LOCAL LOANS (REGISTERED STOCK)  [ S.L.161.01 1
SUBSIDIARY LEGISLATION 161.01
LOCAL LOANS (REGISTERED STOCK) 
REGULATIONS
4th December, 1959
LEGAL NOTICE 81 of 1959, as amended by Legal Notice 68 of 1973.
Title.
Stock) Regulations.
Interpretation.
requires- 
"Accountant General" means the Accountant General of the
Government of Malta;
"these Islands" means the Island of Malta and its Dependencies;
Cap. 161.
Securities) Ordinance;
"the register" means the register of stock kept by the Accountant
General for the purpose of the Ordinance;
"registered stock" or "stock" means Malta stock issued under the
provisions of the Ordinance;
"stockholder" means a person holding registered stock who is
entered as the owner thereof in the register;
"unit of stock" means stock of the denomination of one lira.
Applications for 
allotment.
3. (1) Applications for allotment of stock shall be made in the
form set out in Form 1 of the Schedule to these Regulations.
(2) The Accountant General may, in his sole discretion and
without assigning any reason therefor reject any application to
purchase stock and in any such case the money paid upon any such
application shall be refunded not later than twenty one days from
the date of the receipt thereof.
Letters of 
allotment.
4. Letters of allotment of stock shall be made in the form set
out in Form 2 of the Schedule to these Regulations.
Stock certificates.
Form 3 of the Schedule to these Regulations.
Payment of 
interest, and 
acknowledgment.
6. (1) The interest due on any registered stock shall be paid,
by warrant to the registered stockholder or to any branch of any
bank in these Islands, person or body of persons to whom the
stockholder has by a request duly made to the Accountant General
authorised the Accountant General to issue such warrant.
(2) No warrant shall be paid until the receipt thereon for the
amount thereby payable has been duly signed, and such receipt
shall be a full discharge to the Government and to the Accountant
General for the payment of the sum named in the warrant.
2 [ S.L.161.01 LOCAL LOANS (REGISTERED STOCK) 
(3)  The posting of a letter containing a warrant sent by the
Accountant General in pursuance of these Regulations addressed to
any person at the last address furnished by that person to the
Accountant General shall, as regards the liability of the
Government and of the Accountant General, be equivalent to the
delivery of the warrant to the person to whom the letter was
addressed.
(4) Where in pursuance of these Regulations or in accordance
with any authority given thereunder any payment is to be made by
the Accountant General to a body of persons a receipt for the
payment given by any person purporting to be an agent or officer of
that body and to be authorised to receive the payment shall be a full
discharge to the Government and Accountant General for the
amount paid.
(5) Where stock is registered in the names of two or more
persons as joint stockholders the Accountant General may, unless
other arrangements with respect to the payment of interest have
been made in accordance with these Regulations, pay any interest
thereon to the stockholder whose name appears first in the register.
(6) A receipt for the payment of interest on any stock which is
given by any one of two or more joint stockholders of such stock
shall, unless notice in writing to the contrary has been received by
the Accountant General from any other joint stockholder of such
stock, be a full discharge to the Accountant General and the
Government for the payment of that interest.
Transfers. 7. Transfers of stock  inter vivos  shall be executed by an
instrument in the form set out in Form 4 of the Schedule to these
Regulations.
Applications for 
consolidation or 
sub-division.
8. Applications for consolidation or subdivision of stock shall
be made in the form set out in Form 5 of the Schedule to these
Regulations.
Transfer, 
consolidation and 
subdivision.
9. No transfer, consolidation or subdivision of stock shall be
made except in respect of units of stock.
Issue of duplicates 
and renewals.
10. (1) The loss or destruction of any stock certificate issued
by the Accountant General shall be notified in writing to him as
soon as practicable by the person entitled to the possession thereof.
(2) Upon receipt of such notification the Accountant General
shall cause to be published in the Gazette a notice stating that the
certificate has been lost or destroyed, as the case may be, and that
he proposes, after expiration of two calendar months from the date
of such notice, to issue a duplicate of such certificate.
(3)  The person giving such notification shall also be required
to issue a notice in a local newspaper, stating that the certificate has
been lost or destroyed as the case may be and that he proposes to
apply to the Accountant General for the issue of a duplicate.
