1.   Short title

   2.   Interpretation

   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

   39.   Regulations

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]

1.   Short title

   This Act may be cited as the General Loan and Stock Act.

2.   Interpretation

   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.

3.   Loans to be raised by debentures or 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.

4.   Loans to be a charge upon general revenue

   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.

5.   Borrowing upon debentures

   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.

6.   Amount of each debenture

   Every debenture issued under the provisions of this Act shall be for the sum of not less than £100 sterling.

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