L.R.O. 1/2012
LAWS OF GUYANA
LAND BONDS ACT
CHAPTER 62:07
Act
21 of 1959
Amended by
4 of 1972 35 of 1975


Current Authorised Pages
Pages Authorised
(inclusive) by L.R.O.


1 – 13 ... 1/2012
LAWS OF GUYANA
2 Cap. 62:07 Land Bonds
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Index
of
Subsidiary Legislation
Page
Land Bonds Regulations 11
(Reg. 9/1985)




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CHAPTER 62:07
LAND BONDS ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
2. Interpretation.
3. Payment in land bonds with consent of vendor.
4. Payment in land bonds at discretion of Minister.
5. Persons not required to accept land bonds.
6. Issue of land bonds.
7. Description and redemption of land bonds.
8. Interest on land bonds.
9. Application of sections 16, 17, 18, 19, 20 and 21 of Cap. 74:04.
10. Surrender of land bonds.
11. Service of land bonds.
12. Registration and negotiability of land bonds.
13. Regulations.
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21 of 1959 An Act to make provision for the satisfaction of the whole
or any part of the purchase money or of the
compensation payable by the Government of
Guyana in respect of the purchase or compulsory
acquisition of any land by the issue of bonds, and
for the issue, negotiability and redemption of such
bonds, and the payment of interest thereon and for
matters incidental to or connected with any of the
foregoing purposes.
[5th DECEMBER, 1959]
Short title.
Interpretation.
1. This Act may be cited as the Land Bonds Act.
2. In this Act—
“acquisition” means acquisition in the exercise of powers
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Payment in
land bonds
with consent of
vendor.
Payment in
land bonds at
discretion of
Minister.
Persons not
required to
accept land
bonds.
c. 62:06
conferred by any law for the time being in force in
relation to the compulsory acquisition of land;
“land settlement scheme” has the meaning assigned to that
expression by section 2 of the Acquisition of Land (Land
Settlement) Act;
“statutory claims” has the meaning assigned to that
expression by section 2 of the Deeds Registry Act;
“vendor” means any person to whom any purchase price
or compensation is payable in respect of the purchase or
acquisition of any land.
3. Where any land is purchased or acquired by the
Government the purchase price or compensation payable to
any vendor in respect of such land may by agreement
between such vendor and the Government be paid either in
whole or in part by the issue to such vendor of land bonds to
a nominal amount equal to the whole of the purchase price or
compensation or to such part thereof as may have been
agreed to be so paid, as the case may be.
4. Subject to section 5, where any land is
acquired by the Government for the purpose of a land
settlement scheme the compensation payable to any vendor
in respect of such land may in the absolute discretion of the
Minister be paid either in whole or in part by the issue to such
vendor of land bonds of such type as the Minister determines
to a nominal amount equal to the whole of the
compensation payable or to such part thereof as may be
determined by the Minister, as the case may be.
5. (1) Nothing in this Act shall be deemed to require a
vendor to accept compensation in land bonds in respect of
any land or part of any land unless commissioners
appointed under section 7 of the Acquisition of Land
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(Land Settlement) Act have reported to the Minister that
such land or part thereof is not beneficially occupied or
utilised for agriculture.
(2) No vendor being a mortgagee shall be required to
accept payment of compensation in land bonds in respect of
the whole or any part of the mortgage debt unless—
(a) the Minister, by notice published in
the Gazette, issues a Commission
appointing one or more
commissioners to determine whether
or not the mortgage was executed by
the mortgagor in contemplation of
proceedings being taken to acquire
the land the subject of the
mortgage or in contemplation of the
enactment of this Act and the
mortgagee knew or had reason to
suspect at the time of the execution of
the mortgage that such was the case,
and to report to the Minister in
relation thereto; and
(b) such commissioners report to the
Minister that the mortgage was
executed by the mortgagor in
contemplation of proceedings being
taken to acquire the land the subject
of the mortgage or in contemplation
of the enactment of this Act and that
the mortgagee knew or had reason to
suspect at the time of the execution of
the mortgage that such was the case.
(3) Commissioners appointed under subsection (1)
shall have all the powers, privileges, duties and obligations
of, and shall for all purposes be deemed to be, commissioners
appointed under the Commissions of Inquiry Act.
power under section 24A of the Acquisition of Lands for
(3) Where the Minister has determined in
accordance with this section 4 of this Act that any
compensation should be paid whether in whole or in part by
the issue of land bonds and were it not for the exercise of his
Public Purposes Act section 24 would have applied to the
payment of such compensation section 24 aforesaid shall have
no effect in relation thereto, but the Minister shall issue a
warrant to the Accountant General requiring him to pay such
compensation in whole or in part as the case may be by the
issue to such persons as the High Court may direct of land
bonds of the type determined by the Minister to a nominal value equal to the whole of the compensation or to such
part thereof as may have been determined by the Minister
(2) There shall not be outstanding at any one time
land bonds to a nominal value in excess of one hundred
million dollars or such greater value as may be appointed by
resolution of the National Assembly. For the purposes of this
subsection the outstanding value of any annuity bond shall be
the surrender value as set out in the bond.
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Issue of land
bonds.
[35 of 1975]
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(4) Any person whose interests are or may be
prejudicially affected shall be entitled to be heard by himself
or by counsel before any such commissioners.
(5) Nothing in this Act shall be deemed to require
any person entitled to compensation under section 11 or
section 16(3) of the Acquisition of Lands for Public Purposes
Act to accept such compensation in land bonds.
6. (1) For the purposes of paying any purchase
price or compensation which may be paid under this Act by
the issue of land bonds, the Accountant General shall, subject
to this section, create and issue when and as required land
bonds in such form and of such denominations as may be
prescribed.

