LOANS (EQUITY INVESTMENT BONDS) ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Authority to raise money

   4   Terms and conditions of bonds

   5   Application of sums raised by the issue of bonds

   6   Register

   7   Transferability of bonds

   8   Interest on bonds exempt from income tax

   9   Exemption from transfer tax and stamp duty

   10   Charge on the consolidated fund

   11   Handling registration and repayment of bonds

   12   Regulations

 

THE LOANS (EQUITY INVESTMENT BONDS) ACT

[Date of Commencement: 24th December, 1987]

Act 32 of 1987.

1   Short title

   This Act may be cited as the Loans (Equity Investment Bonds) Act.

2   Interpretation

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   In this Act-

   "Bank" means the Bank of Jamaica established by the Bank of Jamaica Act;

   "bonds" means Equity Investment Bonds created pursuant to section 3.

3   Authority to raise money

   (1) Subject to the provisions of this Act, the Minister is hereby authorised to raise from time to time as may be convenient sums of money by the creation and issue of securities termed "Equity Investment Bonds".

   (2) No sum of money shall be raised under this Act unless, on the day on which that sum is raised, that sum and all principal moneys remaining unpaid in respect of all other sums previously raised under the authority of this Act do not exceed-

   (a)   the sum of five hundred million dollars; or

   (b)   such greater amount as may from time to time be approved by the House of Representatives by resolution.

4   Terms and conditions of bonds

   Each series of bonds shall bear such rate of interest and shall be subject to such terms and conditions as the Minister may direct before the issue thereof.

5   Application of sums raised by the issue of bonds

   The sums of money raised by the issue of each series of bonds under this Act shall be applied to finance expenditure on such projects as, before the issue of that series may be approved by the Government of Jamaica for the purposes of that series.

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