ISSUE OF LM28,067,000 7% 
MALTA GOVERNMENT STOCK 2003 g S.L.161.31 1
SUBSIDIARY LEGISLATION 161.31
DIRECTIVE BY THE MINISTER OF FINANCE FOR 
THE ISSUE OF LM28,067,000 7% MALTA 
GOVERNMENT STOCK 2003
18th February, 1993
LEGAL NOTICE 19 of 1993.
Title .
Finance for the issue of Lm28,067,000 7% Malta Government
Stock 2003.
Mode of issuing 
stock  
2. The stock which is negotiable and free of duty on
documents shall be issued at the price of Lm100 per cent and shall
be allotted to the ecclesiastical entities in multiples of Lm100 on
the 18th day of February, 1993.
Rate of interest and 
dates of payment.
3. Interest in full will be payable in arrear half-yearly on the
18th February and on the 18th August in every year during the
currency of the stock. The first payment covering the period from
the 19th February, 1993 to the 18th August, 1993 shall be made on
the 18th August, 1993. The rate of interest shall be revised upon the
lapse of every period of two years, starting from the date of
emission of such stock, in such a way as to maintain it at 1% lower
than the normal maximum lending rate allowed at law, it being
understood that it cannot fall below 7%.
Payment of interest will be made by warrant, which will be
sent by post, at the stockholder’s risk to the stockholder himself or
to any branch of any local bank, person or body of persons to whom
the stockholder has by a request in writing duly made to the
Accountant General, authorised the Accountant General to issue
such warrant. No warrant shall be paid until the relative receipt has
been duly signed and such receipt shall be a full discharge to the
Accountant General and the Government for such payment. In
cases where stock is registered in the names of two or more persons
as joint stockholders the Accountant General may make payment in
the manner above mentioned to the person whose name first
appears in the register. A receipt for the payment of interest given
by one or two or more joint stockholders shall, unless notice in
writing to the contrary has been received by the Accountant
General from any other joint stockholder, be a full discharge to the
Accountant General and the Government for the payment of such
interest.
Trading on an 
exchange.
Cap. 345.
4.   An application for the stock to be put on the official list
and trading on a recognised stock exchange will be made in terms
of the Financial Markets Act. Such stocks may be freely sold to the
public with the prior authorisation of the Maltese Episcopal
Conference, up to a total nominal value of not more than
Lm5,000,000  per annum  and beyond by authority of the Minister of
Finance. Such stock may, however, be traded between
ecclesiastical entities outside a recognised stock exchange, does not
2 g S.L.161.31
ISSUE OF LM1,000,000 4.5% 
LOCAL DEVELOPMENT REGISTERED STOCK 1996/98
require such authorization, is not taken into account in the
computation of the total amount that can be transferred annually
and shall be exempt from duty on documents.
Rate of 
contribution to 
sinking fund.
5. A half-yearly appropriation of not less than Lm250,000 out
of the general revenue and assets of the Government of Malta shall
be made as a contribution to the sinking fund established for the
purpose of redeeming the stock. The first contribution shall be
made within three years from the 18th day of August, 1993.
Charge on 
Government 
revenue and assets.
6. The stock and interest thereon will be a charge on the
general revenue and assets of the Government of Malta.
Redemption of 
stock.
7. The stock shall be redeemed at a premium of 10% over the
nominal value on such date between the 1st day of January, 2003
and the 31st day of December, 2003 (both dates inclusive) as shall
be determined by the Accountant General and notified in the
Government Gazette.
