INSCRIBED RUPEE STOCK ordinance

Arrangement of Sections

1. Short title.

2. Minister in charge of subject of Finance may raise by means of inscribed rupee stock money which he is authorised to raise by loan.

3. Stock to be styled "Ceylon Inscribed Rupee Stock”, and issued by the Deputy Secretary to the Treasury.

4. Inscribed rupee stock to be a charge upon Consolidated Fund.

5. When the principal is to be repaid.

6. Principal and interest where payable.

7. Appropriation out of Consolidated Fund of sums to meet interest and principal.

8. Investment of sinking fund.

9. Any deficiency in sinking fund to be made good out of Consolidated Fund.

10. Cesser of sinking fund contribution.

11. Expenses to be paid out of sinking fund.

12. Transfer of stock.

13. Closing of register for dividend.

14. Dividends in case of infancy of a joint stockholder.

15. Stock certificates to bearer.

16. Renewal of coupons or certificate.

17. Conversion into nominal stock of stock in certificate to bearer.

18. Trustees not to apply for stock certificate to bearer.

19. Loss of stock certificate to bearer.

20. Stock in certificate to bearer, to have incidents of other stock, except as to transfers. Ac.

21. Registry of stock.

22. Certificates to stockholders.

23. Register to be evidence.

24. Notice of trust not receivable.

25. Information to be given respecting register.

26. Creation, inscription, issue conversion and transfer of Inscribed Rupee stock.

27. Exemption from stamp duties.

28. Persons making false declarations how to be punished.

29. Frauds and forgery.

30. Offences to be cognizable and bailable and triable by Magistrates Courts.

8 of 1892,

6 of 1928.

AN ORDINANCE to provide for the creation of Inscribed Rupee Stock to be issued in Sri Lanka.

[Date of Commencement: 6th September, 1892]

1. Short title.

This Ordinance may be cited as the Ceylon Inscribed Rupee Stock Ordinance.

2. Minister in charge of subject of Finance may raise by means of inscribed rupee stock money which he is authorised to raise by loan.

It shall be lawful for the Minister in charge of the subject of Finance, whenever he desires to raise any sum or sums of money, being the whole or any portion of any sum which he may have been or shall hereafter be authorised to raise by way of loan, by any enactment which may have been or at any time may be passed, to raise the same or any part thereof by the creation and issue of inscribed rupee stock, under the provisions of this Ordinance.

3. Stock to be styled "Ceylon Inscribed Rupee Stock”, and issued by the Deputy Secretary to the Treasury.

Such stock shall be styled "Ceylon Inscribed Rupee Stock”, and shall from time to time be issued by the Deputy Secretary to the Treasury, who is hereinafter defined as ”the Registrar ", upon the best and most favourable terms that can be obtained, and in such amounts and on such conditions, subject to the provisions of this Ordinance, as the Minister in charge of the subject of Finance may before the issue thereof from time to time direct:

Provided that the interest on such stock shall not exceed four per centum per annum.

4. Inscribed rupee stock to be a charge upon Consolidated Fund.

The principal moneys and interest secured by the inscribed rupee stock created under the provisions of this Ordinance are hereby charged upon and shall be payable out of the Consolidated Fund and assest of the Government of Sri Lanka.

5. When the principal is to be repaid.

All the inscribed rupee stock which may be created under the provisions of this Ordinance shall be redeemable at par on a date to be named in that behalf by the Deputy Secretary to the Treasury when issuing the stock, such date not being later than fifty years from the date of issue. From and after which date all interest on the principal moneys secured thereby shall cease and determine, whether payment of the principal shall have been demanded or not.

6. Principal and interest where payable.

The principal moneys secured by the inscribed rupee stock created under this Ordinance, and the interest thereon, shall be payable at the Treasury at Colombo:

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