from that date.

17.   Consolidation and subdivision

   (1) Subject to the directions of the Minister, the registrar may, on the application of any person claiming to be entitled to any registered stock and on surrender to the registrar of the stock certificate relating to such stock, consolidate or subdivide such stock and issue to the applicant one or more new stock certificates as may be required.

   (2) There shall be payable in respect of an application under sub-regulation (1) such fee as the registrar may determine.

18.   Issue of duplicates and renewals

The registrar may issue duplicate stock certificates and renewals of stock certificates in such circumstances as the Minister may, by direction, specify.

19.   Indemnity bonds

Where application is made to the registrar for the issue of a duplicate stock certificate or for the renewal of any stock certificate or for the consolidation or subdivision of any registered stock, the registrar may require the applicant, as a condition precedent to the grant of the application, to execute a bond with or without sureties undertaking to indemnify the Government against the claims of all persons claiming under the original stock certificate or under the stock consolidated or subdivided, as the case may be.

20.   Application of Local Loans Registered Stock Regulations

Save in so far as any provision thereof is inconsistent with these Regulations, the Local Loans (Registered Stock) Regulations shall apply, mutatis mutandis, in relation to any stock to which these Regulations apply as those Regulations apply in relation to stock issued under the Local Loans (Registered Stock and Securities) Act, and any reference in those Regulations to the Minister shall, for the purpose of this regulation, be read and construed as a reference to the registrar.

21.   Signature of registrar may be printed on stock certificates

The signature of the registrar may be printed, stamped, engraved or impressed by any mechanical process on any stock certificate, and a signature so printed, stamped, engraved or impressed shall be as valid as if it had been inscribed under the hand of the registrar.

22.   Notice of trust not receivable

No notice of any trust in respect of any registered stock shall be receivable by the registrar.

23.   Form of documents, etc.

All documents or instruments made or used for the purposes of these Regulations shall be in such form as the registrar may, subject to these Regulations and to the directions of the Minister, determine.

24.   Inspection of register and documents

   (1) No person shall be entitled to inspect, or to receive information derived from, any registered stock in the possession of the registrar or of the Government or any register, book or other document kept or maintained by or on behalf of the Government in relation to registered stock save on payment of such fee and in such circumstances as the registrar may determine.

   (2) Nothing in sub-regulation (1) shall apply to the Auditor-General or the Commissioner of Taxes.

LOANS (STOCK, BONDS AND TREASURY BILLS) REGULATIONS

[Section 28]

Arrangement of Regulations

   Regulation

PART I
PRELIMINARY

   1.   Title

   2.   Interpretation

   3.   General duty of Bank of Zambia

PART II
TREASURY BILLS

   4.   Bank of Zambia to be agent of Minister

PART III
REGISTRATION OF STOCK AND BONDS

   5.   Registers to be kept

   6.   Registration of holders of stock or bonds

   7.   Stock certificates and bond certificates

   8.   Transfer of stock or bonds

   9.   Registration of transfers

   10.   Closing of register

   11.   Register conclusive evidence

   12.   Consolidation and subdivision

   13.   Issue of duplicates and renewals

   14.   Indemnity bonds

   15.   Signature on certificate

   16.   Notice of trust not receivable

   17.   Inspection of register and documents

PART IV
PAYMENT OF INTEREST

   18.   Liability of Government for payment of principal and interest

   19.   Cessation of liability to pay interest

   20.   Payment of interest after transfer

   21.   Payments to be made by Bank of Zambia

   22.   Discharge of liability of Government

   23.   Method of payment, and acknowledgment

PART V
GENERAL PROVISIONS

   24.   Form of documents, etc.

   25.   Notice of loss or destruction of certificates

   26.   Provisions relating to joint holders

   27.   Alterations in register

   28.   Persons under legal disability

   29.   Appointment of agents

   30.   Death of holder

   31.   Information as to stock or bonds account

   32.   Indemnity

   33.   Saving of rights of third parties

[Regulations by the Minister]

SI 85 of 1970.

PART I
PRELIMINARY

1.   Title

These Regulations may be cited as the Loans (Stock, Bonds and Treasury Bills) Regulations.

