Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697628727597.pdf (Antigua and Barbuda)
LAWS OF ANTIGUA AND BARBUDA General Loan and Stock (CAP.

188 1 CHAPTER 188 T H E G E N E R A L L O A N A N D S T O C K A C T Arrangement of Sections Section 1.

Short title.

2.

Interpretation.. 3.

Loans to be raised by debentures or stock.

4.

Loans to be a charge upon general revenue.

5.

Borrowing upon debentures.

6.

Amount of each debenture.

7.

Debentures may be redeemed by annual drawings or by purchase in the market or on a date fixed.

8.

Interest coupons.

9.


Form of debenture and coupons.

10.

Debentures and coupons transferable by delivery.

11.

Registry of debentures.

12.

Payment of interest.

13.

Mode of providing for payment of interest on debentures.

14.

Further sums to be remitted for the redemption of the debentures.

15.

Application of sinking fund.

16.

Creation of sinking fund for redemption of debentures payable on a fixed date.

17.
17.

Disposal of sinking fund when debentures are redeemed by purchase or by annual drawings.

18.

Appointment of day for drawing debentures.

19.

Notice of time and place appointed for drawing.

20.

Mode of drawing.

21.

Notice of debentures drawn for redemption.

22.

Payment of drawn debentures.

23.

Cesser of interest from day appointed for payment of principal.

24.

Redeemed debentures to be cancelled.

25.

Borrowing upon stock.

26.

When the principal is to be repaid.

2 CAP.


188) General Loan and Stock LAWS OF ANTIGUA AND BARBUDA 27.

Mode of providing for the payment of interest on stock.

28.

Mode of providing for payment of principal of stock.

29.

Creation of sinking fund.

30.

Charge upon general revenue.

31.

Expenses to be paid out of sinking fund.

32.

Powers of Governor-General.

33.

Exchange of securities for stock.

34.

Converted securities to be cancelled.

35.


Trustees to apportion amount of sinking fund released by conversion.

36.

Sinking funds released: how to be disposed of.

37.

Creation, inscription, registration, issue, conversion, and transfer of stock.

38.

Raising of loans in Antigua and Barbuda.

39.

Regulations regarding transfer of Stock.

40 and 41 Vic.

c 59.

12 & 13 Geo.

6 c.1.

LAWS OF ANTIGUA AND BARBUDA General Loan and Stock (CAP.

188 3 GENERAL LOANAND STOCK.

( 1st December, 1950. )


WHEREAS it is expedient to define in one Act the terms and conditions applicable to loans hereinafter authorized to be raised by the Legislature: AND WHEREAS it is expedient to provide for the crea- tion of stock and to enable Antigua and Barbuda to take advantage of the provisions of the Acts of the Parliament of the United Kingdom entitled the Colonial Stocks Act, 1877 to 1948, and any Act amending the same: 1.

This Act may be cited as the General Loan and short title.
Stock Act.

2.

In this Act- Interpretation.

"stock" includes both inscribed and registered stock; "registered stock" means stock transferable by instru- ment in writing.

3.

Whenever by any Act authority shall have been :;:; ;be given, or shall hereafter be given, to raise any sum of money debentures or for the purposes mentioned in such Act, the Governor- stock.
General, or the Crown Agents acting on his behalf, may from time to time, as he or they may deem expedient, raise such sum either by debentures or by stock, or partly by debentures and partly by stock.

4.

The principal moneys and interest represented by Loans charge to upon be a debentures or stock issued under the provisions of this Act general revenue.

are hereby charged upon and shall be payable out of the general revenues and assets of Antigua and Barbuda.

5 .
5 .

When the Governor-General, or the Crown Agents ~ ; ~ ~ ; , " , .

U P O ~ acting on his behalf, shall deem it expedient to raise money 4 CAP.

188) General Loan and Stock LAWS OF ANTIGUA AND BARBUDA by debentures, such debentures shall be issued in London on behalf of the Government by the Crown Agents, upon the best and most favourable terms that can be obtained, and shall be signed by any one of them in that behalf.

