Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697796663009.pdf (Guyana)
52 No.

16] tHE LAWS OF BRITISI1 GVIANA [A.D. 1962 I assent.

R. F. A. GREY Governor.

• 10th August, 1962.

ORDINANCE NO.

16 OF 1962.

.. NATIONAL DEVELOPMENT SAVINGS LEVY ORDINANCE, 1962.

Arrangement of Sections Section 1.

Short title.

2.

Commencement.

3.

Interpretation.

4.

Administration.

5.

Official secrecy.

PART I -NATIONAL DEVELOPMENT SAVINGS LEVY to the Commissioner.

fl ,,.. to be furnished 6.

Savings levy.

7.

Special periods.

8.

Exemptions.

9.

Rates of levy.

10.


Returns 11.Form of return.

12.Returns, 13.Employer 14.

Payment of estimated amount of levy.

of levy.

of remainder 15.

Payment 16.Refund of overpayments.

17.

Repayment assessments, appeals.

to deduct levy.

18.

Repayment 19.Refund of small payments.

20.

Method of repayment.

to emigrant.

of amount paid in year of death or insolvency of individual or winding-up of company.

PART II -APPLICATION OF THE LEVY ISSUE AND REPAYMENT OF BONDS.

<.

21.

22.

23.
<.

21.

22.

23.

Use of levy.

Savings; Bonds.

Repayment .

revenues of Savings of British Bonds to Guiana.

24.

25.

26.

Sinking fund.

Issue of Savings Register of holders Bonds.

of Savings Bonds be charge on assets and I. Q 0 \•) I A.D. 1962] NATIONAL DEVELOPMENT SAVINGS LEVY [No.

16 53 27.

28.

29.

30.

31.

32.

Bonds.

of Savings on Savings Interest Redemption Lottery drawings.

Amount of drawings.

prizes.

Lottery Total value of prizes.

Bonds.

PART III - GENERAL.

33.

Regulations.


Schedule AN ORDINANCE to make provision to be utilised for the issue of Bonds therefor, with respect and of prizes for the levy of compulsory savings Guiana, of interest the payment and for the redemption thereof.

for works of development in British thereto thereon and Enacted by the Legislature of British Guiana:- A.D. 1962 [11th August, 1962) 1.

This Ordinance may be cited as the National Develop-Short title.

ment Savings 1962.

Levy Ordinance, 2.


This Ordinance shall be deemed to have come into oper-eo � ence- men· ation on the 1st July, 1962. unless 3.

In this Ordinance, "body of persons" has the same meaning purposes "business" otherwise requires - as it has for the of the Income Tax Ordinance; has the same meaning of the Income Tax Ordinance; the context as it has for the purposes Cap.

299.

Interpreta­ tion.
"chargeable the purposes income" has the same meaning as it has for of the Income Tax Ordinance; or Commis­ means the Commissioner of the Income with the administration "Commissioner" sioners charged Tax Ordinance; "company" has the same meaning as it has for the pur­ poses of the Income Tax Ordinance; "employed", "emoluments", "employee", "employer" and "employment" for the purposes have the same meaning as they have of the Income Tax Ordinance; "Minister'- "net amount of the levy'' means the Minis,t er responsible for finance; means the gross amount paid or by any person as reduced deemed to have been paid by any repayment to him; have the same meaning as they "office" and "officer" have for the purposes of the Income Tax Ordinance; "pension" and "pensioner" they have for the purposes nance; "person" includes a body of persons; have the same meaning as of the Income Tax Ordi­ 54 N'o.
16j THE LAWS OF BRITISH GUIANA [A.D. 1962 "prescribed" means prescribed by regulations made under this Ordinance; ''remuneration" has the same: meaning as it has for the purposes "resident in the Colony" of the Income Tax Ordinance; t in British or "residen of as it has for the purposes Guiana" • has the same meaning the Income Tax Ordinance; "retirem voluntary ent" includes ment which continues during individual for more than six months and income of the monthly dollars; was less than three hundred which time the average or involuntary unemploy­ .. "Savings Bonds" means bonds required to be issued under the provisions of this Ordinance; "Year of Assessment" means the period of twelve months commencing succeeding period of twelve months.
on 1st January, 1963, and each Administra­ tion.

4.

Cap.

