LOCAL REGISTERED STOCK ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Power of Minister to raise money by the issue of registered stock

   4   Registered stock secured by Consolidated Fund

   5   Register of stock

   6   Registrar

   7   Matters to be registered

   8   Powers of the Registrar

   9   Regulations

   10   Certificate to stockholders

   11   Production of register, etc, prima facie proof of contents.

   12   Information to be made available to the public

   13   Infants, persons of unsound mind, and joint owners

   14   No notice of trust to be received or registered

   15   Renewing lost certificate

   16   Signature by corporation

   17   Transfer of stock

   18   Exemption from stamp duty

   19   Closing of the register

   20   Repayment of principal

   21   Interest and payment thereof

   22   Interest on stock to be met out of Consolidated Fund

   23   Sinking fund for redemption of stock

   24   Expenses of sinking fund

   25   Insufficiency of sinking fund

   26   Minister's power under this Act

   27   Exchange of debentures for stock

   28   Cancellation of converted debentures

   29   Payment of fees

   30   Savings

   31   Payment into Consolidated Fund of unclaimed moneys

      SCHEDULE

 

THE LOCAL REGISTERED STOCK ACT

[Date of Commencement: 28th May, 1942]

Cap 229.

Acts
51 of 1963,
41 of 1965.

1   Short title

   This Act may be cited as the Local Registered Stock Act.

2   Interpretation

   (1) In this Act-

   "registered stock" means Jamaica local registered stock issued under this Act;

   "register" includes any books kept by the Registrar under the provisions of this Act;

   "Registrar" means the person appointed under section 6 of this Act to be the Registrar;

[51/1963 s 5.]

   "stockholder" means a person holding registered stock and entered as proprietor thereof in the register kept under this Act.

   (2) This Act shall be applicable only to loans raised in the Island.

3   Power of Minister to raise money by the issue of registered stock

   (1) Wherever by any law authority is given to the Minister to raise any sum of money for the purposes mentioned in such law, the Minister may, from time to time as he may deem expedient, raise such sum, or any part thereof, by the issue of registered stock, to be called "Jamaica Local Registered Stock", under the provisions of this Act.

[51/1963 s 5.]

   (2) Such registered stock shall from time to time be issued in the Island by the Bank of Jamaica upon the best and most favorable terms that can be obtained to such amount and on such conditions, subject to the provisions of this Act, as the Minister may before the issue thereof from time to time direct.

[51/1963 s 5.]

4   Registered stock secured by Consolidated Fund

   The principal moneys and interest secured by any registered stock created under the provisions of this Act are hereby charged upon, and shall be payable out of, the Consolidated Fund and assets of the Government of Jamaica.

5   Register of stock

   A register shall be kept by the Registrar in when shall be registered-

   (a)   all registered stock at the time of issue;

   (b)   all transfers of, and dealings in, such stock under the provisions of this Act;

   (c)   all matters required by this Act to be entered in the register.

6   Registrar

   Such person as may from time to time be appointed by the Minister by order shall be the Registrar under this Act and he shall have the custody of, and be responsible for, the register.

[51/1963 s 5.]

7   Matters to be registered

   A printed copy of the documents containing the authority for, and conditions of, the issue of registered stock, and of all regulations made under this Act, shall be entered in the register.

8   Powers of the Registrar

   The Registrar may from time to time, with the approval of the Minister, make arrangements in relation to-

   (a)   the creation, registration and issue of registered stock;

   (b)   the conversion of loans, and debentures held for such loans, into such stock;

   (c)   the payment of interest on such stock;

   (d)   the management and registration of transfers of such stock;

   (e)   the carrying out of the provisions of this Act.

9   Regulations

   The Registrar, with the approval of the Minister may, either before or after the registration of any registered stock, make regulations in relation to-

   (a)   the transfer of such stock;

   (b)   the fees to be paid on such transfer, or in respect of the issue of certificates, and any other fees to be prescribed under this Act;

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