Amount of each debenture.

6.


Every debenture issued under the provisions of this Act shall be for the sum of not less than four hundred and eighty dollars.

Debentures may be redeemed by annual drawings OI by purchase in the market or on a date fixed.

7.
The debentures shall be redeemable either- (a) at par on a fixed date to be declared on the issue of the debentures such date not being later than sixty years from the date of issue: Provided that the Governor-General, or the Crown Agents acting on his behalf, may reserve the option to redeem the debentures prior to such date on such con- ditions as may be declared at the time of issue; or (6) by annual drawings at par or at the option of the Governor-General, or the Crown Agents acting on his behalf, by purchase at or below par.
Interest coupons.

8.

There shall be attached to every debenture coupons for the payment of the interest to become due in each half- year upon the principal represented by the debenture.

The coupons shall be sufficient in number to provide for the pay- ment of the interest, either during the whole period for which the debenture has to run, or for such limited period as the Crown Agents, acting on behalf of the Government, may determine.

Form of debenture and coupons.

9.


The debentures and the coupons thereto shall be in such form as the Governor-General, or the Crown Agents acting on his behalf, may direct or approve.

Debentures and coupons transferable by delivery.

Registry of debentures.

10.

Every debenture and coupon, and the right to receive the principal and interest represented thereby, shall be transferable by delivery.

1 .
1 .

Every debenture shall, before being issued, be registered in a register book to be kept for that purpose at the office in London of the Crown Agents.

LAWS OF ANTIGUA AND BARBUDA General Loan and Stock ( C A P .

188 5 12.

The interest upon the principal represented by p ~ = ; t of each debenture shall run from the day named in that behalf in the debenture, and shall be paid half-yearly on the days named in that behalf in the debenture, at the office in London of the Crown Agents.

13.
13.

So long as any of the debentures remain outstand- Mode of ing, the Governor-General shall, in each half-year ending payment of with the day on which the interest on the debentures falls z;;:~.
providing for due, appropriate out of the general revenues and assets of Antigua and Barbuda, a sum equal to one half-year's interest on the whole of the debentures issued, including any which may have been redeemed, but exclusive of any which may have been exchanged at any time for stock, and shall remit that sum to the Crown Agents at such time as will enable them to pay thereout the then current half-year's interest on the day on which it falls due.
Debentures shall not be deemed to be outstanding for the purpose of this Act by reason only that one or more of the debentures have not been presented for payment on the day appointed for pay- ment and have, in consequence, not been paid.

14.

(1) The Governor-General shall, in the half-year ~~~,h~,:~;;$ ending on the date specified in the terms of issue of the loan the redemption as that on which the first contribution to the sinking fund ; ~ ~ ~ ; t u r e s .
shall be taken and in each subsequent half-year, appropriate out of the said revenues and assets of Antigua and Barbuda for the formation of a sinking fund, an additional sum equal to one half of the annual contribution specified in the pros- pectus or, in the case of a loan not issued publicly, in the terms of issue relating to the loan, in respect of the total nominal amount of all the debentures issued, including any which may have been redeemed, but exclusive of any which may have been at any time exchanged for stock, and shall remit that sum to the Crown Agents with the remittance hereinbefore mentioned.
(2) Notwithstanding anything to the contrary contained in subsection (I), if at any time the trustees of the sinking fund of any loan issued under the provisions of this Act are satisfied that the value of the fund will be sufficient with fur- ther accumulations of interest but without further payment of contributions to enable the loan to be redeemed out of the proceeds of the sinking fund not later than the final Application of sinking fund.
Creation of sinking fund for redemption of debentures payable on a fixed date.

LAWS OF ANTIGUA AND BARBUDA CAP.

188) General Loan and Stock redemption date, the Governor-General may suspend fur- ther contribution to the said sinking fund: Provided always that contributions to the sinking fund shall be recommenced if the trustees shall at any time inform the Governor-General that this is necessary.

15.
15.

