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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      (g)   whether the interest payable on any registered stock or securities issued under the authority of this Act shall be exempt from all or any of the taxes and duties payable under any other written law in force in Zambia.

   (2) The date of redemption of any registered stock or securities shall not be later than sixty years from the date of issue of such stock or securities.

   (3) Where the Minister deems it expedient to reserve an option to redeem any registered stock or securities at any date earlier than the date of redemption specified for such stock or securities by the directions under sub-section (1), he shall by such directions further specify the terms and conditions on which such stock or securities may be redeemed at any earlier date.

[S 6 am by Act 39 of 1961; GN 315 of 1964; SI 159 of 1965.]

 

7.   Secretary to make necessary arrangements

Upon the publication under section 6 of the directions of the Minister in respect of any loan to be raised under this Act, the Secretary may, subject to the provisions of such directions and to such further directions as the Minister may give in that behalf, make all such arrangements as may be necessary to raise that loan upon the most favourable terms that can be obtained.

[S 7 am by Act 39 of 1961; GN 315 of 1964.]

PART III
REGISTERED STOCK

 

8.   Register of stock

The Secretary shall keep a register in respect of each issue of registered stock under this Act, in which all such stock and all transfers of and all dealings in such stock shall be registered and in which shall be entered all matters and things which by this Act are required to be entered in the register.

[S 8 am by Act 39 of 1961.]

 

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

The Government shall be bound to pay to the person registered for the time being as the stockholder the principal sum represented by that stock and the interest due thereon, in accordance with the provisions of this Act, at the rate and on the dates directed by the Minister under section 6 or in pursuance of an option to redeem such stock reserved in such directions.

[S 9 am by GN 315 of 1964.]

 

10.   Stockholder

For the purposes of this Act, no person shall be entitled to any registered stock unless he is registered as a stockholder in respect thereof.

 

11.   Registration of first stockholders

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

 

12.   Stock certificate

Every stockholder shall be entitled to obtain from the Secretary a stock certificate in a form to be prescribed and no stockholder, other than the first stockholder, of any stock shall be entitled to obtain a stock certificate save upon payment of the prescribed fee.

[S 12 am by Act 39 of 1961.]

 

13.   Transfer of registered stock

   (1) For the purposes of this Act, 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 prescribed and upon the registration of the transferee as the stockholder under section 14.

   (2) 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.

 

14.   Registration of transfers of stock

No person shall be registered as the transferee of any registered stock except upon surrender to the Secretary of the stock certificate and the instrument of transfer relating to that stock and upon payment of the prescribed fee.

[S 14 am by Act 39 of 1961.]

 

15.   Closing of register

The register 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.

 

16.   Register to be conclusive evidence of facts entered therein

The entries in a register kept under the provisions of this Act shall be conclusive evidence of the facts, matters, particulars and transactions to which those entries relate:

Provided that, notwithstanding the provisions of any other written law, a copy of any entry in a register certified under the hand of the Secretary to be a true copy of the original entry shall be receivable in evidence in any judicial proceeding unless a Judge shall otherwise direct.

[S 16 am by Act 39 of 1961; SI 159 of 1965.]

PART IV
SECURITIES

 

17.   Securities

   (1) Securities shall be issued either as—

      (a)   registered debentures; or

      (b)   debentures payable to bearer; or

      (c)   registered bonds; or

      (d)   bonds payable to bearer.

   (2) Every security shall be signed by the Secretary for and on behalf of the Government and shall, when issued, bind the Government to pay the principal sum and the interest thereon, in accordance with the provisions of this Act, at the rate and on the dates specified in the directions by the Minister under section 6 or in pursuance of an option to redeem such security reserved in such directions.

   (3) Securities shall be issued in such form and in such denominations as the Minister may direct.

[S 17 am by Act 39 of 1961; GN 315 of 1964.]

 

18.   Interest coupons

   (1) There may be attached to any security coupons for the payment of interest which falls due thereunder:

Provided that the number of coupons attached to a security on the date of its issue to any person may cover a period shorter than that of the currency of the security if, in the opinion of the Secretary, it is inconvenient or inexpedient to attach to the security coupons sufficient in number to cover the entirety of the period of the currency of the security.

