ARRANGEMENT OF SECTIONS

PART I
PRELIMINARY

SECTION

PART II
POWER TO RAISE LOANS

PART III
THE REGISTRAR

PART IV
REGISTERED STOCK

PART V
PAYMENT OF INTEREST ON STOCK

PART VI
SINKING FUNDS AND REPAYMENT OF LOANS

PART VII
CONVERSION OF LOANS, ETC., INTO STOCK

PART VIII
ISSUE OF DUPLICATES OF STOCK CERTIFICATES
EXCHANGE AND CONSOLIDATION

PART IX
MISCELLANEOUS

CHAPTER 362

BAHAMAS REGISTERED STOCK

[Assent 28th June, 1973]
[Commencement 29th June, 1973]

"Bank" means the Central Bank of The Bahamas as referred to in section 3 of the Central Bank of The Bahamas Act;

"foreign currency" means any currency other than the currency of The Bahamas;

"Government" means the Government of The Bahamas;

"Minister" means the Minister of Finance;

"prescribed" means prescribed by regulations made under this Act;

"registered stock" or "stock" means stock of The Bahamas issued under the provisions of this Act;

"register" means the register of each issue of stock kept under the provisions of section 10;

"Registrar" means the Registrar appointed by virtue of section 8;

"stockholder" means a person holding registered stock who is entered as owner thereof in the register.

(2) Each issue of registered stock made under this Act for the purpose of raising any specified sum of money shall be deemed to be stock issued in respect of a separate loan notwithstanding that the sum of money so raised is part only of a sum of money authorised by any other Act or a resolution of the House of Assembly to be raised by way of a loan.

(2) The date of redemption of any stock shall not be later than sixty years from the date of issue of such stock.

(3) Where the Minister deems it expedient to reserve an option to redeem any stock at any date earlier than the date of redemption specified for such stock by the directions under subsection (1), he shall by such directions further specify the terms and conditions on which such stock may be redeemed at any earlier date.

(4) Where the Minister specifies by directions under subsection (1) that all or part of the amount of the stock to be issued shall be in foreign currency, the provisions of the Exchange Control Regulations Act and of any Finance Regulations made thereunder shall not have effect in relation to the stock or part thereof, as the case may be, issued under this Act in foreign currency.

(2) The delegation by the Registrar under subsection (1)-

(2) Where stock is held by two or more persons jointly they shall nominate in the prescribed form the person to whom the stock certificate shall be issued.

(2) Notwithstanding anything contained in subsection (1) the Registrar may, subject to such conditions as may be prescribed, register the transfer of stock where it is proved to his satisfaction that the stock certificate or certificates relating to that stock have been lost or destroyed.

Provided that, notwithstanding the provisions of any other Act, a copy of any entry in the register certified in writing by or on behalf of the Registrar to be a true copy of the original entry shall be receivable in evidence in any judicial preceedings unless a judge of the Supreme Court shall otherwise direct.

(2) Where any amount has become payable on any date as interest on any registered stock, no interest on that amount shall, after that date, be paid or payable by the Government to any person in any circumstances.

Provided that the Registrar or any person authorised by the Registrar in that behalf may pay any such interest or principal amount at any other place within The Bahamas, in pursuance of any arrangement which the Registrar may make for that purpose.

(2) Subject to the approval of the Minister, the trustees may from time to time, vary any investments made under subsection (1) or may realise, place at interest or reinvest any moneys invested under that subsection.

(3) The dividends, interest, bonus and other profits of any investment of any part of any sinking fund shall, subject to the approval of the Minister, be placed at interest or invested by the trustees so as to form part of that sinking fund in like manner as moneys paid under section 25 as contributions to that sinking fund.

(4) The trustees may, at any time or times utilise the sinking fund, or the money appropriated under section 25, for the purchase of the stock for the redemption of which the sinking fund was established.

(5) The trustees shall not invest any moneys contained in a sinking fund-

the date for the repayment or redemption of which is later than the date specified by directions under subsection (1) of section 6 for the redemption of the stock for which the sinking fund was established.

Provided that the payments to that sinking fund shall be recommenced if the trustees at any time there-after inform the Minister that they are no longer satisfied that the sinking fund with further accumulations of interest will be sufficient for the redemption of that stock.

the Minister shall appropriate out of the Consolidated Fund and pay to the Registrar a sum equivalent to the deficiency for the purpose of redeeming that issue of stock.

(2) If a sinking fund has not been established under section 24 for the redemption of an issue of stock raised under this Act, the Minister shall-

appropriate out of the Consolidated Fund and pay to the Registrar such sum as is required to redeem that stock.

(2) Any conversion authorised under this section may be effected either by arrangement with the holders of existing securities or by the purchase thereof out of moneys raised by the sale of registered stock, or partly in one way and partly in the other.

and on the surrender of the stock certificate or certificates relating to such stock, consolidate or subdivide such stock and issue to the stockholder or stockholders a new stock certificate or certificates as may be required.

(2) Any creditor or claimant against the estate of the deceased may recover his debt or claim out of money paid to any person under subsection (1) and remaining in his hands unadministered in the same manner and to the same extent as if the said person had obtained letters of administration of the estate of the deceased, and nothing in this section shall affect any claim of an executor or administrator or other representative of the deceased against such person other than a claim to recover amounts lawfully paid by him in due course of administration of the estate of the deceased.

(3) The Attorney-General may, for the purpose of an inquiry under this section, summon before him, administer an oath to, and examine on oath any person.

(4) Every examination on oath conducted by the Attorney-General in accordance with the powers conferred by subsection (3) shall be deemed to be a judicial proceeding within the meaning of subsection (4) of section 423 of the Penal Code.

(5) The Attorney-General may authorise generally or in any particular case, a legally qualified officer in his Department to exercise and perform on his behalf the powers and functions conferred or imposed on him by this section.

is due for repayment or payment, as the case may be, and such principal amount, dividend or interest is not claimed by a stockholder within two years from the date on which that sum became due for repayment or payment, the sum so unclaimed shall be paid into the Consolidated Fund.

(2) Notwithstanding the payment of any sum into the Consolidated Fund under subsection (1), where any person shows his right thereto to the satisfaction of the Registrar and the Registrar so certifies in writing under seal, then such sum may be paid from the Consolidated Fund without further appropriation than that provided by this subsection.

(3) Where the principal amount of any registered stock due for redemption is transferred to the Consolidated Fund under subsection (1), the Registrar shall within twelve months after such transfer publish a notice in the Gazette showing the name of the holder of such registered stock and the amount so transferred.

as may be prescribed.

(2) Nothing in this section shall apply to the Auditor for The Bahamas.

(2) Nothing in any regulation made hereunder, shall, as between any trustees or as between any trustees and beneficiaries under a trust, be deemed to authorise the trustees to act otherwise than in accordance with the rules of law applying to the trust and the terms of the instrument constituting the trust; and neither the Government nor the Registrar nor any person holding or acquiring any interest in any registered stock shall by reason of any entry in the register of stock of anything in any document or instrument relating to registered stock, be affected with notice of any fiduciary obligation attaching to the holding of any registered stock.