LOANS (NATIONAL SAVINGS BONDS) ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Authority to raise money

   4   Terms and conditions of bonds

   5   Charge on Consolidated Fund

   6   Establishment of Prize Fund and functions of Bank

   7   Exemption of prize money from income tax

   8   Exemption from stamp duty

   9   Power of Minister to make regulations

 

THE LOANS (NATIONAL SAVINGS BONDS) ACT

[Date of Commencement: 2nd August, 1962]

Law 3 of 1962.

Act 32 of 1966.

1   Short title

   This Act may be cited as the Loans (National Savings Bonds) Act.

2   Interpretation

   In this Act-

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

   "bonds" means National Savings Bonds created pursuant to section 3;

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

   "Prize Fund" means the fund established under section 6 for the payment of prizes in connection with bonds.

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 Savings 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

   Bonds shall be subject to such terms and conditions as may be prescribed.

5   Charge on Consolidated Fund

   There shall be charged on and paid out of the Consolidated Fund-

   (a)   the expenses of issue of the loan or any part thereof; and

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