299.
The administration (a)except of this Ordinance as is provided for in paragraph of shall be under the care and management ap­ of the Income Tax for the administration section the Commissioner pointed and Ordinance, and the officers and persons (b) of this - (b)in so far as it relates to the issue and redemption of and records and all and prizes be under the care thereto, shall Bonds, the registration the payment incidental Savings holaers, matters and management of such department of the public designate or departmentso\'I may by Order for any of these purposes.
as the Minister of interest service of bond­ Official secrecy.

5.

The Commission in pursuance of paragraphs assessment and collection shall, mutatis mutandis, Income Tax Ordinance: er and officers and persons (a) and (b) of the preceding of the levy in respect for the section of such administration 4 of the of section be subject to the provisions responsible Cap.

299.
299.

Provided that the secrecy imposed under this section shall to the officers of any other department in accordance not prevent the disclosure signated the net amount of the levy person during each year ended 31st Bonds to be issued Ordinance.

de­ of paid or deemed to have been paid by any December, to the provisions with paragraph to enable Savings of Part II of this (b) of the preceding section pursuant (, PART I -NATIONAL DEVELOPMENT SAVINGS LEVY of this Ordinance, to the provisions Subject 6.
( 1) a levy ( called Savings levy, A.D. 1962] NATIONAL DEVELOPMENT SAVINGS LEVY [No.
16 55 Development the National lected Savings at the rate or rates hereinaft (a)the emoluments er specified upon - of every individual employed in Levy) shall be charged and col­ British Guiana or resident in British Guiana; (b)the income ascertain ed on income tax principles of from any trade, business, pro­ in British on or exercised busi­ period of time the t�ade, carried any person derived fession or vocation Guiana for whatever ness, profession on or exercised; or vocation and may have been carried ( c)any other income, ascertained from or received on income tax prin­ Guiana in British ciples, not included derived under any other head, for the period of six months commencing 1st July, 1962, and for e:1�h succeeding period of twelve months.
(2)For the purposes of ascertaining the income upon which for the period of six months 1st July, 1962, the income for that period shall, except the levy shall be charged commencing so far as the contrary come for the period of twelve months ending 31st December, is shown, be deemed to be one-half of the in­ 1962. and collected 7.
Where the Commission er has under the provisions of 9 of the Income Tax Ordinance permitted section to be computed upon the income of a year of a trade or business terminating on some day other than 31st December, the income from for the purposes of that trade or business the Commissioner same basis.

otherwise allows or directs, be computed on the this Ordinance shall, except the gains and profits Special periods.

Cap.

299 8.

(1) There shall be exempt from the levy - Exemptions.
(a)the income exempt from income tax under the pro-Cap.

299. of the Income Tax Ordinance or of any other visions Ordinance: Provided that income exempt from income tax under the provisions (In Aid of Industry) exempt; of Part I of the Income Tax Ordinance shall not be so Cap.

300.

(b)the income of any individual who has attained the age of sixty years, commencing year in which he would attain (c)the income from dividends that age; of income which is subject paid by a company out to the levy.
may by resolution exempt any person or (2)The Legislature with the calendar class of persons on any ground which may seem sufficient.

·be published in the Gazette.

e Any such exemptio n shall from all or any of the provisions of this Ordinanc 9.

(1 ) The levy shall be made and collected at the following Rates ot rates - levy.

;;, n ) :) :, > 56 No.


16] THE LAWS OF BRITISH GUIANA [A.D. 1962 (a)for the 6 month period (i)on the income of any individual 1st July, 1962 commencing - (A)being solely or in the main an employee, pensioner, or officer - on the first 1800 dollars on every dollar being emoluments of the remainder 5% of the remainder on every dollar Nil not being emoluments 10% (B)other than one who is solely or in the main an employee, pensioner, or officer - on the first 1800 dollars on every dollar of the next Nil �-.
... 3200 dollars on every dollar (ii)on the income of a company 5% 10% of the remainder 10% (b)for each succeeding 1st January, commencing (i)on the income of any individual period 1963 - - of 12 months (A)being solely employee, or in the main an or officer - pensioner, on the first 3600 dollars on every dollar of the remainder 5% on every dollar of the remainder being emoluments not being emoluments 10% Nil C (B)other than one who is solely or in the main an employee, pensioner, or officer -- on the first 3600 dollars on every dollar of the next Nil I(; 6400 dollars 5 % of the remainder 10% on every dollar (ii)on the income of a company of sub-parag 10% (2)For the purposes graphs (a) and (b) of subsection dollars and the first 3600 dollars employee, pension not being emoluments than 1800 dollars under paragraph er or officer shall be regarde only to the extent under paragraph (b).
raphs (i) (A) of para­ the first 1800 (1) of this section, respectively of the income of an d as comprising that the emoluments income are less (a) or less than 3600 dollars chargeable 10.
(1) Every person able to income tax, shall on or before of returns pursuant delivery deliver Income Tax Ordinance return of the whole of his income from every source the period to the provisions to the Commissioner � with the levy, if he is not charge­ the day prescribed for the 40 of the a true and correct whatsoever or year, as the case may be, immediately preceding of section for th� Returns to bo furnished to the Com• missioner.

