IL-MONTI (PROCEDURE)  _g S.L.269.01 1
SUBSIDIARY LEGISLATION 269.01
IL-MONTI (PROCEDURE) REGULATIONS
1st April, 1977
LEGAL NOTICE 44 of 1977, as amended by Legal Notices 5 of 1985, 77
of 1990 and 90 of 1995.
Title.
Regulations.
Interpretation.
Amended by:
L.N. 90 of 1995.
Cap. 269.
2. In these regulations, unless the context otherwise requires -
"the Act" means the Monte di Piet_a Act;
"cash", for the purposes of these regulations, does mot include
any cheques withdrawn from the Treasury;
"Commissioner" means the Commissioner of Inland Revenue
and, to the extent of any delegation made in accordance with the
provisions of regulation 3, includes any person so delegated;
"pledge" means and includes any article of gold or silver or of
other jewellery delivered to the Commissioner as security for the
advance of money on loan by Il-Monti pursuant to the provisions of
the Act.
Administration.
Commissioner who may, in writing and subject to such limitations
as he may think fit, delegate to any officer serving in his
department, any of the rights, duties, powers and other functions
conferred or imposed upon him by these regulations in the
administration thereof.
Days and hours of 
business.
4. (1) Il-Monti shall open for business on all days that the
Department of Inland Revenue is open to the public.
(2) Transactions at Il-Monti shall be carried out between the
hours of eight in the morning and twelve noon on every day that
Il-Monti is open for business as aforesaid.
Persons under 
eighteen years of 
age.
5. No money shall be advanced on loan by Il-Monti to
persons who are under eighteen years of age; nor shall it accept
pledges from, or return them to, such persons.
Details to be 
provided to 
Commissioner.
6. Any person seeking to obtain a loan from Il-Monti against
the delivery of a pledge, and any person seeking to withdraw a
pledge on repayment of the relative loan, shall furnish to the
Commissioner his full name and address, as well as such other
particulars or documents as may be necessary to establish the
identity of the said person.
Minimum and 
maximum of 
amount of loan.
7. (1) Subject to the provisions of regulation 9, Il-Monti shall
not give on loan any amount of less than one lira in any transaction,
nor shall it give on loan any amount in excess of two hundred and
fifty liri in any transaction.
(2) Any question regarding what constitutes a transaction for
the purpose of subregulation (1) shall be determined by the
2 _g S.L.269.01 IL-MONTI (PROCEDURE) 
Commissioner in his absolute discretion.
Minimum interest 
payable.
8. Irrespective of the time elapsing between the day on which
a loan is advanced by Il-Monti and the day on which the loan is
repaid, the minimum amount of interest chargeable shall be that
chargeable for thirty days.
Valuation of 
pledges.
9. (1) No loan shall be advanced by Il-Monti as will exceed
three-fourths of the value of the gold or silver content of the
relative pledge, plus one half of the value of any diamonds, pearls,
or other precious stones encrusted therein.
(2) Values for the purposes of subregulation (1) shall be
determined by the Commissioner whose decision on the matter
shall be final.
Renewal of loans. 10. (1) Where any loan advanced by Il-Monti is renewed, a
fresh valuation of the relative pledge shall be made by the
Commissioner.
(2) No loan shall be renewed unless the interest due up to date
of renewal is first paid.
Tickets. 11. (1) When the Commissioner receives a pledge from any
person against the advance of a loan, he shall issue to the said
person a ticket in the relative form shown in the Schedule.
(2) The ticket shall be surrendered to the Commissioner on
repayment of the loan, and the Commissioner shall then return the
pledge against which the loan was originally advanced. No receipt
shall be released by the Commissioner in respect of loan money so
repaid.
Sequestration of 
pledges when 
tickets are lost, etc.
12. (1) If any person loses the ticket referred to in regulation
11(1), or if such ticket is destroyed or otherwise misplaced, the
owner of the pledge shall file a statement with the Commissioner in
the relative form shown in the Schedule.
(2) Where the Commissioner is satisfied that any such report
made to him is genuine, he shall cause to be made a note of
sequestration in the relative form shown in the Schedule.
(3) Pledges which have been sequestered in accordance with
the provisions of this regulation shall not be withdrawn before the
lapse of three years from the date on which the relative loan had
been made.
(4) Withdrawal of pledges which have been sequestered in
accordance with the provisions of this regulation shall only be
effected on the furnishing of security to the Commissioner’s
satisfaction for the payment of the real value of the pledge.
Security shall also be provided in the case of repayment of any
surplus remaining after the sale of sequestered pledges.
Sale of 
unredeemed 
pledges.
13. The sale of unredeemed pledges by public auction
(including the sale of pledges which have been sequestered in
accordance with the provisions of regulation 12) shall take place in
such premises and at such time as the Commissioner may fix by
notice published in the Gazette, so however that, between the
publication of the said notice and the holding of the sale, pledges
which are to be offered for sale shall be exhibited to the public on
IL-MONTI (PROCEDURE)  _g S.L.269.01 3
the premises of Il-Monti.
Preservation of 
records.
