Chapter 74:01 - General Loan and Stock

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L.R.O. 1/ 2012
LAWS OF GUYANA
GENERAL LOAN AND STOCK ACT
CHAPTER 74:01
Act
31 of 1913
Amended by
20 of 1915 2/1936 1 of 1921 21/1939
23 of 1928 8/1950 11 of 1929 21/1951
9 of 1934 O.1/1966B



1 – 20 ... 1/2012
(inclusive) by L.R.O.
Pages Authorised
Current Authorised Pages
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Note
on
Subsidiary Legislation
This Chapter contains no subsidiary legislation






Note
on
Repeal
This Act repealed the Inscribed Stock Ordinance (6 of 1886) and (16 of `897)

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CHAPTER 74:01
GENERAL LOAN AND STOCK ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
2. Interpretation.
3. Loans to be raised by debentures or stock.
4. Loans to be part of public debt.
5. Borrowing upon debentures.
6. Amount of each debenture.
7. How debentures may be redeemed.
8. Interest coupons.
9. Form of debenture and coupons.
10. Debentures and coupons transferable by delivery.
11. Register of debentures.
12. Payment of interest.
13. Mode of providing for payment of interest on debentures.
14. Remittances for redemption of debentures.
15. Application of sinking fund.
16. Creation of sinking fund for redemption of debentures payable on a fixed
date.
17. Disposal of sinking fund when debentures are redeemed by purchase or
by annual drawings.
18. Appointment of day for drawing of debentures.
19. Notice of time and place appointed for drawing.
20. Mode of drawing.
21. Notice of debentures drawn for redemption.
22. Payment of drawn debentures.
23. Cesser of interest from day appointed for payment of principal.
24. Redeemed debentures to be cancelled.
25. Borrowing upon stock.
26. When the principal is to be repaid.
27. (1) Provision for payment of interest on stock.
(4) Creation of sinking fund.
28. Charge upon general revenue.

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SECTION
29. Expenses to be paid out of sinking fund.
30. (1) Powers of Minister.
(a) conversion of debentures into stock;
(b) conversion of loans generally;
(c) stock in exchange for other securities;
(d) creation and sale of stock or debentures.
(2) Arrangements for conversion.
31. Exchange of securities for stock.
32. Converted securities to be cancelled.
33. Trustees to apportion amount of sinking fund released by
conversion.
34. Sinking funds released, how to be disposed of.
35. Creation, inscription, issue, conversion and transfer of stock.
36. Regulations.
37. Diversion of unrequired sum from one specified purpose to another.
38. Raising loans in Guyana.
PROVISIONS OF ORDINANCE NO. XXIII OF 1929
39. Cesser of sinking fund contributions under this Act.
PROVISIONS OF ORDINANCE NO. XI OF 1928
40. (1) Minister may borrow by sale of debentures or stock.
(2) Application of loan. Power to use unutilised balance specified in item
17 of First Schedule to redeem other than 6 per cent Guyana bonds.
(3) Commencement of contributions to sinking fund.
(4) Power to issue Treasury bills.
TRUSTEE INVESTMENT IN GOVERNMENT SECURITIES
41. (1) Definitions.
(2) Application of section.
(3) Payment of money due to stockholders.
(4) Agent’s certificate.
(5) Confirmation of Undertaking.
FIRST SCHEDULE—Application for loan.
SECOND SCHEDULE—Undertaking of the Government of Guyana in regard to
Government Securities.
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________________________
1929 Ed.
c. 46
1953 Ed.
c. 287 _______________________________________________________
31 of 1913 An Act to declare the terms and conditions applicable to
Loans authorised by the Parliament of Guyana,
and to provide for the creation of Inscribed Stock.
[31ST DECEMBER, 1913]
Short title.
[8 of 1950]
Interpretation.
[21 of 1951]

Loans to be
raised by
debentures or
stock.
[8 of 1950]
Loans to be part
of public debt.
[O. 80/1980]
c. 1:01