Cap.

299.

AD.
Cap.

299.

AD.

1962] NATIONAL DEVELOPMENT '--------------------------- year of assessment name and required Tax Ordinance.

give the as if he were otherwise 40 of the Income if absent from British therein and shall, of an agent residing to do so under the provisions SAVINGS LEVY [No.
16 57 of section address Guiana, (2)Where a person has delivered to the Commissioner return of the whole of his income from every source a true what­ and correct soever for the year immediately to the provisions pursuant he shall be deemed to have delivered Ordinance.

of section preceding the year of assessment 40 of the Income Tax a return for the purposes of this Ordinance, 11.
Every return made under section shall be in the form prescribed to the Commissioner Tax Ordinance for the purposes for the return of that Ordinance.

under the provisions of section 40 of the Income Cap.

299.

10 of this Ordinance Form of return.

of income to be furnished 12.

(1 ) The provisions to this Ordinance the schedule this Ordinance, mutatis as they have effect to income tax.

mutandis, of the Income Tax Ordinance specified shall except as otherwise provided in in Returns, assessment5, appeals.
have effect with respect to the levy (2)Any reference in this Ordinance to the Income Tax Ordi­ Cap.

299. nance shall be construed .

by any subsequent Ordinance as a reference to that Ordinance as amended Employer deduct levy.

to of on or after the enactment pensioner, or holder of -an office, of except (including, any payment otherwise, made in advance 13.
(1) On the making of any payment to any employee, of any emoluments this Ordinance or on account allows ment on loan to be repaid d�rived after the 1st day of July thereof the employer hold, in respect five per centum of the amount of the emoluments thousand six hundred dollars of any year: 31st December of the levy under this Ordinanc or the person making from or received in British the payment shall deduct or with­ e an amount equal to in excess of three for the period of twelve months ending of emoluments or pay­ in or on or Guiana in the year 1962 any year after the year 1962, out of emoluments) arising or accruing or during the Commissioner that in relation of a period Provided which are in respect amount of three thousand amount in question the length to any payment of emoluments which is less than twelve the months, six hundred dollars proportionately shall be ta.ken to be the so as to correspond reduced with of the period.
(2)The amount deducted or withheld of subsectio by the employer provisions missioner monthly, on or before within which the amount was deducted or withheld, and on the pay­ ment thereof son a receipt n ( 1) of this section shall or person deducting the 14th day of the month succeeding shall send to the employer of the amount referre the Commissioner which shall to the extent by the be paid to the Com­ the same or withholding the month or such per­ d to therein as required 58 No.
16-l THE LAWS OF BRITISH GUIANA [A.D. l962 be a good and sufficient or such person for any amount deducted the provisions of this section.
discharge of the liability or withheld of the etr\ployer as required by (3)Subject to the provisions (10) of this seo­ on tion, where an amount has bee1n deducted for (1)of this section the purposes by such person at the time of the deduction or withholding of subsection or withheld, under subsecti of any person, be deemed to have been received from the emoluments of this Ordinance, it shall, thereof.
(4) If any person shall fail - (a)to deduct or withhold deducted !his section, or withheld or any amount required to be by him by subsectio n (1) of Cap.