The sinking fund shall be applied in the first place in payment of all expenses of, or incidental to, the redemp- tion of the debentures and the cost and expenses of all notices required by this Act to be given, and in the next place, and subject to the aforesaid payments, in repayment of the prin- cipal moneys for the time being represented by the debentures.

16.
In the case of debentures redeemable on a fixed date, the Crown Agents shall place at interest or invest in the purchase of such securities as may be approved by the Governor-General so much of the money so remitted to them as aforesaid as shall not be required for the payment of interest for the current half-year, as a sinking fund for the final extinction of the debt, and the Crown Agents shall also place at interest or invest in the purchase of like securities the accumulations of interest or the dividends, interest or produce of such investments and may, from time to time, with the approval of the Governor-General, change any such investments and shall hold such fund in trust for the repay- ment of the principal moneys for the time being represented by the debentures.
Disposal of sinking fund when debentures are redeemed by purchase or by annual drawings.

17.
17.

In the case of debentures redeemable by annual drawings, the Crown Agents shall place and keep the moneys so remitted to them, or so much thereof as may not be required for immediate payments, at interest, and shall hold all such moneys and the accumulation thereon in trust to apply them in the first place to the purchase of the deben- tures when they can be obtained at a price not exceeding par, and, secondly, to the redemption of the debentures by means of annual drawings.
Appointment of day for drawing of debentures.

18.

After the date specified in the Act authorizing a loan as that on which the contributions to the sinking fund shall commence in respect of that loan, and so long thereafter as any of the debentures remain oustanding and unsatisfied, LAWS OF ANTIGUA AND BARBUDA General Loan and Stock (CAP.
188 7 the Crown Agents shall in every year, unless the whole of the money applicable in that year to the redemption of deben- tures has been applied in the purchase thereof, appoint a day in that year for the drawing by lot of the debentures to be redeemed.

19.

If a day is appointed for drawing, the Crown I'J'Jp;ottime Agents shall give, by advertisement in the London Times appointed for newspaper, not less than fifteen days previous notice, speci- drawing.
fying the day on which, and the hour and place at which, the drawing will take place.

20.

O n the day and at the hour and place so specified :;$;: the Crown Agents shall hold a meeting, at which the holder of any debenture may, if he thinks fit, be present, and shall then in the presence of such debenture holders, if any, as may attend, and of a Notary Public, draw by lot, out of the whole number of debentures for the time being outstand- ing, debentures of the specified nominal amount.

2 1.
2 1.

The Crown Agents shall thereupon declare the ~;~~tuOrfes drawn distinguishing numbers of the debentures drawn for redemp- for redemption.

tion, and shall, as soon as may be, by advertisement in the London Times newspaper, specify those numbers and appoint a day not being later as to each debenture than the day on which the then current half-year's interest thereon is payable, on which the principal moneys represented by the deben- tures so distinguished will be repaid.

22.
22.

O n the day so appointed the Crown Agents shall, z;z;t of at their office in London, on demand, pay to the holders debentures.

of the debentures drawn for repayment the principal moneys represented by those debentures, with all interest payable thereon up to that day.

23.
23.

From and after the day appointed for the repay- cesser of interest ment of any debenture all interest on the principal moneys appointed for represented thereby shall cease and determine, whether pay- ;;rn:;;;,.of ment of the principal shall have been demanded or not.

from day 24.

Upon the repayment of the principal moneys Redeemed represented by any debenture, the debenture, with all cance~ed.
coupons thereunto belonging, shall be delivered up to the Crown Agents, to be by them cancelled and disposed of in debentures to be Borrowing upon stock.

40 and 41 Vic.c.59.

When the principal is to be repaid.

LAWS OF ANTIGUA AND BARBUDA CAP.

188) General Loan and Stock such a manner as the Governor-General, or the Crown Agents acting on his behalf, may decide.

Any debenture redeemed by purchase shall likewise be so cancelled and disposed of.

25.
25.

