DIRECTIVE BY THE MINISTER FOR FINANCE FOR THE ISSUE OF €1,078,200 7% MALTA GOVERNMENT STOCK, 2033 (II) [ S.L. 358.05 1 SUBSIDIARY LEGISLATION 358.05 DIRECTIVE BY THE MINISTER FOR FINANCE FOR THE ISSUE OF €1,078,200 7% MALTA GOVERNMENT STOCK, 2033 (II) 23rd June 2023 LEGAL NOTICE 122 of
- The issuance of this stock is subject to the terms and conditions of the approved model Collective Action Clauses (CACs), which became mandatory in all new euro zone government securities with the maturity period above one
(1)year and issued on or after 1st January 2013, pursuant to the decision of the European Council of the 24th and 25th March 2011, and in accordance with paragraph 3 of Article 12 of the European Stability Mechanism (ESM) Treaty. The full terms and conditions of the model Collective Action Clauses (CACs) in all their detail are on the Treasury website at www.treasury.gov.mt under the section reserved for the Debt Management Directorate. Collection Action Clauses (CACs). 2. The stock which is negotiable and exempt from duty on documents shall be issued at the price of hundred euro (€100) per share and shall be allotted to the Foundation for Church Schools in multiples of hundred euro (€100) on the 30th June 2023. Mode of issuing stock. 3.
(1)Interest in full shall be payable in arrears every six
(6)months on the 30th June and on the 30th December in every year during the period of the stock. The rate of interest shall be revised every two
(2)years, starting from the date of issuance of the stock, in such a way as to maintain it at one per cent (1%) lower than the normal maximum lending rate allowed at law, provided that it cannot be less than seven per cent (7%). Rate of interest and dates of payment.
(2)Payment of interest shall be made by warrant, which is 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 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 proof of payment in favour of the Accountant General and the Government.
(3)In cases where stock is registered in the names of two
(2)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
(1)or two
(2)or more joint stockholders shall, unless notice in writing to the contrary has been received by the Accountant 2 [ S.L. 358.05 DIRECTIVE BY THE MINISTER FOR FINANCE FOR THE ISSUE OF €1,078,200 7% MALTA GOVERNMENT STOCK, 2033 (II) General from any other joint stockholder, be a proof of payment of interest to the Accountant General and the Government. Trading on the Malta Stock Exchange. Cap.
- An application for the stock to be put on the official list for trading on the Malta Stock Exchange shall be made in terms of the Financial Markets Act. Such stock may be freely sold to the public with the prior authorisation of the Maltese Episcopal Conference. Such stock which may also be traded between Ecclesiastical Entities outside the Malta Stock Exchange, does not require such authorisation, and shall be exempt from duty on documents. Charge on Government revenue and assets.
- The stock and interest thereon shall be a charge on the general revenue and assets of the Government of Malta. Redemption of stock.
- The stock shall be redeemed at a premium of ten per cent (10%) over the nominal value on a date between the 1st January 2033 and the 31st December 2033, both dates inclusive, as shall be determined by the Accountant General and notified in the Gazette.