2.   Interpretation

In these Regulations, unless the context otherwise requires—

“bonds” means any bonds issued under the Act in respect of a loan;

“certificate” includes a duplicate or renewal of any certificate issued in respect of any stock or bonds under these Regulations;

“holder”, in relation to stock or bonds, means a person holding registered stock or bonds who is registered as the owner thereof;

“register” means a register kept in relation to stock or bonds pursuant to these Regulations, and

“registered” and “registration” shall be construed accordingly;

“Registrar” means the Bank of Zambia;

“stock” means any stock issued under the Act in respect of a loan;

“treasury bills” means any treasury bills issued under the Act.

3.   General duty of Bank of Zambia

The Bank of Zambia shall, in accordance with the directions of the Minister, make all such arrangements as may be necessary from time to time in connection with the issue and management of stock, bonds or treasury bills.

PART II
TREASURY BILLS

4.   Bank of Zambia to be agent of Minister

In the case of any loan raised under the Act by the issue of treasury bills, the Bank of Zambia shall, as the agent of the Minister, undertake and perform such functions as may be necessary, proper or advantageous in connection with the issue and subsequent administration of such treasury bills.

PART III
REGISTRATION OF STOCK AND BONDS

5.   Registers to be kept

The Bank of Zambia shall keep a register in respect of each issue of stock or bonds in which such stock or bonds and all transfers of and dealings in such stock or bonds shall be registered, and in which there shall be entered all such matters as are required by these Regulations to be entered in the register.

6.   Registration of holders of stock or bonds

   (1) No person shall be entitled to any registered stock or bonds unless he is registered as the holder thereof.

   (2) No person shall be registered as a first holder of any stock or bonds except upon payment in full of the purchase price of such stock or bonds.

7.   Stock certificates and bond certificates

   (1) Every holder of stock or bonds shall be entitled to obtain from the registrar a certificate in respect of his stock or bonds.

   (2) No holder of stock or bonds other than the first holder thereof shall be entitled to obtain a stock certificate or bond certificate save upon payment of such fee as the registrar may from time to time determine.

   (3) Stock certificates or bond certificates in respect of any stock or bonds shall be in such form as the registrar may determine.

8.   Transfer of stock or bonds

The title of any holder to any registered stock or bonds shall not be deemed to be transferred to any other person save upon the execution of such instrument of transfer as may be approved by the registrar and upon the registration of the transferee as the holder of such stock or bonds.

9.   Registration of transfers

No person shall be registered as the transferee of any registered stock or bonds except upon the surrender to the registrar of the appropriate stock certificate or bond certificate and the instrument of transfer relating to such stock or bonds and upon payment of such fee in respect thereof as the registrar may from time to time determine.

10.   Closing of register

The register relating to any stock or bonds shall be closed for a period of twenty-one days immediately preceding each date upon which interest on such stock or bonds falls due and no transfer of such stock or bonds shall be registered during that period.

11.   Register conclusive evidence

Entries in a register shall be conclusive evidence of the fact, matters, particulars and transactions to which those entries relate, and a copy of any entry in a register shall, if certified under the hand of any person thereunto authorised by the registrar to be a true copy of such entry, be admissible in evidence in any proceedings before a court.

12.   Consolidation and subdivision

   (1) The registrar may, on the application of any person claiming to be entitled to any registered stock or bonds and on surrender to the registrar of the stock or bond certificate relating to such stock or bonds, consolidate or subdivide such stock or bonds and issue to the applicant one or more new stock or bond certificates as may be required.

   (2) There shall be payable in respect of an application under sub-regulation (1) such fee as the registrar may determine.

13.   Issue of duplicates and renewals

The registrar may issue duplicates and renewals of certificates relating to stock or bonds in such circumstances as the Minister may, by direction, specify.

14.   Indemnity bonds

Where application is made to the registrar for the issue of a duplicate stock or bond certificate or for the renewal of any stock or bond certificate or for the consolidation or subdivision of any registered stock or bonds, the registrar may require the applicant, as a condition precedent to the grant of the application, to execute a bond with or without sureties undertaking to indemnify the Government against the claims of all persons claiming under the original certificate or under the stock or bonds consolidated or subdivided, as the case may be.