   (2) If the number of coupons attached to any security on the date of its issue to any person is insufficient to cover all payments of interest due on that security after that date, the holder of that security shall be entitled to a renewal thereof at such time and in such manner and circumstances as may be prescribed.

[S 18 am by Act 39 of 1961.]

 

19.   Registered securities

   (1) Every registered security shall, before being issued, be registered by the Secretary in a register to be kept for that purpose, and the name and address of the holder of each registered security and all transfers of registered securities shall be noted on that register.

   (2) Registered securities shall be transferable by instrument in writing in such form and subject to such conditions as may be prescribed.

[S 19 am by Act 39 of 1961.]

 

20.   Bearer securities

   (1) Every security payable to bearer shall, before being issued, be registered by the Secretary in a register to be kept for that purpose.

   (2) Redemption money and interest money payable on any bearer security issued under the provisions of this Act shall be payable only to a person who at the time that such money are payable is, or at the time when he subscribed for or purchased such security was, ordinarily resident in the scheduled territories.

   (3) Every bearer security and coupon, and the right to receive the principal amount and interest represented thereby, shall be transferable by delivery.

[S 20 am by Act 39 of 1961.]

PART V
PAYMENT OF INTEREST ON STOCK AND SECURITIES

 

21.   Appropriation of general revenues for payment of interest

So long as any interest is payable under this Act in respect of any stock or securities there shall, in each financial year in which the interest on such stock or securities falls due, be appropriated out of the general revenues and assets of the Republic a sum sufficient to meet all interest payable in that year, and the Secretary shall pay such interest out of the sum so appropriated on the date on which such interest is due.

[S 21 am by Act 39 of 1961; GN 315 of 1964; SI 159 of 1965.]

 

22.   Payment of interest

   (1) The interest due on any registered stock or securities shall be payable on the date or dates specified by the directions of the Minister under section 6.

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

[S 22 am by Act 39 of 1961; GN 315 of 1964.]

 

23.   Cessation of liability to pay interest

No person shall be entitled to claim interest on any registered stock or securities 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 securities.

 

24.   Payments

All payments of interest and all payments of the principal amount due on any registered stock or securities shall be made by the Secretary in Lusaka:

Provided that the Secretary or any person authorised by the Secretary in that behalf may pay any such interest or principal amount at any other place, whether within or without Zambia, in pursuance of any arrangement which the Secretary may make for that purpose.

[S 24 am by Act 39 of 1961.]

PART VI
SINKING FUNDS

 

25.   Appropriation of general revenues for sinking fund

After the date specified in the directions of the Minister under section 6 as the date from which contributions to the sinking fund for any loan shall commence, there shall in each financial year be appropriated out of the general revenues and assets of the Republic a sum determined in accordance with the rate specified in those directions as the contribution to the sinking fund established for the purpose of redeeming that loan until the loan shall be fully redeemed.

[S 25 am by Act 39 of 1961; GN 315 of 1964; SI 159 of 1965.]

 

26.   Separate sinking fund for each loan

A separate sinking fund shall be established for each loan raised under this Act.

 

27.   Investment of sinking fund

   (1) All money appropriated under section 25 as contributions to the sinking fund established for any loan shall be placed at the disposal of the Crown Agents or the Secretary, as the Minister may direct, and may then be placed at interest or invested in such stocks or securities, or in such other investments or class of investments, as may be approved by the Minister.

   (2) The Crown Agents or the Secretary, as the case may be, may, from time to time with the approval of the Minister, vary any investment made under sub-section (1) or may realise, place at interest or reinvest any money invested under that sub-section.

   (3) The dividends, interest, bonus and other profits of any investment of any part of any sinking fund shall be placed at interest or invested by the Crown Agents or by the Secretary, as the case may be, so as to form part of that sinking fund in like manner as money appropriated under section 25 as contributions to that sinking fund.

   (4) In addition, the Minister may, at any time or times, authorise the utilisation of the sinking fund or of the appropriation for the contribution to the sinking fund prescribed under section 25 for the purchase of registered stock or securities issued under the provisions of this Act, or for the redemption of securities redeemable by annual drawings under any direction published under section 6:

Provided that in the utilisation of such appropriation for the purchase of registered stock or securities within Zambia, the contribution placed at the disposal of the Crown Agents or the Secretary shall be the balance, if any, of such appropriation not utilised for the purpose aforesaid.