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Description
and
redemption of
land bonds.
Interest of land
bonds.
and, subject to this Act, the Accountant General shall issue
such land bonds or pay such compensation accordingly.
7. (1) Land bonds may be of the following types—
(a) fixed-date bonds,
(b) drawing bonds,
(c) annuity bonds.
(2) Subject to section 10—
(a) fixed-date bonds shall be redeemable
at par on a fixed date to be declared
on the issue of the bonds:
Provided that the Minister may
reserve the option to redeem the
bonds before such date on such
conditions as may be declared at the
time of issue;
(b) drawing bonds shall be redeemable
by annual drawings at par to be made
in the manner hereinafter provided,
or, at the option of the Minister by
purchase in the market;
(c) annuity bonds shall be redeemable by
equated half- yearly payments
covering both principal and interest:
Provided that all land bonds shall be redeemed not
later than twenty years from the date of issue.
8. (1) Land bonds shall bear interest at such rate as
the Minister shall determine.
.
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Application of
sections 16,
17, 18, 19, 20
and 21 of
cap. 74:04.

(2) The interest upon the principal represented by
each land bond shall run from the date specified in that behalf
in the bond. Payment of interest in the case of each fixed-date
or drawing bond and of principal and interest in the case of
each annuity bond shall be made half yearly on the date
specified in that behalf in the bond, at the office of the
Accountant General.
9. (1) Sections 16, 17, 18, 19, 20 and 21 of the General
Local Loan Act shall apply to fixed-date and drawing
bonds as they apply respectively to fixed-date and drawing
debentures issued under that Act subject to the following
modifications:
(a) as if for the “debenture” or
“debentures” there were substituted
in the first line of section 16 the
words” fixed- date or drawing bonds”
and elsewhere the word “bond” or
“bonds” as the case may be;
(b) as if for the word “loan” there was
substituted the word “bonds”; and
(c) as if for the words “commencing with
that specified in the Act authorising
the loan”, in section 16(2) there were
substituted the words “but not earlier
than six months after the date on
which interest on the said bonds
commences to run”.
(2) So long as any annuity bonds remain
outstanding the Minister shall in each half year ending with
the date on which any equated payment of principal and
interest in respect of such bonds falls due appropriate out of
the Consolidated Fund a sum equal to the total amount of

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prescribed and generally for giving effect to this Act.
such matters as are by this Act required or permitted to be
Assembly, the Minister may make regulations prescribing
13. Subject to negative resolution of the National
transferred in such manner as may be prescribed
(3) Land bonds shall be capable of being
which the payment is made.
shown in the register as the holder of the bonds in respect of
section 10 shall be paid except to the person for the time being
annuity bond or upon surrender or any land bond under
or by way of payment of principal and interest on any
fixed-date or drawing bonds or upon redemption of the same
(2) No sum payable by way of interest upon any
issued under this Act.
prescribed form and manner a register of all land bonds
12. (1) The Accountant General shall keep in the
charged on the Consolidated Fund.
or incidental to the redemption of such bonds are hereby
bonds or for the redemption of the same and all expenses of
11. All moneys for the payment of interest on land
bond.
shall be redeemed at the surrender value as set out in each
shall be redeemed at par. Annuity bonds so surrendered
(2) Fixed-date and drawing bonds so surrendered
make arrangements therefor.
purchase or acquisition of which they were issued and may
satisfaction of any statutory claims upon the land for the
immediate redemption of land bonds to be surrendered in
10. (1) The Accountant General may authorise the
such payment as aforesaid.