When the Governor-General, or the Crown Agents acting on his behalf, shall deem it expedient to raise money by the issue of Antigua and Barbuda stock, then such stock shall be issued in England by the Crown Agents under the provisions of the Acts of the Parliament of the United Kingdom entitled "The Colonial Stock Acts, 1877 to 1948", and any Act amending the same upon the best and most favourable terms that can be obtained.

26.
26.

All the stock which may be created under the pro- visions of this Act shall be redeemable at par on a date to be named in that behalf by the Crown Agents when issuing the stock, such date not being later than sixty years from the date of issue: Provided that the Governor-General, or the Crown Agents acting on his behalf, may reserve the option to redeem the stock in whole or in part, by drawings or otherwise, at any time prior to such date on such conditions as may be declared at the time of issue.
From and after the date appointed for the redemption of the stock or any part of it all the interest on the principal moneys represented thereby shall cease and determine, whether payment of the principal shall have been demanded or not.

27.

So long as any of the stock shall remain Mode of providing for the unredeemed, the Governor-General shall, in each half-year payment of interest on stock.
ending with the day on which the interest on such stock falls due, appropriate out of the general revenues and assets of Antigua and Barbuda, a sum equal to one half-year's interest on the whole of such stock, and shall remit that sum to the Crown Agents at such time as will enable them to pay thereout the then current half-year's interest on the day when it falls due.

Mode of providing for payment of principal of stock.

28.
28.

(1) The Governor-General shall, in the half-year ending on the date specified in the terms of issue of the loan as that on which the first contribution to the sinking fund shall be taken and in each subsequent half-year, appropriate LAWS OF ANTIGUA AND BARBUDA General Loan and Stock (CAP.
188 9 out of the said revenues and assets of Antigua and Barbuda for the formation of a sinking fund an additional sum equal to one half of the annual contribution specified in the pros- pectus, or, in the case of a loan not issued publicly, in the terms of issue relating to the loan, in respect of the total nominal amount of such stock including any such stock which may at any time have been issued in exchange for deben- tures under the authority of this Act, and shall remit that sum to the Crown Agents with the remittance hereinbefore mentioned.
(2) Notwithstanding anything to the contrary contained in sub-section (I), if at any time the trustees of the sinking fund of any loan issued under the provisions of this Act are satisfied that the value of the fund will be sufficient with fur- ther accumulations of interest but without further payment of contributions to enable the loan to be redeemed out of the proceeds of the sinking fund not later than the final redemption date, the Governor-General may suspend fur- ther contributions to the said sinking fund: Provided always that contributions to the sinking fund shall be recommenced if the trustees shall at any time inform the Governor-General that this is necessary.
29.

The Crown Agents shall, for the purpose of for- ~ ?

~ ~ ~ f , " ~ d .
ming such sinking fund, from time to time place at interest or invest in the purchase of such securities as may from time to time be approved by the Governor-General so much of the money so remitted to them as aforesaid as shall not be required for the payment of interest for the current half-year and shall also place at interest or invest in the purchase of like securities, the accumulations of interest or the dividends, interest, or produce of such investments, and may from time to time, with the approval of the Governor-General, change any such investments, and shall hold such fund in trust for the repayment of the principal moneys for the time being represented by the stock.
30.

I n case the sinking funds provided for by this Act :% ;pane.

shall be insufficient for the payment of all the principal moneys borrowed under the authority of this Act a;the time the same shall have become due, the Governor-General shall - .

10 C A P .

188) General Loan and Stock LAWS O F ANTIGUA AND BARBUDA make good the deficiency out of the general revenues and assets of Antigua and Barbuda.

Expenses to be paid out of &king fund.

31.


All expenses of or incidental to the management of the sinking fund, or to the payment of the principal moneys borrowed, shall be paid out of the sinking fund.

Powers of Governor-General.

32.