15.   Signature on certificate

The signature of any authorised officer of the registrar may be printed, stamped, engraved or impressed by any mechanical process on any stock certificate or bond certificate, and a signature so printed, stamped, engraved or impressed shall be as valid as if it had been inscribed under the hand of such officer.

16.   Notice of trust not receivable

No notice of any trust in respect of any registered stock or bonds shall be receivable by the registrar.

17.   Inspection of register and documents

   (1) No person shall be entitled to inspect or to receive information derived from any registered stock or bonds in the possession of the registrar or of the Government or any register, book or other document kept or maintained by or on behalf of the Government in relation to registered stock or bonds save on payment of such fee and in such circumstances as the registrar may determine. Inspection of register and documents.

   (2) Nothing in sub-regulation (1) shall apply to the Auditor-General or the Commissioner of Taxes.

PART IV
PAYMENT OF INTEREST

18.   Liability of Government for payment of principal and interest

   (1) The Government shall be bound to pay to any person registered for the time being as the holder of any stock or bonds the principal sum represented by his registered stock or bonds, and the interest due thereon, at the rate and on the dates specified in the prospectus relating thereto or, where an option to redeem such stock or bonds at an earlier date is reserved by direction of the Minister in such prospectus, in pursuance of such option.

   (2) Where an amount has become payable on any date as interest due on any registered stock or bonds, no interest on that amount shall, after that date, be paid or payable to any person in any circumstances.

19.   Cessation of liability to pay interest

No person shall be entitled to claim interest on any registered stock or bonds in respect of any period which has elapsed after the earliest date on which demand could lawfully have been made for the payment of the principal amount due on such stock or bonds.

20.   Payment of interest after transfer

Interest which has fallen due in respect of any registered stock or bonds at the date of any transfer of such stock or bonds but which has not been paid to the holder for the time being of such stock or bonds shall not be deemed payable to a transferee of such stock or bonds unless the instrument of transfer expressly provides for the payment of that interest to that transferee.

21.   Payments to be made by Bank of Zambia

All payments of interest and all payments of the principal amount due on any registered stock or bonds shall be made by the Bank of Zambia.

22.   Discharge of liability of Government

The liability of the Government in respect of any registered stock or bonds redeemed on or after the date on which payment of the principal amount becomes due shall be discharged after the lapse of six years from that date.

23.   Method of payment, and acknowledgment

   (1) The interest due on any registered stock or bonds shall be paid by warrant to the registered holder thereof or to any branch of any bank within Zambia, person or body of persons to whom the holder has by request duly made to the registrar authorised the registrar 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 registrar for the payment of the sum named in the warrant.

   (3) The posting of a letter containing a warrant sent by the registrar in pursuance of these Regulations addressed to any person at the last address furnished by that person to the registrar shall, as regards the liability of the Government and of the registrar, 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 registrar to a firm or a body of persons whether corporate or unincorporate, a receipt for the payment given by any person purporting to be an agent or officer of that firm or body and to be authorised to receive the payment shall be a full discharge to the Government and the registrar for the amount paid.

   (5) Where any stock or bonds are registered in the names of two or more persons as joint holders, the registrar 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 holder whose name appears first in the register.

   (6) A receipt for the payment of interest on any stock or bonds which is given by any one of two or more joint holders of such stock or bonds shall, unless notice in writing to the contrary has been received by the registrar from any other joint holder of such stock or bonds, be a full discharge to the registrar and the Government for the payment of that interest.

PART V
GENERAL PROVISIONS

24.   Form of documents, etc.

All documents or instruments made or used for the purpose of these Regulations shall be in such form as the registrar may, subject to these Regulations, determine.

25.   Notice of loss or destruction of certificates

   (1) The loss or destruction of any stock certificate or bond certificate issued by the registrar 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 registrar 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 the 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, circulating in the district of his residence, stating that the certificate has been lost or destroyed, as the case may be, and that he proposes to apply to the registrar for the issue of a duplicate.