(4) If the Accountant General is satisfied that any stock
certificate has been lost or destroyed, or is of opinion that any stock
certificate has been issued in error or has been tampered with, or is
in such a condition as to render its renewal desirable, he may -
LOCAL LOANS (REGISTERED STOCK)  [ S.L.161.01 3
( a ) in the case of loss or destruction, issue, subject to the
provisions of sub-regulation (2) of this regulation, a
duplicate certificate; and
( b ) in any other case, issue a renewal of the stock
certificate, to any person who satisfies him that he is
entitled to the possession thereof.
(5) Where any fee is authorised on the issue of a duplicate or
on the renewal of a stock certificate, no such fee shall be payable in
relation to a duplicate or renewal of a stock certificate occasioned
solely by an error attributable to the person issuing the original
stock certificate.
Provisions relating 
to joint stock-
holders.
11. (1) Subject to the provisions of these Regulations, any
application with respect to stock in the names of two or more
persons as joint stockholders shall be made by all such persons.
(2) The joint stockholders of any stock may authorise any
person, including one of themselves, to act as their agent in respect
of such stock and the provisions of these Regulations relating to the
authorisation of agents shall apply accordingly.
(3) Where stock is registered in the names of three or more
stockholders and an application in that behalf is made in respect of
such stock in accordance with the provisions of this regulation, all
things required to be done for the purpose of dealing with such
stock may, subject to the provisions of these Regulations, be done
and given by a majority of the persons who are the registered
stockholders at the date when the application is made.
(4) An application for the purpose of this regulation shall be
made in writing to the Accountant General.
(5) A person who is registered as one of the stockholders of any
stock with respect to which an application has been made under this
regulation may give notice in writing to the Accountant General
that the application is revoked, and on notice being so given the
provisions of this regulation shall as from the receipt of the notice
by the Accountant General cease to apply to such stock.
Alterations in the 
register.
12. (1) In the event of stock being registered incorrectly
owing to any mistake in the request for registration or transfer the
account shall be amended upon the receipt of a letter or declaration
as the case may require, stating how the error arose. In the event of
alteration to any name or names in the account which has been
necessitated by reason of a transfer, a re-execution of the transfer
shall be made by the transferor.
(2) On the marriage of a female stockholder, her name and
description shall be altered in the register with respect to stock
standing either in her name solely or jointly with any other persons,
on such stockholder producing to the Accountant General her
marriage certificate, and notifying her change of address, if any,
and giving full particulars of the accounts in which it is desired to
have the alterations made. Specimens of her present and former
signatures shall be furnished.
4 [ S.L.161.01 LOCAL LOANS (REGISTERED STOCK) 
Persons under legal 
disability.
13. If the stockholder of any stock becomes of unsound mind
or otherwise subject to legal disability, anything which under these
Regulations may be done by or in relation to such stockholder may
be done by or in relation to the person, if any, having power in law
to administer the property of such stockholder, subject to the prior
production to the Accountant General of documentary proof of
such power to the satisfaction of the Accountant General.
Appointment of 
agents.
14.  (1)  Subject to the provisions of these Regulations, any
stockholder may give an authority in writing authorising any
person to act as his agent with respect to stock held by him or with
respect to any interest arising therefrom and such authority may - 
( a )  relate to the whole stock or to any unit of stock which
may at any time be held by the persons giving the
authority or to the whole stock or to any unit of stock
which is held by him at the time when the authority is
given; and
( b ) authorise the person to whom the authority is given to
deal with the stock or interest to which it relates either
generally at his discretion or subject to any directions
contained in the authority.
(2) An authority under this regulation shall be of no effect
unless and until it is delivered to the Accountant General.
(3) Any payment duly made by the Accountant General under
these Regulations in compliance with an authority given under this
regulation shall, notwithstanding the determination by revocation
or otherwise of such authority, be deemed for all purposes to be a
valid payment unless notice in writing of the revocation had been
received by, or the determination of the authority through any other
cause had come to the knowledge of, the Accountant General at the
time when the payment was made.
(4) An authority given under this regulation shall, subject to
the terms thereof, until revoked or otherwise determined - 
( a ) remain in force notwithstanding any increase or
decrease in the nominal value of the stock to which it
relates;
( b ) entitle the person to whom it is given to make any
application and sign any document mentioned in these
Regulations and to receive any payment in pursuance
thereof.
Information as to 
stock accounts.
15.  Information with regard to a stock account shall only be
furnished at the request of a stockholder to whom such account
relates or his duly appointed representative.
Indemnity of 
Government and 
officers.
