6.5% Local Devtlopm~nt Rqlsttred Stock 19%19'7

L.N. 119 or 1991

!-OCAL LOANS (REGISTERED STOCK AND SECURITIES)

ORDINANC E. CAP, 161

Directive by the Minis!,"" or Finance

for the biue of LmI ,SOO.OOO

6.5% Local Devtlopm~nt Rqlsttred Stock 19%19'7

(f'OURTH ISSUE)

IN exercise of the powersoonferrcd by Section 4(I Xa) of the Local

Loans (Registered Stock and Securities) O rdinance. Cap. 161 , the

Minister of Finance has authorised that the sum of Lm! ,SOO,OOCJ 6.5%

Local Development Registered Stock 1996N1 ( Fourth Iss ue) bccrealed

and issued as follows:-

I. The Stock shall be issued at the price of Lm lOO per cent and

shall be aJlotled by appli cation. The StO(:k, when fully paid, shall be

registered. Applications for the allotment of Stock shall open on

Monday, 51h AugUSl, 199 1 at 9.00 a.m. and shall close at 12.00 noon on

Saturday, tile 17th Augus!. 1991 or earlier at the discretioo of the

Accountant General.

The sum of money 10 be raised by the Stock shall be

LmI ,500,OOO.

J. Interest shall be ~yable in arrear haU·yearlyon tne 17th day of

August and the 17th day o f February of every year during lne currency

of the Stock. The first payment of LmJ.2S.0 per Lm100 Stock covering

the period from the 18t h day o f August, 1991 to Ihe 17th day o f

February, 1992, shall be made on Ihe 17th day ef February, 1992 .

The first LmSO inte rest thereon will be eJ[empted from Income

Tal(.

A half·yearly appropriation of not less than Lm l 5,OOO out of

the general revenue and a»ets of the Government of Mal ta shall be

made as a contribution 10 Ihe sinking fu nd established fo r the P':Irpo5C of

redee ming the Stock. The first contribution shall be made WIthin three

years from Ihe 18th day of August , 1991.

The Stock shall be redeemed at par on such date between the

1st dayof January, 1996 and the J1stdayofDecember, 1997 (bolh dales

inclw;ive) as shall be determined by the Accountant Genera] and

notified in the Gaulle. Stock shall be redeemed only on the surrender

of the Stock Certificat e issued.

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