CHAPTER 379 - DEVELOPMENT BOND ACT: SUBSIDIARY LEGISLATION
INDEX TO SUBSIDIARY LEGISLATION
[Currency mentioned in this regulation should be re-denominated as stipulated under S 4 of Re-denomination Act, 2012, read with S 29 of Bank of Zambia Act, 1996.]
Arrangement of Regulations
1. Short title
3. Particulars of prospectus
4. Forms of bonds
5. Persons who may be holders of bonds
6. Maximum holdings of bonds
7. Manner of purchase of bonds
8. Register of bonds
10. Interest not payable in certain circumstances
11. Holder of bonds becoming subject to legal disability or dying
12. Encashment of bonds
13. Bond certificates not negotiable
14. Notice of trust not receivable by Bank
15. Transfer of bonds
16. Payment of Bank
17. Lost or damaged bond certificates
SI 255 of 1968.
These Regulations may be cited as the Development Bond Regulations.
In these Regulations, unless the context otherwise requires—
“the Bank” means the Bank of Zambia;
“bond certificate” means a certificate in Form 2 of the Schedule;
“the register” means the register of bonds provided for in regulation 8.
Every prospectus shall include the following particulars relating to bonds of the issue to which the prospectus relates—
(a) the title of the bonds;
(b) the units of currency in relation to which the bonds shall be issued;
(c) the rate of interest and any other benefits payable on the bonds and the dates upon which or the intervals after which such payments shall be made;
(d) the period or periods after the purchase of the bonds upon the expiration of which benefits thereon shall cease to accrue; and
(e) the persons authorised to accept applications and subscriptions for the bonds and to issue receipts for such subscriptions.
Bonds shall take the form of an acknowledgment by registration under regulation 8 of the ownership of capital sums lent to the Government under the Act.
Any individual or any association of individuals which is approved for the purpose by the Bank shall be entitled to hold bonds, and no other person shall be so entitled.
(1) No person other than an association of individuals shall hold bonds to a value exceeding one thousand kwacha in aggregate:
Provided that such limitation shall not have effect in relation to the Workers' Compensation Commissioner in so far as purchases made by him are made in the exercise of his functions under the Workers' Compensation Act.
This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.