14. (1) Tickets and other records regarding loans and pledges
may be destroyed by the Commissioner after the lapse of ten years
from the repayment of the relative loans and the redemption of the
relative pledges, or from the payment of any surplus regarding
pledges sold by public auction.
(2) Tickets and other records relating to surpluses which are
not claimed by owners of sold pledges, may be destroyed on the
lapse of ten years from the date of the sale of the relative pledge.
Secrecy.
regulations, or for the prevention of fraud or theft, or except where
a competent Court otherwise directs, every person having any
official duty or being employed in the administration of these
regulations shall regard and deal with as secret and confidential -
( a ) tickets and other documents or records relating to the
functions of Il-Monti;
( b ) the delivery to Il-Monti of any pledge pursuant to the
provisions of the Act;
( c ) information concerning the above matters or regarding
any loan made by Il-Monti.
Financial matters.
Amended by:
L.N. 5 of 1985;
L.N. 77 of 1990.
16. Subject to the provisions of these regulations, the financial
matters of Il-Monti shall be managed in the same way as the affairs
of the departments of Government, and they shall be subject to all
laws and regulations made for this purpose and to all administrative
directives issued by the competent authority governing such
matters:
Provided that -
( a ) the Minister shall by warrant authorise the advance out
of the Treasury Clearance Fund of sufficient capital to
Il-Monti to enable it to carry out its functions under
article 3(3) of the Act and the loan assets referred to in
subarticle (1) of the said article shall be deemed to
have been so advanced on the date of commencement
of these regulations;
( b ) monies received on the redemption or sale of pledges
shall be kept by the Commissioner for the day-to-day
business of Il-Monti, so however that -
(i) the amount of cash kept on the premises of Il-
Monti shall not exceed five thousand liri at the
end of any day,
(ii) interest received during any one month shall be
passed to Revenue, and
(iii) the total amount of any surpluses referred to in
paragraph ( c ) which are repaid during any month
shall be debited to the deposit account
mentioned in the said paragraph;
( c ) the Accountant General shall operate a deposit account
into which shall he paid all surpluses referred to in
article 4(2) and article 5(1) of the Act pending either
4 _g S.L.269.01 IL-MONTI (PROCEDURE) 
their recovery by the owners of the sold pledges, or the
lapse of the period mentioned in the said subarticles,
when they shall be passed to Revenue.
Offences. 17. If any person -
( a ) gives any false information for the purposes of
regulation 6; or
( b ) falsely reports that he has lost a ticket regarding any
pledge or that such ticket has been destroyed or
otherwise misplaced,
such person shall be guilty of an offence and shall, without
prejudice to any heavier punishment under any other law, be liable
on conviction to a fine ( multa ) of not less than twenty-five liri and
not exceeding one hundred liri for each such offence.
IL-MONTI (PROCEDURE)  _g S.L.269.01 5
SCHEDULE
(Regulation 11)
No ...................
INLAND REVENUE DEPARTMENT
ll-Monti (Procedure) Regulations
Ticket in respect of Pledged Articles
Mr /Mrs /Miss ................................... has today pledged ............
weighing .............................. grammes on which the Monti has
advanced the sum of .................................
Date .......................
For the Commissioner of Inland Revenue
Appraiser Keeper Cashier
Pledged articles must be redeemed or renewed within THREE
YEARS from the date of this ticket; the articles will otherwise be
sold by public auction. Should there remain any surplus from the
sale, this will be paid to the bearer of this ticket, after deducting the
dues of Il-Monti. Interest charged by Il-Monti is at the rate of 5 per
cent  per annum . If the surplus is not claimed within ten years of the
sale of the pledged article, the right to the payment thereof shall
lapse.
Pledge redeemed by ...................................
Address ......................................................................................
Sum advanced ..........................
Interest due ...............................
Amount collected ......................
Date ............................. Cashier................................
(Regulation 12)
No .................
INLAND REVENUE DEPARTMENT
Il-Monti (Procedure) Regulations
Report of Lost or Destroyed Ticket
To the Commissioner of Inland Revenue
6 _g S.L.269.01 IL-MONTI (PROCEDURE) 
Notice is hereby given for the purpose of regulation 12 that the
ticket details of which are given overleaf has been lost or
destroyed, or otherwise misplaced. It is requested that the relative
pledge be sequestered in terms of the said Regulations.
Date .......................
Signature .....................................
Address ........................................
......................................
DETAILS OF TICKET
Pledge No ............................................
Date of issue ........................................
Holder of ticket ....................................
Amount of loan ...................................
Description of pledge .................................................................
.......................................................................................................
.......................................................................................................
(Regulation 12)
No ........................
INLAND REVENUE DEPARTMENT
Il-Monti (Procedure) Regulations
Note of Sequestration
Mr/Mrs/Miss ........................................ residing at ....................
......................................................... has declared that the ticket of
pledge No ..... issued on ............. in the name of .............................
has not been traced. The relative pledge, on which the loan was
paid, is therefore being sequestered in terms of law.
Date ...........................
.................................
Keeper of Pledges
f/Commissioner of Inland Revenue
