CHAPTER 379 - DEVELOPMENT BOND ACT: SUBSIDIARY LEGISLATION

INDEX TO SUBSIDIARY LEGISLATION

Development Bond Regulations

DEVELOPMENT BOND REGULATIONS

[Section 6]

[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

   Regulation

   1.   Short title

   2.   Interpretation

   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

   9.   Evidence

   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

   18.   Indemnity

      SCHEDULE

SI 255 of 1968.

1. Short title

These Regulations may be cited as the Development Bond Regulations.

2. Interpretation

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.

3. Particulars of prospectus

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.

4. Forms of bonds

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.

5. Persons who may be holders of bonds

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.

6. Maximum holdings of bonds

   (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 Worker's Compensation Commissioner in so far as purchases made by him are made in the exercise of his functions under the Worker's Compensation Act.