[S 27 am by Act 39 of 1961; GN 315 of 1964.]

 

28.   Cessation of contributions to sinking fund

Notwithstanding anything to the contrary contained in this Act, if at any time the Secretary is satisfied that the sinking fund of any loan raised under the provisions of this Act will be sufficient with further accumulations of interest, but without further payments of contributions, to enable the loan to be redeemed at the time fixed for its redemption, he shall inform the Minister accordingly and the Minister is hereby authorised in such event to suspend further payments of contributions to that sinking fund:

Provided, however, that the contributions to that sinking fund shall be recommenced if the Secretary at any time thereafter informs the Minister that he is no longer satisfied that the sinking fund with further accumulations of interest will be sufficient for the redemption of that loan.

[S 28 am by Act 39 of 1961; GN 315 of 1964.]

 

29.   Expenses to be paid out of sinking fund

There shall be paid out of the sinking fund all expenses specifically incurred in, or incidental to, the investment and management of that fund and the repayment of the loan for which that fund was established.

 

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

In the event of the sinking fund established for any loan under this Act being found, at the time fixed for the repayment of that loan, to be insufficient for such redemption, the deficiency shall be made good out of the general revenues and assets of the Republic.

[S 30 am by SI 159 of 1965.]

PART VII
CONVERSION OF LOANS

 

31.   Power of Minister to authorise conversion of loan generally

The Minister shall have and may from time to time exercise the following powers and authorities or any of them—

      (a)   he may declare any stock or securities issued in Zambia under the provisions of this or any other Act to be convertible into registered stock or other securities to be issued under the provisions of this Act;

Creation and issue of stock or securities necessary for conversion—

      (b)   he may authorise the creation and issue under this Act of such an amount of registered stock or securities as may be necessary for the conversion of the stock or securities in respect of which a declaration has been made under paragraph (a);

Creation and issue of stock or securities to meet expenses of conversion—

      (c)   he may authorise the creation and issue under this Act of such registered stock or securities as may be necessary for the purpose of paying any expenses incurred in the creation and issue of registered stock or securities under this section;

New stock or securities may have all privileges of original stock or securities—

      (d)   he may declare that all privileges, exemptions and immunities attaching by virtue of any written law in force in Zambia to any stock or securities shall attach to any new registered stock or securities issued under this Act in conversion of such earlier stock or securities.

[S 31 am by GN 315 of 1964.]

 

32.   Arrangements for conversion

Any conversion authorised under section 31 may be effected either by arrangement with the holders of existing stock or securities, or by purchase thereof out of money raised by the sale of stock or securities, or partly in one way and partly in the other.

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

[Am by GN 120 of 1964.]

 

33.   Interpretation of terms in Part VIII.

For the purposes of this Part, unless the context otherwise requires—

“the Order in Council” means the Federation of Rhodesia and Nyasaland (Dissolution) Order in council, 1963;

“original bonds or stock” means original bonds or stock referred to in sub-section (3) of section 12 of the Order in council;

“substituted bonds or stock” means bonds or stock issued under this Act in substitution for original bonds or stock.

 

34.   Application of Part VIII

   (1) This Part shall apply only to substituted bonds or stock.

   (2) The provisions of this Part shall be in addition to and not in derogation of any provisions of any other Part except so far as those provisions are inconsistent with the provisions of this Part, and if any provision of any other Part is inconsistent with any provision of this Part, then the provisions of this Part shall prevail and the provisions of that other Part shall to the extent of the inconsistency be of no effect.

 

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

   (1) Bonds or stock to be issued under section 12 of the Order in council in substitution for original bonds or stock shall be issued under the provisions of this Act.

   (2) The Minister shall—

      (a)   cause to be kept a register for the registration of each issue of substituted bonds and stock;

      (b)   appoint a registrar for each issue of substituted bonds or stock;

      (c)   for the investment and management of sinking funds established under the Order in council, appoint trustees upon whom he may confer such powers and authorities and impose such duties as he may consider expedient;

      (d)   make arrangements and regulations for—

      (i)   the registration, issue and transfer of substituted bonds and stock;

      (ii)   the fees and charges which shall be payable for the performances of services for which provision is made in this section.

