ARRANGEMENT OF SECTIONS
1. Short title
3. Loans to be raised by debentures or stock
4. Loans to be a charge upon general revenue
5. Borrowing upon debentures
6. Amount of each debenture
7. Debentures may be redeemed by annual drawings or by purchase in the market or on a date fixed
8. Interest coupons
9. Form of debenture and coupons
10. Debentures and coupons transferable by delivery
11. Registry of debentures
12. Payment of interest
13. Mode of providing for payment of interest on debentures
14. Further sums to be remitted for the redemption of debentures
15. Application of sinking fund
16. Creation of sinking fund for redemption of debentures payable on a fixed date
17. Disposal of sinking fund when debentures are redeemed by purchase or by annual drawings
18. Appointment of day for drawing of debentures
19. Notice of time and place appointed for drawing
20. Mode of drawing
21. Notice of debentures drawn for redemption
22. Payment of drawn debentures
23. Cesser of interest from day appointed for payment of principal
24. Redeemed debentures to be cancelled
25. Borrowing upon stock
26. When the principal is to be repaid
27. Mode of providing for the payment of interest on stock
28. Mode of providing for the payment of principal of stock
29. Creation of sinking fund
30. Charge upon general revenue
31. Expenses to be paid out of sinking fund
32. Powers of President
33. Exchange of securities for stock
34. Converted securities to be cancelled
35. Trustees to apportion amount of sinking fund released by conversion
36. Disposal of sinking funds released
37. Creation, inscription, registration, issue, conversion and transfer of stock
38. Raising of loans in Botswana
Proc. 21, 1951,
U.K. S.I. 1975 of 1950,
Proc. 22, 1954,
Cap. 101, 1959,
Order 1, 1963.
An Act to define the terms and conditions applicable to loans hereinafter authorized to be raised by the Government in the United Kingdom, and to provide for the creation of Botswana stock, and for matters incidental thereto or connected therewith.
[Date of Commencement: 11th May, 1951]
This Act may be cited as the General Loan and Stock Act.
In this Act, unless the context otherwise requires-
"Crown Agents" means the persons for the time being acting as Crown Agents for Overseas Governments and Administrations in the United Kingdom, or any of them;
"registered stock" means stock transferable by instrument in writing;
"Secretary of State" means one of the Principal Secretaries of State of the Government of the United Kingdom;
"stock" includes both inscribed and registered stock.
Whenever by any Act, authority is given to raise any sum of money for the purpose mentioned in such Act, the President or the Crown Agents acting on his behalf may, from time to time, as he or they may deem expedient, raise such sum either by debentures or by stock, or partly by debentures and partly by stock.
The principal moneys and interest represented by debentures or stock issued under the provisions of this Act are hereby charged upon and shall be payable out of the general revenues and assets of the Government of Botswana.
When the President, or the Crown Agents acting on his behalf, deems it expedient to raise money by debentures, such debentures shall be issued in the United Kingdom on behalf of the Government of Botswana by the Crown Agents, upon the best and most favourable terms that can be obtained, and shall be signed by any one of them on that behalf.
Every debenture issued under the provisions of this Act shall be for the sum of not less than £100 sterling.
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