299.
(b)to remit or pay to the Commissioner which he is required by subsection tion to pay to the Commissioner date specified of an offence against (2) of this sec­ on or before the this Ordinance; in subsection (2) of this section, any amount and in addition amount as if the same were income tax the Commissioner he shall be guilty to such amount there shall become payable missioner, unless centum of such amount or ten dollars provisions of the Income Tax Ordinanc of income tax, shall, of such amount and additional payable to be deducted, withheld, remitted mutal'is by such person to the Com­ otherwise whichever directs, a sum of ten per is the greater, and the e which relate to the recovery mutandis, apply to the recovery by such person on the date when such amount was required deducted or paid as the case may be.
or withheld (l), of this seotion of S\lbsection for the use of British (5)All amounts suant to the provisions to be held in trust by such person for Her Majesty, cessors ment in respect of any debt or liability event of any liquidation, assignment, shall form no part of the estate but shall be paid in full to the Commissione of the property Guiana and shall not be subject in liquidation, or bankruptcy by any person, pur­ of the said person and in the Her heirs and suc­ shaU be deemed the said amounts to attach­ assignment r before any distribution or bankruptcy is made.
(6)Every person who shall have deducted or withheld any personally of subsection or send by post within to the provisions to the person from whose emoluments amount pursuant shall deliver scribed ducted or withheld certificate to the amount of emoluments or statemen and the amount of the levy deducted by him as may be prescribed.
(7)If any person shall fail to comply with the provisions ( 1) of this s,ectiQR, such time as may be pre­ the amount was de­ or to such other person as may be prescribed t or account relating such ( 6) of this section within such time or times as may be prescribed any or shall fail to deliver or send to the of subsection Commissioner return, certificate by r�gulations made under section send to the Commissioner to the Commissioner suant to the provisions or account or copy thereof which he may be required 33 of this Ordinance to deliver or for the purpose for any amount deducted of rendering him accountable or withheld by him pur­ of this section, or to enable the Commissioner A.D. 1962]NATIONAL DEVELOPMENT SAVINGS LEVY [No.
16 59 for any amount deducted or withheld the amount was deducted this Ordinance or withheld, and shall be liable on sum­ to the person from he shall be to a fine of ten dollars for every day during which such to give credit whose emoluments guilty of an offence against mary conviction failure shall continue: Provided brought complaint due to wilful neglect or default ing on his behalf.
that it shall be a good and sufficient under this subsection defence that any such failure to any was not or of any person act­ of the defendant (8) No action shall lie against any person for deducting or or intended compliance withholding with the provisions any sum of money in compliance of subsection (1) of this section.

(9)Where by this Ordinance to deduct or withhold any person of subsection ( 1 ) of this section person not to deduct or withhold forc.e or effect whatsoever.
any obligation on to the provisions is imposed any amount pursuant any agreement made by any such such amount shall be void and of no (10)Every person from whose emoluments t to the provisions any amount shall of subsection or withheld pvrsu:rn shall upon the amount being so deducted ( 1) or withheld be deducted of this section be deemed to have paid the same.
(11)The provisions of this Ordinance an amount in respect payable requiring a person to of the levy under this Ordi­ to any person shall apply to Her to British Guiana and to the Government of British deduct or withhold nance from emoluments Majesty in relation Guiana.

(12)Where a trade, business, jointly, profession the precedent or vocation is car­ partner of �he h (3) of section liable for the provisions of this Cap.

2<;'9.
2<;'9.

shall be personally by the preceding ried on by two or more persons partnership 45 of the Income Tax Ordinance performance of the duties section to be performed or withholding profession tor and the secretary company itself, duties.
be personally or vocation required liable by the person making the payment or deducting any amount of the levy; and where a trade, business, is carried the managing direc­ of the company shall each, in addition to the on by a company, for the performance of the said as defined in sub-paragraph (a) of paragrap 14.Every person (other than a person who is solely Payment of estimated r or officer) shall pay to the Commissioner amount of levy.
or in the pensione 31st March, 30th June, 30th September in each year ended 31st December, main an employee, on or before ber respectively, one-quarter fied in section Provided 1962, payments ber and shall be an amount equal to one-half of him at the rates specified months commencing of the levy as estimated 9 of this Ordinance that for the period shall be on or before 30th September by him at the rate or rates speci­ income for that year: 1st July, on his estimated of six months commencing the levy estimated by income for the period and 31st Decem­ an amount equal to on his estimated and 31st Decem­ 1st July, 1962. of six 60 No.
16] THE LAWS OF BRITISH GUIANA [A.D. 1962 Payment of remainder of levy.

15.

(1) Any person shall, of assessment, thirty pay to the Commission within of a notice assessed tion to or an appeal and penalties then remaining unpaid whether from the assessment is outstanding days after the service er any part of the levy or not an objec­ .
(2)Where, in the opinion to avoid the payment of the Commissioner, of the levy, the Commissioner any per­ that any amount of the levy and penalties remaining unpaid son is attempting may direct be paid forthwith upon asses�ment.