16.  The Government, the Accountant General and any person
acting under his authority, shall not be liable without proof of
negligence or fraud, in respect of any payment duly made, or act
duly done in accordance with these Regulations and any such
payment shall, subject to the provisions of regulation 17 of these
Regulations, be deemed to have been a valid payment and a receipt
issued by the person to whom the money was paid shall be a full
discharge to the Government and to the Accountant General for the
LOCAL LOANS (REGISTERED STOCK)  [ S.L.161.01 5
amount of such payment
Saving of rights of 
third parties.
17. No provision of these Regulations for the protection of the
Government and of the Accountant General in respect of any act
done or any money paid shall operate to prevent the recovery by
any person or his representative of any stock or money lawfully due
to him from the person to whom such stock was transferred or such
money was paid by or under the direction of the Accountant
General or from the representative of that person. 
Fees.
Substituted by:
L.N. 68 of 1973.
18. The Minister responsible for finance may authorise either
generally or in the case of any particular issue of stock the payment
of the following fees: 
On the issue of a stock certificate under article 12 of the
Ordinance other than to the first stockholder ............ 20c.
On the issue of a duplicate, or renewal of a stock certificate
under regulation 10 ................................. 50c.
On the registration of the transfer of stock under article 14
of the Ordinance ................................................. 20c.
On the consolidation or subdivision of stock under article
36 of the Ordinance ................................................. 20c.
For information furnished under regulation 15 ......... 15c.
6 [ S.L.161.01 LOCAL LOANS (REGISTERED STOCK) 
SCHEDULE 
Form 1
GOVERNMENT OF MALTA
LOCAL REGISTERED STOCK
Form of Application
(Regulation 3)
To: The Accountant General,
(Address)
Date ........................................ , ........
Sir,
I/We hereby apply for Lm ................................................ (in words) ..................
................................................... liri of Malta Government ......................................
per centum  Local Registered Stock ...................................................... according to
the conditions contained in the Prospectus of ............................................................
and undertake to pay .................................................... for every .............................
................................... stock, and to accept the same, or any less amount that may be
allotted to me/us, and to pay for the same in conformity with the terms of the said
Prospectus.
*I/We enclose a deposit of ...................................................................., being
..................................................  per centum  on the nominal amount of Stock applied
for.
*I/We enclose Lm ....................................... in payment of this Stock applied for.
For official use { Application No ...............Allotment No ..................
Ordinary signature ............................................................... The additionalspaces should be
filled in only when
two or more
persons apply as
joint subscribers.
Name in full .........................................................................
(Block letters, state whether Mr., Mrs. or Miss and titles, if any.)
Full address ** .....................................................................
Ordinary signature ...............................................................
Name in full .........................................................................
(Block letters, state whether Mr., Mrs. or Miss and titles, if
any.)
Full address ** .....................................................................
Ordinary signature ...............................................................
Name in full .........................................................................
(Block letters, state whether Mr., Mrs. or Miss and titles, if
any.)
Full address** .....................................................................
* Strike out whichever is inapplicable.
** Where the address given is c/o another person, bank, or firm,
the place of residence or business of the applicant should also be
given.
LOCAL LOANS (REGISTERED STOCK)  [ S.L.161.01 7
FORM 2
GOVERNMENT OF MALTA
................  LOCAL REGISTERED STOCK
Letter   of Allotment
(Regulation 4)
No.  ....................................... (Address) .............................................
...............................................
To:  ...............................................
...............................................
Sir /Gentlemen,
I thank you for your remittance of Lm .................... and your application for Stock
in the Loan, and have the pleasure to inform you that you have been allotted Stock to
the nominal value of Lm .................... . An official receipt for your deposit is
attached.
( a )* The sum of Lm ............ as calculated below is payable by you on or
before the ............................. , ........... .
Lm
Gross value of allotment at ........... per ........... Stock
Less  amount paid on application ................................   ______________
Net amount payable by you ......................................
______________
______________
( b )* The sum of Lm ................... as calculated below is payable to you and
cheque No. ............... for that amount is enclosed.
Lm
Amount paid on application ......................................
Less  gross value of the allotment at ..............................
 for .......................... Stock ....................................... ______________
Net amount payable to you ............................................ ______________
______________
If special arrangements for the payment of interest are desired, the form
overleaf should be completed.
Intd .........................................
Exd. ........................................
........................................
Accountant General
To: The Accountant General, ..................................., ...........
(Address)
Sir,
................................ LOCAL REGISTERED STOCK
A *remittance / cheque for Lm ................ is enclosed. Please forward receipt and
stock certificate to *me / us / to the person named below:
Name .......................................... Signature(s) ..........................................
Address ....................................... ..........................................
.......................................... ..........................................
*Strike out whichever is inapplicable.