   (3) The Minister may at any time—

      (a)   vary the powers, authorities and duties of a trustee;

      (b)   remove a trustee from office;

      (c)   in the event of the removal from office, death or retirement of a trustee, appoint a trustee in his place;

      (d)   appoint additional trustees.

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

 

36.   Issue of duplicates and renewals

   (1) The Secretary may issue duplicate stock certificates and duplicate securities in such circumstances as may be prescribed.

   (2) The Secretary may issue renewals of stock certificates and securities in such circumstances as may be prescribed.

[S 36 am by Act 39 of 1961.]

 

37.   Right of Secretary to compel renewal of securities

The Secretary may, in such circumstances as may be prescribed—

      (a)   issue a notice to the holder of any security directing him to apply for a renewal of that security; and

      (b)   withhold payment of the interest or principal amount due in respect of that security until the application for renewal has been made and determined.

[S 37 am by Act 39 of 1961.]

 

38.   Exchange of registered stock and securities

On application made by any person claiming to be the holder of any registered stock or securities issued under this Act, the Secretary may, if he is satisfied that the applicant is the lawful holder of such stock or securities, and on payment of the prescribed fee, exchange stock for securities or securities for stock or securities of one kind for securities of the other kind:

Provided that—

      (i)   all stock and securities so given or taken in exchange shall have been issued in respect of the same loan; and

      (ii)   the nominal value of the stock or securities given by the Secretary in exchange shall be the same as the nominal value of the stock or securities taken by him in exchange.

[S 38 am by Act 39 of 1961.]

 

39.   Consolidation and subdivision of stock and securities

Subject to such conditions as may be prescribed, the Secretary may—

      (a)   on the application of a person claiming to be entitled to any stock or securities; and

      (b)   on being satisfied of the justice of the claim of such applicant; and

      (c)   on surrender of the stock certificate relating to such stock or of such securities receipted in the prescribed manner; and

      (d)   on payment of the prescribed fee;

consolidate or subdivide such stock or securities and issue to the applicant one or more new stock certificates or securities as may be required.

[S 39 am by Act 39 of 1961.]

 

40.   Indemnity bonds

Where application is made to the Secretary under this Act for the issue of a duplicate stock certificate or a duplicate security or for the exchange, renewal, consolidation or subdivision of any stock or securities, the Secretary 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 security or under the stock or securities so exchanged, renewed, consolidated or subdivided, as the case may be.

[S 40 am by Act 39 of 1961.]

 

41.   Immediate discharge in certain cases

On payment by or on behalf of the Government to the holder of a security of the amount expressed therein on or after the date when it becomes due or on the renewal of a security under section 36, or on the exchange of a security under section 38, or on the consolidation or subdivision of a security under section 39, the Government shall be discharged in the same way and to the same extent as if such security was a promissory note payable to bearer.

[S 41 am by Act 39 of 1961.]

 

42.   Discharge in other cases

Save as otherwise provided in this Act, the liability of the Government shall—

      (a)   in respect of any registered stock or security redeemed on or after the date on which payment of the principal amount becomes due, be discharged after the lapse of six years from that date;

      (b)   in respect of any security in place of which a duplicate is issued under section 36, be discharged after the lapse of six years from the date of the issue of such duplicate or from the date of the last payment of interest on such security, whichever date is the later;

      (c)   in respect of a security for which a renewed security is issued under section 36, or in respect of stock or securities in place of which new stock or securities are issued upon an exchange under section 38, or upon a consolidation or subdivision under section 39, be discharged after the lapse of six years from the date of the issue of the renewed security or of the new stock or securities, as the case may be.

 

43.   Summary procedure in special cases

   (1) If, within six months of the death of a person who was entitled to registered stock or security the nominal or face value of which does not in the aggregate exceed fifty ngwee, either probate of the will or letters of administration of the estate of such person or copies of such probate or letters certified by a commissioner for oaths or notary public to be true copies are not produced to the Secretary, he may, after such inquiry as he may deem necessary, determine who is the person entitled to such stock or security or to administer the estate of the deceased and may—

      (a)   where any such stock or security relates to a loan due for repayment, authorise the registration of the name of such person in substitution for the name of the deceased in the register of stocks or register of securities, as the case may be, and the payment to such person of the amount due in respect of that stock or security;

      (b)   where any such stock or security relates to a loan not due for repayment, authorise the registration of the name of such person in substitution for the name of the deceased.