Refund of over pay­ ments.

with the provision� objection quired paid as required ance is found to able in an assessme appeal, the excess 16.
Where, after assessment of this Ordinance or appeal against an assessment, by the provisions of section has been made in accordance or upon the determination any amount collected or any amount 13 of this Ordinance 14 and 15 of this Ordin­ of sections of an as re­ by the provisions be in excess of the amount of the levy shown to be pay­ or an of an objection nt or upon the determination shall - (a) where bonds pursuant have not as yet been issued to the provisions for the amount collected of section 25 of this Ordinance or paid, be refunded gether with interest in accordance this Ordinance; by the Commissioner as soon as practicable to­ at the rate of four per centum per annum computed of subsection 25 of (2) of section with the provisions (b)where bonds pursuant have been issued of section 25 to the provisions for the amount collected of this Ordinance be off-set against the assessment where necessary is finalised repayment made any amount of the levy collectible or the objection accordingly; or paid, in the year in which or appeal determined, and ( c)in respect of paragraph the provisions redemption thereof.
of bonds which cannot be offset to pursuant (b) of this section, be repaid by the Repayment 17.

( 1) Upon the death of any individual u ;�ar company, ��iJi� _of death or to the personal representative msolvency h of indlividool sue company any amount o e evy pa1 or deemed to have been or "ir"�';!

: �ny.

or winding-up or company during occurred.
paid by such individual of such individual the Commissioner f th 1 "d · the year in which the death or the winding-up shall repay as soon as may be practicable or the liquidator of any of respectively (2)Where any individual r shall pay as soon as may be practicable of the insolvent Commissione of the property Receiver of the levy paid or deemed to have been paid by the insolvent the year in which and up to the time when he was adjudged insolvent the to the Official any amount during insolvent.
has been adjudged or other assignee Repayment to emigrant.

18.

Where it is proved to the satisfaction is about to emigrate that any individual thirty of the levy paid or deemed to have been paid by him during in which he is about to emigrate.

from British shall repay to such person any amount of the Commissioner Guiana within days the Commissioner the year A.D. 1962]NATIONAL DEVELOPMENT SAVINGS LEVY [No.

16 61 19.
16 61 19.

Where the amount of the levy to be charged lected from any person during any year ended 31st December than five dollars amount paid by him.

the Commissioner shall refund to that person the on and col- is less Refund of small pay­ ments.

20.

The levy shall be repayable as is hereinafter provided in Method of repayment.

Part II of this Ordinance.

PART II - APPLICATION OF THE LEVY ISSUE AND REPAYMENT OF BONDS 21.
The amounts of the levy collected Ordinanc to defray Development e shall be paid into the Development expenditure on works of development 1954.

Fund Ordinance, under Part I of this Fund and shall be used with the in accordance Use of levy.

No.

44 of 1954.

22.

(1) The Minister shall issue debentures Bonds, hereinaft the er referred to as to pay and has paid or has to be designated Savings Bonds.
Guiana Development Bonds, to any person who is liable British Savings been deemed to have paid during the year ending 31st December, of this Ordinance the provisions Savings any calendar year commencing with 1962, an amount of levy pursuant to or more.

amounting to five dollars (2)Savings Bonds may be of two kinds - (a)Ordinary (b)Lottery Bonds.

Savings Bonds, and (3)Lottery ·units of five dollars.

Bonds shall be issued only to individuals and in 23.
The repayment to the provisions of the face value of Savings Bonds issued of this Part of this Ordinanc e, with the in� thereon, shall be a charge on the assets and revenues pursuant terest Guiana.

Repayment of Savings Bonds to be charge on of British assets and revenues of British Guiana.

Sinking fund, 24.

( 1) There shall be created Bonds issued pursuant as are not redeemable of any Savings this Ordinance a sinking to the provisions drawings.
through fund for the repayment of this Part of (2)The Minister Bonds appropriate of British Guiana Savings assets the issue such equal annual amounts pose of the preceding shall in respect to the sinking subsection.

of each annual issue of such and fund out of the revenues the currency of t for the pur­ in each and every year during as may be sufficien the department of subsection to the provisions 2 5.
( 1) Subject of this Ordinance graph (b) of section of each year to every person who 31st December suant to the provisions of Part I of this Ordinance, Savings Bonds equal in face value to the total of the net amount of the levy paid by him or deemed to have been paid by him during cal- 2 2 in accordance with para­ as at shall issue at par annually has paid the levy pur­ 4 of this Ordinance designated that year and the interest ( 1) of section Issue of Savings Bonds.