The Governor-General shall also have, and may from time to time exercise, the following powers and authorities or any of them- - .
(a) He may authorize the Crown Agents when issuing any loan in the form of debentures to declare that such debentures will be convertible into stock at such dates and on such terms and conditions as may be prescribed by the Crown Agents at the time of the issue of the debentures; ( 6 ) He may declare all or any of the Antigua and Barbuda loans, whether existing in the form of stock or debentures, and whether issued before or after the commencement of this Act, to be convertible into stock, to be issued under the provisions of this Act; (c) He may authorize the creation and issue of such an amount of stock in exchange for the securities held for such loans as may be necessary; (6) He may authorize the creation and sale of any such stock or debentures for the purpose of raising money for redeeming any outstanding loans whether issued before or subsequent to the passing of this Act, for paying any expense in the creation of stock, and otherwise for carrying out the provisions of this Act; (e) Any conversion so authorized may be effected either by an arrangement with the holders of existing securities or by purchase thereof out of moneys raised by the sale of stock, or partly in one way and partly in the other.
Exchange of securities for stock.

33.

Nothing in this Act contained shall authorize an increase of the capital or of the annual charge on any loan, except- LAWS OF ANTIGUA AND BARBUDA General Loan and Stock (CAP.
188 11 ( a ) when securities exchanged for stock bear a rate of interest not less than the stock, an additional amount of stock may be created and issued to make up the dif- ference in saleable value between the securities and the stock; (b) in the case of the conversion of securities into stock the Crown Agents shall issue such an amount of stock as may be required to defray the stamp duties and all other expenses incidental to the conversion; (c) in accordance with such terms and conditions as may be prescribed under paragraph ( a ) of section 32.
34.

The securities exchanged or otherwise converted Converted into stock under the provisions of this Act shall be forthwith cance~,d.

cancelled by the Crown Agents, and the debentures sur- rendered shall be cancelled and transmitted to the Governor-General.

securities to be 35.


The trustees of the sinking fund appointed under T;;:;:: this Act, and acting under any Act authorizing the issue of any securities which may be exchanged into stock or cancelled $ , k ~ ~ ~ ~ ; d or purchased under the provisions of this Act, shall deter- conversion.
mine what amount of the sinking fund held by them and created for repayment of such securities shall be released and in the determination of such question the trustees shall take into consideration the value of the whole investments held by them on account of such sinking funds, the amount of the debt remaining a charge on such sinking funds, and such matters as the trustees may think fit to take into account.

of 36.
of 36.

So much of the sinking funds as may be released s:;y~",i:%d," to shall either be transferred unto the trustees of the stock sinking be disposed of.

fund, or be disposed of in such a manner as the Governor- General, with the advice and consent of the Legislature, may direct.

37.

The Crown Agents may from time to time, at Creation, inscription, the request of the Governor-General, make arrangements registration, for all or any of the following things- issue, conversion, and transfer of stock.
( 1 ) For inscribing and registering stock in their books; LAWS OF ANTIGUA AND BARBUDA CAP.
$88) General Loan and Stock (2) For managing the creation, inscription, registration and issue of stock, including the issue of certificates of title in respect of such stock; (3) For effecting the conversion of loans into stock; (4) For paying interest on stock and managing the transfers thereof; (5) For issuing stock certificates to bearer, and, as often as occasion shall require, re-inscribing or re-registering them; (6) For effecting the exchange or conversion of inscribed stock into registered stock.
Raising of loans in Antigua and Barbuda.

38.

This Act shall be applicable only to the raising of loans in England, and nothing in this Act contained shall prevent the raising of loans in Antigua and Barbuda upon such terms and conditions as shall be specified in any Act authorizing the raising of such loans.

39.

Authority is hereby given for the making of Regulations regarding transfer of stock.
regulations under section 16 of the Colonial Stock Act, 1877, 40 and 41 to provide, that, in accordance with section 1 of the Col- Vic.c.59.

12 and 13 Geo.6 onial Stock Act, 1948, stock issued (whether before or after the passing of the last mentioned Act) under the provisions c.1.

of this Act shall be transferable by instrument in writing in accordance with the regulations and in no other manner.