CONVERSION OF LM3,000,000 6½% 
LOCAL DEVELOPMENT REGISTERED STOCK 1991 [ S.L.161.16 1
SUBSIDIARY LEGISLATION 161.16
DIRECTIVE BY THE MINISTER OF FINANCE FOR 
THE CONVERSION OF LM3,000,000 6½% LOCAL 
DEVELOPMENT REGISTERED STOCK 1991
16th August, 1991
LEGAL NOTICE 127 of 1991.
Title .
Finance for the Conversion of Lm3,000,000 6½% Local
Development Registered Stock 1991.
Mode of issuing 
stock.
2.   ( a ) The stock shall be issued at the price of Lm100 per
cent and shall be allotted by application. The stock,
when fully paid shall be registered. Applications for
the allotment of stock for the present holders of the
6½% Local Development Registered Stock 1991 shall
open at 9 a.m. on Thursday, 22nd August, 1991 and
close at 12.00 noon on Friday, 30th August, 1991.
( b ) Applications from the general public for the remaining
balance of the 6½% Local Development Registered
(Conversion) Stock 1996/97 (fifth issue) will be
received at the Treasury between 9.00 a.m. on Monday,
9th September, 1991 and 12.00 noon on Friday, 20th
September, 1991 or earlier if the stock is fully
subscribed, at the discretion of the Accountant
General.
Sum of money to 
be raised.
3. The sum of money to be raised by the stock shall be
Lm3,000,000. 
Rate of interest and 
dates of payment.
4. Interest shall be payable in arrear half-yearly on the 21st
day of March and the 21st day of September of every year during
the currency of the stock. The first payment of Lm3.25,0 per
Lm100 stock covering the period from the 21st day of September,
1991 to the 20th day of March, 1992, shall be made on the 21st day
of March, 1992.
E xemption from 
duties.
5. The first Lm50 interest thereon will be exempted from
income tax.
Rate of 
contribution to 
sinking fund.
6. A half-yearly appropriation of not less than Lm30,000 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 22nd day of September, 1991.
Redemption of 
stock. 
7.  The Stock shall be redeemed at the rate of Lm100 for every
Lm100 stock on such date between the 1st day of January, 1996 and
the 31st day of December, 1997 (both dates inclusive) as shall be
determined by the Accountant General and notified in the Gazette.
Stock shall be redeemed only on the surrender of the stock
certificate issued.