62 No.
62 No.

16] THE LAWS OF BRITISH GUIANA [A.D. 1962 cu lated thereon, section, at the rate of four per centum p (2)For the purpose of provided for in subsection er ani:lum.

calculating the interest as hereinafter ( 2) of this the net amount of the levy under the provisions this section, accrued the net amount of the levy shall of subsection be deemed to have at an even rate throughout (3)Every individual the period.
to whom Savings to be added to ( 1) of of subsection Bonds are to be issued may notify (1) of this section with paragrap h (b) ot oh 0t before 31st October in to him Lottery in accordance in writing to have issued Bonds, in event to what extent, by him or deemed to have been paid or to for the amount designated 4 of this Ordinance he desires pursuant to the provisions the department section any year whether whole or in part, and in the latter of the levy paid or payable be payable year together of this section.
thereon by him during the period ending 31st December of that ( 1) for by subsection with interest as provided section in respect to be issued tion, unless ( 4)An individual (3) of this section, may hot, mtder the provisions Bonds elect to have issued of sub­ to him Lottery of the whole amount in respect of which Savings pursuant such amount shall be a multiple to the provisions of subsection of five dollars.
Bonds are ( 1) of this sec­ (3)of this section, with paragraph Lottery Bonds to be issued respect visions be issued of which Savings of subsection in respect (5)Where an individual, notifies (b) of section the departmen under the provisions t designated of sub�ection in accordance 4 of this Ordinance in respect of only a part of the amount in that he desires Bonds are to be issued ( 1) of this section, of the remaining part: Ordinary pursuant Savings to the pro­ Bonds shall Provided that such remaining part shall not be less.
than five dollars.
does not notify (b) of section with paragraph ( 6)Where an individual signated in accordance nance under the provisions Bonds issued to him, Ordinary Savings Bonds pursuant of this section that he desires shall be issued to the provisions (7)Savings section shall be issued been deemed to have paid the levy and such bonds shall not be trans­ ferable: Bonds issued of this in tl\e na111e or the persoh who has paid or has the departme� 4 of this Ordi­ to the provisions Lottery to him of this section.
pursuant de• dividual after the enactment tional pension, accepted bution to the sch·eme Provided that Ordinary may be transferred by him to any public Savings Bonds held by any in­ authority establishe d to administer a nat­ scheme and such bonds s,ha.J.1 be contributory of this Ordinance provident or insurance by such authority payable at their face Value in paytnent oi the bonds.

by the holder of any contri­ Register of holders of Savi�s Boµds.

26.
26.

The department designated (b)of section Savings Bonds and shall record 4 of this Ordinai)ce therein - in accordance shall keep a register with paragraph of holders of A.D. 1962]NATIONAL DEVELOPMENT SAVINGS LEVY [No.

Hi 63 (a)the names and addresses (b)particulars ( c)particulars of the bonds held by each; of bonds redeemed.

of bond-holders; 2 7.

(1 ) Interest at the rate of four per centum per annum shall be on the face value of Ordinary Savings Bonds as at 31st Interest o.n Saving& Bonds.
paid annually December.

paid annually (2)Interest at the rate of two per centum per annum shall be on the face value of Lottery Bonds as at 31st December.

(3)The interest (2)of this section shall year.

previous ( 4)The interest paid on Savings payable be paid on 1st January (I) and of subsections of the in respect in pursuance Bonds issued pursuant shall be exempt from in­ to the provisions come tax and of this Part of this Ordinance from the levy under this Ordinance.

28.
28.

(1) Subject to the prnvisions and of section under the provisions this section issued redeemable at par six years after the date of its issue.

of subsections (2) and (3) of 31 of this Ordinance any Savings of this Part of this Ordinance shall be Bonds Redemption of Savings Bonds.
(2)Savings Bonds shall be redeemed from British upon the death, as the case may be, of the Guiana, insol­ or emigration vency, holder of any such bonds whenever piration of six years after the date of issue of any such bond : that event occurs before the ex­ Provided by the Official Receiver that in the case of insolvency such bonds shall be or other assigne� of the property of redeemable the insolvent.
(3)Upon the retirement of this (as defined for the purposes Bonds, one-half ) of any holder of any Savings Ordinance value of the annual amount of such bonds issued year shall be redeemable first redemption either issued his retirement to him has been redeemed, ( 4)Upon the winding-up ceases or the total amount whichever of any company is the earlier.
Savings in order of issue at six-monthly to be made six months after his retirement, the until to him from year to of Savings of the face Bonds held by intervals, Bonds ,.uch company shall be redeemable whenever the winding-up the date of issue of any such bonds.