[4 of 1972]
Regulation.
of land bonds.
negotiability
and
Registration
bonds.
Service of land

land bonds.
Surrender of
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Cap. 62:07
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SUBSIDIARY LEGISLATION
_________________
Reg. 9/1985 LAND BOND REGULATIONS
made under section 13
Citation.
Domination of
land bonds.
Form of land
bonds.
1. These Regulations may be cited as the Land Bonds
Regulations.
2. Land Bonds shall be of the denominations of
$10,000, $50,000, $100,000 and $200,000.
3. (1) Subject to paragraph (2), land bonds shall be in
the form set out in the Schedule.
(2) Each land bond shall on the face thereof –
(a) bear the facsimile signature of
have the Minister;
(b) have a serial number;
(c) have provision for an officer,
duly authorised by the
Accountant General to record
the issuing of the land bond, to
affix his signature at the time
the bond is issued; and
(d) have provision for the stamp
of the Accountant General to
be impressed on the land bond.
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[Subsidiary] Land Bond Regulations
L.R.O. 1/2012
Defaced of
mutilated land
bonds.
4. (1) Where a land bond has been defaced or
mutilated whether wholly or partially, in a way that
however the serial number and value can be identified, the
person entitled thereto may make a written application, in
such a manner as the Minister may specify, to the
accountant General for the issue to him of a duplicate land
bond and such application shall be supported by a statutory
declaration verifying the facts set out in the application.
(2) Where the Accountant General is satisfied that
the circumstances set out in the statutory declaration
warrant approval of the application, there may be issued to
the applicant a duplicate land bond endorsed with such
conditions and on such terms as the Minister may specify,
and the duplicate land bond shall, subject to such
endorsement, be as effectual in law as the original.

SCHEDULE Reg. 3(1)

Serial Number.
GUYANA GOVERNMENT FIXED DATE LAND BOND
Payment of compensation for land compulsorily acquired
under the Acquisition of Lands for Public Purposes Act,
Cap. 62:05 in land bonds under the Land Bonds Act, Cap.
62:07 as authorised by section 24A of Acquisition of Lands
for Public Purposes Act.
$
11 Land Bonds
LAWS OF GUYANA
Cap. 62:07
[Subsidiary] Land Bonds Regulations
L.R.O. 1/2012
1. Under the authority of the Acquisition of Lands for
Public Purposes Act, Cap. 62:05 the Minister acting on
behalf of the Government of Guyana, binds the Government
of Guyana to pay.............the holder of land bond serial
number.................................. registered in the name of the
holder in a register of all land bonds kept by the Accountant
General, the sum of...............................for the property
located at..............The Minister also binds the Government
of Guyana to pay interest on this sum at the rate
of.................... per annum commencing on the......................
day of ................................ 20.......
2. Interest is payable half-yearly on
the......................day of......................... and.......................... day
of..........................in each and every year until the principal is
paid by crossed cheque forwarded by registered post at the
risk of the registered land bond holder, either to him or to
any other person, bank or firm named by him within
Guyana.
3. The principal moneys and interest represented by
this land bond are charged upon, and shall be payable out
of, the Consolidated Fund and a sinking fund is being
provided for the redemption of the said bond.
4. This land bond shall be redeemable at par on
the......... day of .................................... 20.......... upon
presentation and surrender of the bond at the office of the
Accountant General by the registered holder or his duly
authorised agent.
5. This land bond is transferable only by instrument
of transfer registered in the books of the Accountant
General, Georgetown, Guyana.
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Given under My Hand at Georgetown, Guyana, this
.........................................day of...................... 20.........
Recorded
............................................................
Recording officer.
Impress stamp of the
Accountant General
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