GOVERNMENT SECURITIES

CHAPTER 38:01
GOVERNMENT SECURITIES

ARRANGEMENT OF SECTIONS

    SECTION

    1.    Short title

    2.    Application of Act

    3.    Provision for payment of money due to stockholder

    4.    Certificate of paying agent

    5.    Certain legislation to be agreed with the United Kingdom Government

25 of 1964

    An Act to make a further and better provision to facilitate the Investment of Trust and other Funds, held in the United Kingdom, in Malawi Government Securities

1.    Short title

    This Act may be cited as the Government Securities Act.

2.    Application of Act

    This Act shall apply to all securities heretofore or hereafter created or issued in the United Kingdom on behalf of the Government of Malawi—

    (a)    in which a trustee might at any time have invested by virtue of section 2 of the Colonial Stock Act, 1900; or

    (b)    by the conditions of issue of which it is provided that this Act shall apply to them, each and all of which securities are hereinafter referred to as ‘‘Malawi Government Securities”.

3.    Provision for payment of money due to stockholder

    (1) Whenever, by the final judgment, decree, rule or order of any court of competent jurisdiction in the United Kingdom, any sum of money is adjudged or declared to be payable by the Government of Malawi in respect of any Malawi Government Securities, that sum shall, without further appropriation than this Act, be charged upon and paid out of the Consolidated Fund, and adequate funds (as and when required) shall be made available in the United Kingdom by the Government of Malawi to meet any such final judgment, decree, rule or order.

    (2) For the purpose of this section, ‘‘final judgment, decree, rule or order’’ means, in case of appeal, the final judgment, decree, rule or order of the ultimate court hearing the appeal.

4.    Certificate of paying agent

    A certificate specifying the sum paid under order of any such court as aforesaid to satisfy any such final judgment, decree, rule or order and issued by the agent in the United Kingdom of the Government of Malawi authorized to make such payment shall be sufficient authority to the Auditor General or other officer having the auditing of accounts of such agent for passing such sum without further appropriation.

5.    Certain legislation to be agreed with the United Kingdom Government

    Legislation which appears to the Government of the United Kingdom to alter any of the provisions affecting Malawi Government Securities to the injury of the holders thereof, or to involve a departure from the original contract in regard to those Securities, shall not become law save after agreement with the Government of the United Kingdom, and if attention is drawn to such legislation after the passing thereof, the Government of Malawi will take the necessary steps to ensure such amendment thereto as may be requested by the Government of the United Kingdom.

63 and 64 Vict. c. 62