8 [ S.L.161.01 LOCAL LOANS (REGISTERED STOCK) 
FORM 2 (Reverse).
GOVERNMENT OF MALTA
................  LOCAL REGISTERED STOCK
Interest Request
(Address)
Until further notice, please pay interest falling due half-yearly/yearly on the
under-stated stockholding(s) by warrant to - 
* Name ................................................................
Address ............................................................
 .............................................................
* Bank 
Company 
Firm 
Person
Details of the stockholding(s) are as follows:
Names of Holders
Certificate No.
or
Allotment No.
 Amount of Stock
Signatures (to be signed by all Stockholders).
........................................................... ...........................................................
........................................................... ...........................................................
........................................................... ...........................................................
........................................................... ...........................................................
LOCAL LOANS (REGISTERED STOCK)  [ S.L.161.01 9
FORM 3
GOVERNMENT OF MALTA
................  LOCAL REGISTERED STOCK
(Regulation 5)
Stock Certificate No. .......................
Lm .................... Stock.
This is to certify that .............................................................................................
..............................................................................................................................
has/have been recorded in the Register of Stockholders as the proprietor(s) of Malta
Government ........................................... Local Registered Stock .................. to the
value of ....................................................................................................................
................................................................................................................................ .
Valletta ......................................., ..........
Exd. .......................................................
Transfer No. ........................................... ..................................................
Registered Folio No. ................................. Accountant General
(Reverse)
Interest is payable on the 15th June and on the 15th December.
This certificate is not negotiable by endorsement, and a sale or transfer of the
stock, in whole or in part, must be effected by an instrument of transfer on the
approved form which must be registered at the office of the Accountant General,
Valletta.
Please complete and forward to the Accountant General, The Treasury, Floriana.
Received Stock Certificate No. .......................................
Signature .................................................
Date ..................................., ..................
10 [ S.L.161.01 LOCAL LOANS (REGISTERED STOCK) 
FORM 4
GOVERNMENT OF MALTA
................  LOCAL REGISTERED STOCK
Instrument of Transfer of Local Registered Stock
(Regulation 7)
...............................................
...............................................
Witness: ...............................................
(1) ...................................... ...............................................
(2) ...................................... ...............................................
Transferor
...............................................
...............................................
Witness: ...............................................
(1) ...................................... ...............................................
(2) ...................................... ...............................................
Transferee
*Where the address is c/o another person, bank or firm, the place of residence or
business of the transferee should also be given. 
(Reverse)
I/We .............................................................................................
........................................................................................................
of ....................................................................................................
........................................................................................................
hereinafter called the Transferor, in consideration of the sum of .......
........................................................................................................
paid by ............................................................................................
........................................................................................................
of* ..................................................................................................
........................................................................................................
........................................................................................................
hereinafter called the Transferee, being the consideration money for
........................................................................................................
Malta Government ................................................ Local Registered 
Stock, ..................................................... do hereby transfer the said
Stock (together with the interest accrued thereon since the last half-
yearly payment of such interest) to the Transferee. The relative
Stock Certificate(s), according to particulars shown overleaf, is/are
enclosed.
Name and 
address in full 
of seller.
Money.
Name and 
address in full 
of buyer.
Lm ..............
Stock
Stock 
Certificate to 
be enclosed.
And I/We, the Transferee, do hereby accept the transfer of the same.
Witness the hands of the said parties this .................................
day of ................................. ......................................................... .
PARTICULARS OF STOCK CERTIFICATE(S) ENCLOSED.
Number of Stock Certificate  Amount
Total ..................... Lm
LOCAL LOANS (REGISTERED STOCK)  [ S.L.161.01 11
FORM 5
GOVERNMENT OF MALTA
................  LOCAL REGISTERED STOCK
Application for Consolidation / Subdivision of Stock
(Regulation 8)
......................................., ..................
The Accountant General,
(Address)
The undersigned herewith tender the undernoted Stock Certificate(s) and request
that (a) new Stock Certificate(s) may be issued to the values indicated below.
PARTICULARS OF STOCK CERTIFICATES TENDERED FOR 
CONSOLIDATION/SUBDIVISION.
PARTICULARS OF STOCK CERTIFICATES REQUIRED ON
CONSOLIDATION/SUBDIVISION.
Signature(s) and address(es) of holder(s).
............................................... ...............................................
............................................... ...............................................
............................................... ...............................................
Stock Certificate Number  Amount
Total ..................... Lm
Stock Certificate  Amount
Total ..................... Lm
