LOANS (NATIONAL DEVELOPMENT BONDS) ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Authority to raise money

   4   Terms and conditions of bonds

   5   Interest on bonds exempt from income

   6   Trustees of sinking fund

   7   Charge on Consolidated Fund

   8   Issue, registration and repayment of bonds

   9   Power of Minister to make regulations

 

THE LOANS (NATIONAL DEVELOPMENT BONDS) ACT

[Date of Commencement: 23rd February, 1968]

Act 7 of 1968.

1   Short title

   This Act may be cited as the Loans (National Development 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 National Development Bonds created pursuant to section 39

   "commercial bank" means a company duly licensed in accordance with the Banking Act, to carry on banking business.

3   Authority to raise money

   (1) Subject to the provisions of subsection (2), 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 "National Development 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 ten 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, and without prejudice to the foregoing, may be issued at such rate of discount as the Minister may approve.

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