ARRANGEMENT OF SECTIONS
1 Short title
3 Power of Government to raise local loans by issue of debentures
4 How debentures are to be styled and deemed
5 When debentures issued locally provisions enumerated shall apply
6 Trustees of sinking fund
7 Principal and interest charged and payable out of Consolidated Fund
8 Principal moneys to be paid out of Consolidated Fund when sinking funds insufficient
9 Sinking Fund to bear expenses of management
10 Payment into Consolidated Fund of unclaimed moneys
THE DEBENTURES (LOCAL) ACT
[Date of Commencement: 23rd May, 1925]
52 of 1963,
42 of 1965,
10 of 1969.
This Act may be cited as the Debentures (Local) Act
(1) In this Act-
"the Special Act" means any enactment which shall be hereafter passed authorising the Minister to raise money by way of loan and with which this Act shall be incorporated.
[52/1963 s 5; 10/1969 s 2(a).]
(2) References in section 3 to debentures shall be deemed to include references to promissory notes and, accordingly, the provisions of paragraphs (4), (8), (9), (11), (12), (13), (21), (22), (24) and (26) of section 5 and sections 7, 8 and 9 shall apply, in relation to any promissory note issued pursuant to this Act as they apply to debentures, subject to the terms of the note and with such other modifications as may be necessary.
[10/1969 s 2(b).]
In each and every case in which, by any enactment hereafter to be passed empowering the Minister to raise any sum or sums of money locally by way of loan with which this Act shall be incorporated, it shall be lawful for the Government to raise the same or any part thereof by the issue of debentures under the provisions of this Act:
[52/1963 s 5.]
Provided that nothing herein contained shall affect the power of the Minister to raise any such sum by the issue of inscribed stock, or local inscribed stock.
Any such debentures as aforesaid shall be deemed and styled "Debentures under the provisions of the Debentures (Local) Act, and the Special Act", and thereupon the provisions hereinafter contained and set forth, save and except such part or parts thereof as may be expressly excepted or varied by the Special Act, shall apply to and regulate the issue of any such debentures and everything relating to them as if the several sections and provisions hereof were specially repeated and enacted in and by the Special Act.
In case the Minister shall determine to raise the whole or any part of any such sum as aforesaid, by the issue of debentures locally, the following provisions shall apply (that is to say)-
[52/1963 s 5.]
(1) Every debenture shall be for a sum of not less than one hundred dollars and shall bear interest payable half-yearly at the rate fixed by the Minister for any issue of such debentures.
(2) Every debenture issued in Jamaica shall be signed by the Financial Secretary and be countersigned by the Bank of Jamaica.
(3) Every debenture issued in Jamaica shall, before being issued, be registered in a register book to be kept for that purpose at the Bank of Jamaica.
(4) The interest upon the principal money secured by each debenture shall run from the day named in that behalf in the debenture, and shall be paid half-yearly on the days named in that behalf in the debenture out of the Revenues appropriated as hereinafter provided.
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