26.   Provisions relating to joint holders

   (1) Subject to the provisions of these Regulations, any application with respect to stock or bonds in the names of two or more persons as joint holders shall be made by all such persons.

   (2) The joint holders of any stock or bonds may authorise any person, including one of themselves, to act as their agent in respect of such stock or bonds and the provisions of these Regulations relating to the authorisation of agents shall apply accordingly.

   (3) Where any stock or bonds are registered in the names of three or more holders and an application in that behalf is made in respect of such stock or bonds in accordance with the provisions of this regulation, all things required to be done for the purpose of dealing with such stock or bonds may, subject to the provisions of these Regulations, be done and given by a majority of the persons who are the holders thereof at the date when the application is made, or, in the case of the death of any such persons, by a majority of the survivors of them.

   (4) An application for the purpose of this regulation shall be made in writing to the registrar.

   (5) A person who is registered as one of the holders of any stock or bonds with respect to which an application has been made under this regulation, may give notice in writing to the registrar 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 registrar, cease to apply to such stock or bonds.

27.   Alterations in register

   (1) In the event of stock or bonds being registered incorrectly owing to any mistake in the request for registration or transfer, the account relating thereto 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 or by his solicitor.

   (2) On the marriage of a female holder, her name and description shall be altered in the register with respect to stock or bonds standing either in her name solely or jointly with any other persons, on such holder producing to the registrar 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, and the husband shall not be required to join in the notification.

28.   Persons under legal disability

If the holder of any stock or bonds becomes of unsound mind or otherwise subject to legal disability, anything which under these Regulations may be done by or in relation to such holder may be done by or in relation to the person, if any, having power in law to administer the property of such holder, subject to the prior production to the registrar of documentary proof of such power to the satisfaction of the registrar.

29.   Appointment of agents

   (1) Subject to the provisions of these Regulations, any holder may give an authority in writing authorising any person to act as his agent with respect to stock or bonds held by him or with respect to any interest arising therefrom and such authority may—

      (a)   relate to the whole of such stock or bonds or to any unit thereof which may at any time be held by the person giving the authority or to the whole of such stock or bonds or to any unit thereof 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 bonds or interest to which it relates either generally at his discretion or subject to any directions contained in the authority.

   (2) An authority given under this regulation shall be of no effect unless and until it is delivered to the registrar.

   (3) An authority given under this regulation may be revoked at any time by the person by whom it was given and shall be determined by the death, bankruptcy or legal disability of that person:

Provided that any payment duly made by the registrar under these Regulations in compliance with an authority given under this regulation shall, notwithstanding the revocation or determination 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 death, bankruptcy or disability had come to the knowledge of, the registrar at the time when the payment was made.

   (4) An authority given under this regulation shall, subject to the terms thereof, until revoked or determined—

      (a)   remain in force notwithstanding any increase or decrease in the nominal value of the stock or bonds 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.

30.   Death of holder

   (1) The death of a holder shall be proved by production of either probate of the will or letters of administration, or copies of such probate or letters certified by a Notary Public to be true copies, and, where necessary, a declaration as to the identity of the deceased shall be made by some disinterested person.

   (2) On the completion of the proof of death of a holder in a joint account, the stock or bonds shall be held at the disposal of the survivor or survivors, but the name of the deceased holder shall not be removed from the account.

   (3) On the death of the last survivor in a joint account the stock or bonds, as the case may be, and interest thereon shall be held at the disposal of the executors or administrators of such last survivor.

31.   Information as to stock or bonds account

Information with regard to a stock or bonds account shall only be furnished at the request of a holder to whom such account relates or his duly appointed representative.

32.   Indemnity

The Government, the registrar, 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 33, 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 registrar for the amount of such payment.

33.   Saving of rights of third parties

No provision of these Regulations for the protection of the Government and of the registrar 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, bonds or money lawfully due to him from the person to whom such stock or bonds were transferred or such money was paid by or under the direction of the registrar, or from the representative of that person.

LOANS AND GUARANTEES (AUTHORISATION) (DELEGATION OF FUNCTIONS) ORDER, 1996

[Section 27]

Arrangement of Paragraphs

   Paragraph

   1.   Title

   2.   Delegation of functions

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