Act No. 73 of 1957
INFIRMARY, TUBERCULOSIS SANATORIUM, DREDGER LOAN |
An Act to
authorize the raising of a loan for the construction of an infirmary, tuberculosis
sanatorium and dredger. | 73 of 1957
S.I. 113/1965 |
[Commencement 22nd
July, 1957] |
1. This Act
may be cited as the Infirmary, Tuberculosis Sanatorium, Dredger Loan Act. | Short title. |
2. In this
Act, "Minister" means the Minister for Finance. | Interpretation. |
3. It shall
be lawful for the Minister to raise locally by the issue of debentures under
this Act any sum or sums not exceeding in the whole three hundred thousand
pounds to be applied for defraying expenses in connection with the construction
of an Infirmary, Tuberculosis Sanatorium and Dredger. | Authority to raise loan not
exceeding £300,000 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. | Principal moneys and
interest, how secured. |
5. The
debentures shall be for such sums or denominations (not being less than one
hundred pounds each) as the Minister shall deem advisable and shall bear
interest at such rate as shall be fixed by the Minister by Order but not
exceeding five per centum per annum and shall be redeemable not exceeding
fifteen years after the respective dates thereof by purchase, or by annual
drawings at par, as hereinafter provided. | Amount of debentures. Rate
of interest. |
6. The
debentures shall be in such form as the Minister shall determine and shall be
signed by the Treasurer or such other person as may be designated for the
purpose by the Minister. They shall be countersigned by such other person as
may be designated for the purpose by the Minister. | Form and signature of
debentures. |
7. (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 Minister
may, if deemed advisable, by Order authorize the making and keeping of a
duplicate Register Book to be kept at such place as may be designated in the
said Order. | Duplicate Register. |
8. Debentures
shall be transferable by an instrument in writing in such form as shall be
prescribed by the Minister. | Debentures to be
transferred in writing. |
9. The
interest accruing due on debentures shall be payable half-yearly out of the
Treasury as hereinafter provided. | Interest when and how
payable. |
10. (1) The
Minister shall appropriate out of the general revenue and assets of The Bahamas
in each year during which interest shall be payable on the debentures twenty-eight
thousand nine hundred and three pounds which shall be placed to the credit of
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 purchase and redemption of debentures. |
(2) Out of the
said sum of twenty-eight thousand nine hundred and three 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 in trust to apply the same to the purchase of debentures
when they can be obtained at a price not exceeding the par value thereof; |
(c) unless the
whole of the balance of the said sum shall have been applied in the purchase of
debentures pursuant to paragraph (b) hereof, then so long as any of the
debentures remain outstanding apply the same (to the nearest one hundred pounds)
to the redemption of the debentures to b drawn by lot as hereinafter provided. |
(3) Any debenture
purchased or redeemed by the Treasurer under the provisions of this Act shall
be by him cancelled and destroyed in such manner as the Minister may direct and
an appropriate entry to this effect shall be made by him in the Register book. | Cancellation and destruction of debentures. |
11. (1) In
the year following the first anniversary of the date on which the debentures
are issued, and annually thereafter, unless the whole of the balance of the sum
appropriated pursuant to section 10 of this Act shall have been utilized and
applied in accordance with subsection (2)(a) and (b) thereof, the Minister
shall fix a day, hour and place for the drawing by lot of debentures to be
redeemed, and shall specify the amount of debentures so to be drawn. | Drawing of debentures. |
(2) When a day, hour
and place has been appointed as aforesaid, the Treasurer shall give not less
than twenty-one days' previous notice by advertisement in the Official
Newspaper of The Bahamas specifying the day, hour and place on and at which
such drawing shall take place and the amount of the debentures to be drawn. |
(3) On the day and
at the hour and place so specified the Minister and the Treasurer or any other
persons appointed by the Minister for that purpose shall hold a meeting at
which the holder of any debenture may be present and shall in the presence of
such debenture holders, if any, as may attend draw by lot out of the whole
number of the debentures for the time being outstanding debentures of a par
value equal to the amount specified under subsection (1) hereof. |
(4) The Minister
and the Treasurer or other persons appointed as aforesaid shall thereupon
declare the distinguishing numbers of the debentures drawn for redemption and
the Treasurer shall within seven days thereafter by advertisement in the
Official Newspaper specify the distinguishing numbers of the debentures drawn
and thereby appoint a day not being later, as to each debenture, than the day
on which the then current half-yearly interest thereon is payable, on which the
principal moneys represented by the debentures so drawn will be repaid. Notice
of the debentures drawn for redemption shall also be sent by registered post to
the holders of such debentures at their addresses as registered in the Register
Book. | Notice of drawing of debentures. |
(5) From and after
the day so appointed the Treasurer shall at the Treasury pay on demand to the
holder of the debentures drawn for repayment upon surrender of such debentures
the principal moneys represented thereby with all interest payable thereon up
to the appointed day. | Repayment of debentures drawn. |
(6) From and after
the day appointed for the repayment of any debenture all interest on the
principal moneys represented thereby shall cease and determine whether payment
of the principal shall have been demanded or not. | Cessation of interest. |
12. 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, 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 to the extent of the amount for which the debentures so delivered
up was originally issued. | Debentures for sums
exceeding £100 converted into debentures of £100 each. |
13. 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 future
income or any other similar tax, and any capital profits made on the debentures
shall be free of any capital gains or similar tax. | Exemption from taxes. |