Act No. 17 of 1958
TELEPHONE LOAN (1958) |
An Act to
authorise the raising of a loan for the purposes of the telephone system in New
Providence and radio telephone circuits between New Providence and the Island of
Eleuthera. | 17 of 1958
18 of 1959
S.I. 113/1965 |
[Commencement 24
July, 1958] |
1. This Act
may be cited as the Telephone Loan Act, 1958. | Short title. |
2. In this
Act- | Interpretation. |
"debentures"
means the debentures to be issued under this Act. |
3. It shall
be lawful for the Governor in Council to raise locally by the issue of
debentures under this Act any sum or sums not exceeding in the whole four
hundred thousand pounds to be applied for defraying expenses in connection with
the expansion and improvement of the telephone system in the Island of New
Providence and the Radio Telephone Circuits between New Providence and the
Island of Eleuthera. | Authority to raise loan not
exceeding £400,000 by issue of debentures. |
4. The
principal moneys and interest secured by the debentures issued under this Act
are hereby charged upon and made payable out of the general revenue and assets
of The Bahamas. | Amount of debentures. |
5. The
debentures shall be for such sums or denominations (not being less than one hundred
pounds each) as the Governor in Council shall deem advisable. | Principal moneys and
interest how secured. |
6. Out of
the said sum of four hundred thousand pounds authorized to be raised by the
issue of debentures under this Act- | Rates of interest and
redemption of debentures. |
(a) one hundred
thousand pounds shall bear interest at the rate of four and one-quarter per centum per
annum and the debentures for that amount shall be redeemable three years from
the date of issue; |
(b) seventy-five
thousand pounds shall bear interest at the rate of four and one-half per centum
per annum and the debentures for that amount shall be redeemable five years
from the date of issue; |
(c) eighty-five
thousand pounds shall bear interest at the rate of five per centum per annum
and the debentures for that amount shall be redeemable seven years from the
date of issue; |
(d) one hundred
and forty thousand pounds shall bear interest at the rate of five and one-quarter
per centum per annum and the debentures for that amount shall be redeemable ten
years from the date of issue. |
7. The
debentures shall be in such form as the Governor in Council shall determine and
shall be signed by the Treasurer or such other person as may be designated for
the purpose by the Governor in Council. They shall be countersigned by the
Colonial Secretary of such other person as may be designated for the purpose by
the Governor in Council. | Form and signature of
debentures. |
8. (1) Every
debenture shall, before being issued, be registered in a Register Book to be
kept for that purpose at the Treasury. The name and address of the holder of
each debenture and all transfers and cancellations of debentures shall be noted
in the Register Book; | Register of debentures. |
(2) The Governor
in Council may, if deemed advisable, by Order in Council, authorize the making
and keeping of a duplicate Register Book to be kept at such place as may be
designated in the said Order in Council. | Duplicate Register. |
9. Debentures
shall be transferable by an instrument in writing in such form as shall be
prescribed by the Governor in Council. | Debentures to be
transferred in writing. |
10. The
interest accruing due on debentures shall be payable half yearly out of the
Treasury as hereinafter provided. | Interest when and how
payable. |
11. (1) The
Minister for Finance shall appropriate out of the general revenue and assets of
The Bahamas in each year a sum of fifty-five thousand pounds which shall be
deposited by the Treasurer in an account to be
opened in the Treasury to be utilized by him for the purposes hereinafter
mentioned. | Mode of providing for
payment of interest and redemption of debentures. |
(2) Out of the
said sum of fifty-five thousand pounds the Treasurer shall- |
(a) utilize
such part as shall be necessary to provide for and pay the annual interest on
the debentures from time to time remaining unpaid; |
(b) hold the
balance of such sum to apply the same for the redemption of debentures at the
par value thereof as and when such debentures become due for redemption. |
(3) All interest
on debentures issued under this Act shall cease and determine from and after
the day such debentures become due for redemption. |
12. Upon
the repayment of the principal moneys secured by any debenture issued under
this Act the
debenture shall be delivered up to the Treasurer to be by him cancelled and
destroyed in such manner as the Minister for Finance may direct and an
appropriate entry to this effect shall be made by him in the Register Book. | Cancellation and
destruction of debentures. |
13. Where a
person who is the holder of a debenture for the payment of a sum exceeding one
hundred pounds desires to convert the same into securities of a lower
denomination it shall be lawful for the Treasurer with the sanction of the
Minister for Finance, upon delivery to him of the debentures so desired to be
converted, to issue to such persons other debentures in such sums, not being
less than one hundred pounds each or multiples of one hundred pounds, as may be
approved by the Minister for Finance to the extent of the amount for which the
debenture so delivered up was originally issued. | Debentures for sums
exceeding £100 converted into debentures of £100 each. |
14. The
debentures shall be transferable free of any stamp tax, and the debentures and
the interest thereon shall not be liable to any duties, levies or any capital
profits made on the debentures shall be free of any capital gains or similar
tax. | Exemption from taxes. |
15. All
expenses of and incidental to the issue of debentures under this Act and to the
repayment of the principal moneys borrowed under this Act and all moneys
required and all expenses incurred in carrying out the provisions and objects
of this Act shall be paid out of Treasury by warrant
in the usual manner on the authority of the Minister of Finance. | Payment of expenses of
debentures. |