   (2) Any creditor or claimant against the estate of the deceased may recover his debt or claim out of money paid to any person under sub-section (1) and remaining in his hands unadministered in the same manner and to the same extent as if the said person had obtained letters of administration of the estate of the deceased, and nothing in this section shall affect any claim of an executor or administrator or other representative of the deceased against such person, other than a claim to recover amounts lawfully paid by him in due course of administration of the estate of the deceased.

   (3) The Secretary may, for the purposes of an inquiry under this section, exercise all or any of the powers of a commissioner under the Inquiries Act, as if he were a commissioner appointed thereunder by a commission issued by the President.

[S 43 am by Act 39 of 1961.]

PART X
MISCELLANEOUS

 

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

The signature of the Secretary may be printed, stamped, engraved or impressed by any mechanical process on any stock certificate or security, and a signature so printed, stamped, engraved or impressed shall be as valid as if it had been inscribed in the proper handwriting of the Secretary.

[S 44 am by Act 39 of 1961.]

 

45.   Notice of trust not receivable save as provided

Save as otherwise provided in or under this Act, no notice of any trust in respect of any registered stock or securities shall be receivable by the Secretary or by the Government.

[S 45 am by Act 39 of 1961.]

 

46.   Exemption from stamp duties

All documents or instruments made or used under the provisions of this Act shall be in such form as may be prescribed and, notwithstanding the provisions of any other Act, shall be free from stamp duty.

 

47.   Inspection of register and documents

   (1) No person shall be entitled to inspect, or to receive information derived from, any registered stock or security in the possession 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 securities, save on payment of such fee and save in such circumstances and on such terms and conditions as may be prescribed.

   (2) Nothing in this section shall apply to the Auditor-General or to the Commissioner of Taxes.

[S 47 am by GN 315 of 1964.]

 

48.   Regulations

   (1) The Minister may, by statutory instrument, make regulations for the purpose of giving effect to the provisions of this Act.

   (2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters—

      (a)   the manner in which payment of interest in respect of stock or securities is to be made and acknowledged;

      (b)   the issue of duplicate stock certificates and duplicate securities;

      (c)   the renewal of stock certificates and securities;

      (d)   the manner of payment of interest to joint holders of stock or securities;

      (e)   the circumstances in which alterations may be made in a register;

      (f)   the payment of principal or interest and transfer of stock and securities in the case of persons under a legal disability;

      (g)   the disposal of unclaimed interest;

      (h)   the conditions subject to which stock or securities may be exchanged, consolidated or subdivided;

      (i)   to enable holders of registered stock to be described in the register of stock as trustees and either as trustees of any particular trust or as trustees without qualification and for the recognition of powers of attorney granted by holders of stock so described;

      (j)   the fees to be paid in respect of anything to be issued or done under the provisions of this Act;

      (k)   all matters required by this Act to be prescribed and all matters incidental to or connected with the matters hereinbefore enumerated.

   (3) Nothing in any regulation made hereunder shall, as between any trustees or as between any trustees and beneficiaries under a trust, be deemed to authorise the trustees to act otherwise than in accordance with the rules of law applying to the trust and the terms of the instrument constituting the trust; and neither the Government nor the Secretary nor any person holding or acquiring any interest in any registered stock shall, by reason only of any entry in the register of stock or of anything in any document or instrument relating to registered stock, be affected with notice of any trust or of the fiduciary character of any stockholder or of any fiduciary obligation attaching to the holding of any registered stock.

[S 48 am by Act 39 of 1961; GN 315 of 1964.]

 

49.   Saving

Nothing in this Act contained shall affect the provisions of—

      (a)   the General Loan and Stock Act;

      (b)   the Treasury Bills Act.

SCHEDULE

[Section 2]

THE SCHEDULED TERRITORIES

1. The fully self-governing countries of the Commonwealth, except Canada.

2. Any Colony under the dominion of Her Britannic Majesty, except Zimbabwe.

3. Any territory administered by the government of any part of Her Britannic Majesty’s dominions under the trusteeship system of the United Nations.

4. Any British protectorate or British protected state.

5. Namibia.

6. The Irish Republic.

7. Iraq.

8. Iceland.

9. Kingdom of the Jordan.

10. Libya.

[Sch am by SI 159 of 1965, 161 of 1967.]

 
 

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