(5)Moneys payable occurs before by the liquidator after the expiration of the company of six years not be paid except upon the surrender upon the redemption of any bond shall of such bonds for cancellation.

29.
29.

Lotterv Bonds shall in addition participate otte!Y L in a lottery rawings.

d - at which prizes shall be awarded by annual drawings : • Provided that the drawings intervals being intervals of not more than one year as the Minister may by Order direct.

may take place at such other 64 No.

16] THE LAWS OF BRITISH GUIANA [A.D. 1962 Amount of drawings.

30.
30.

Not more than one per centum of the total number ot shall be drawn in accordance with the pro­ Lottery visions Bonds outstanding of section 29 of this Ordinance.

Lottery prizes.

Cap.

299.

31.

( 1) Any Lottery of the preceding Bond drawn in accordance shall thereupon section to a prize which, including shall not be less than twice nor more than two hundred visions and shall entitle redemption, times the face value of such bond.
(2)The prizes Bond shall not be deemed to be income for the purposes upon the redemption paid in the lottery with the pro­ be redeemed at par the payment for its holder of any of and shall not be taken into account in Lottery the Income Tax Ordinance calculating the chargeable or in calculating income of any person the levy under this Ordinance.

under that Ordinance Total value of prizes.

32.


The total value of the prizes section the provisions redemption centum of the total face value of the Lottery December with for Bonds drawn) shall not be less than three per awarded ( including in accordance the payments Bonds outstanding of the preceding of the previous of the Lottery at 31st year.

PART III - GENERAL Regulations.

33.


The Minister may make regulations of this Ordinance due prior to the enactment of this Ordinance to the generality (a)prescribe (b)prescribe of the foregoing the form of Savings the procedures provisions payments prejudice regulations including Bonds; � and the prizes for drawing to be paid therefor.

Lottery Bonds may in particular for carrying out the for the recovery of and without Provisions SCHEDULE of the Income Tax Ordinance, to the National Section 12.
Chapter 299, Deve1opment Savings which have effect with respect Levy.

Section Subject matter 32 Chargeability of trustees and other represe n- tatives.

33(1), (2), (5) 34 35 36 37 37A 40 of agents.

Chargeability Matters Lists to be prepared Responsibility Indemnification Power to appoint agent.

Returns.

to be done by representatives .

by representative or agent.

body.

of Manager of Corporate of representatives.

A.D. 1962]NATIONAL DEVELOPMENT SAVINGS Ll.

::YJ' [No.
::YJ' [No.

16 65 41(1), (5) 42 43 44 45(2), (3) 46 48 50 52 53 54 56 56D 56E 56F 57 58 59 69 69A 69B 69C 71 74 75 76 77 78 79 80 81 82 and municipal etc.

to officers, Government supply particulars.

Power to require information.

Powers of the Commissioner.

Books of account.

Partnerships.

Offences.

Assessments.

Additional Commissioner assessments.

may disregard certain trans- actions.

Transfers Lists of persons Notice of property income.

assessed.
assessed.

of assessment, objections, and power cf Commissioner to revise in case of objection.

assessments.

Appeals to Board of Review against Powers of Board.

Duty of witnesses Appeals to a judge, Errors in assessments Evidence.

Penalty for non-payment and notices.

summoned.

ment of payment.

of tax and enforce­ etc.

against assessment.

Recovery of tax from persons the leaving Colony.

registrable Certificate Garnishments.

Suit for tax bv Commissioner.

Power of Commissioner as judgment.


to remit certain penal- ties.

for offences.

Penalties Penalty False statements Impeding officers.

-for making incorrect and returns.

or obstructing return.

Commissioner or Proceedings.

Saving Signing Service for criminal proceedings.

of notices.

of notices.

Passed by the Legislative As.sembly on the 19th July, 1962.

Passed by the Senate on the 30th July, 1962 I.CRUM EWING, Clerk of the Legislat ure.

(Bill 16/1962 (G. 337 /1962).

(L.A.)).