1. This Act may be cited as the General Loan and
Stock Act.
2. In this Act—
“Crown Agents” means the person or persons for the time
being acting as the Crown Agents for Overseas
Governments and Administrations in England;
“stock” includes both inscribed and registered stock;
“registered stock” means stock transferable by
instrument in writing.
3. Whenever by any Act or resolution of the National
Assembly authority has been given or is hereafter given to
raise a sum of money for the purposes mentioned in the Act
or resolution, the Minister, or the Crown Agents acting on his
behalf, may, from time to time as he or they may deem
expedient, raise that sum either by debentures or by Guyana
stock, or partly by debentures and partly by stock.
4. The principal moneys and interest
represented by the debentures or stock issued under this Act
shall be part of the public debt of Guyana within the meaning
of article 114 of the Constitution.
CHAPTER 74:01
GENERAL LOAN AND STOCK ACT
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Borrowing
upon
debentures.
[21 of 1951]
Amount of each
debenture.
How debenture
may be
redeemed.
[9 of 1934
21 of 1939]
Interest
coupons.
Form of
debenture and
5. When the Minister deems it, or the Crown Agents
acting on his behalf deem it, expedient to raise money by
debentures, those debentures shall be issued in the United
Kingdom on behalf of the Government of Guyana by the
Crown Agents upon the best and most favourable terms that
can be obtained and shall be signed by any one of them on
that behalf.
6. Every debenture issued under this Act shall be for
the sum of not less than one hundred pounds sterling.
7. The debentures shall be redeemable either—
(a) at par on a fixed date to be declared on the
issue of the debentures such date not being
later than sixty years from the date of issue:
Provided that the Minister or the Crown
Agents acting on his behalf may reserve the
option to redeem the debentures prior to
such date on such conditions as may be
declared at the time of issue; or
(b) by annual drawings at par or at the
option of the Minister or the Crown
Agents acting on his behalf by purchase
at or below par.
8. To every debenture there shall be attached coupons
for the payment of interest to become due in each half-year
upon the principal represented by the debenture, and the
coupons shall be sufficient in number to provide for the
payment of the interest, either during the whole period for
which the debenture has to run or for such limited period as
the Crown Agents, acting on behalf of the Government of
Guyana, determine.
9. The debentures and the coupons thereto shall be in
the form directed or approved by the Minister or the Crown
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coupons.

Debentures and
coupons
transferable by
delivery.

Register of
debentures.

Payment of
interest.

Mode of
providing for
payment of
interest on
debentures.
[8 of 1950]

Remittances
for redemption
of debentures.
[9 of 1934
8 of 1950
21 of 1951]
Agents acting on his behalf.
10. Every debenture and coupon and the right to
receive the principal and interest represented thereby shall be
transferable by delivery.
11. Every debenture shall, before being issued, be
registered in a register book to be kept for that purpose at the
office in London of the Crown Agents.
12. The interest upon the principal represented by
each debenture shall run from the day named in that behalf in
the debenture, and shall be paid half-yearly on the days
named in that behalf in the debenture, at the office in
London of the Crown Agents.
13. (1) So long as any of the debentures remain
outstanding, the Minister shall, in each half-year ending with
the day on which the interest on the debentures falls
due, appropriate out of the Consolidated Fund a sum
equal to one half-year’s interest on the whole of the
debentures issued, including any which have been
redeemed, but exclusive of any which have been at any time
exchanged for stock, and shall remit that sum to the Crown
Agents at a time which will enable them to pay thereout the
then current half-year’s interest on the day on which it falls
due.
(2) Debentures shall not be deemed to be
outstanding for the purposes of this Act by reason only that
one or more of them have not been presented for payment on
the day appointed for payment and have in consequence not
been paid.
14. (1) The Minister shall, in the half-year ending on
the date specified in the terms of issue of the loan as that on
which the first contribution to the sinking fund shall be taken
and in each subsequent half-year, appropriate out of the
Consolidated Fund, for the formation of a sinking fund, an
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Application of
sinking fund.
Creation of
sinking fund for
redemption of
debentures
payable on a
fixed date.
[9 of 1934
21 of 1951]
additional sum equal to one-half of the annual contribution
specified in the prospectus, or in the case of a loan not issued
publicly in the terms of issue, relating to the loan, and the said
contribution shall be in respect of the total nominal amount of
all the debentures issued, including any which have been
redeemed, but exclusive of any which have been at any time
exchanged for stock, and shall remit that sum to the
Crown Agents with the remittance hereinbefore mentioned.
(2) Anything contained in subsection (1) to the
contrary notwithstanding, if at any time the trustees of the
sinking fund of any loan issued under this Act are satisfied
that the value of the fund will be sufficient with further
accumulations of interest but without further payment of
contributions to enable the loan to be redeemed out of the
proceeds of the sinking fund not later than the final
redemption date, the Minister may suspend further
contributions to the sinking fund:
Provided always that contributions to the sinking
fund shall be recommenced if the trustees shall at any time
inform the Minister that this is necessary.
15. The sinking fund shall be applied in the first place
in payment of all expenses of or incidental to the redemption
of the debentures and the cost and expenses of all notices
required by this Act to be given, and in the next place, and
subject to the aforesaid payments, in repayment of the
principal moneys for the time being represented by the
debentures.
16. In the case of debentures redeemable on a fixed
date, the Crown Agents shall place at interest or invest so
much of the money so remitted to them as aforesaid as is not
required for the payment of interest for the current half-year,
in the purchase of such securities as are approved by the
Minister as a sinking fund for the final extinction of the debt,
and the Crown Agents shall also place at interest or invest the
dividends, interest, or produce of those investments in the
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Disposal of
sinking fund
when
debentures are
redeemed by
purchase or by
annual
drawings.

Appointment
of day for
drawing of
debentures.

Notice of time
and place
appointed for
drawing.

Mode of
drawing.
purchase of like securities, and may from time to time with
the approval of the Minister change any of those investments
and shall hold the fund in trust for the repayment of the principal moneys for the time being represented by the
debentures.
17. In the case of debentures redeemable by
annual drawings, the Crown Agents shall place and keep the
moneys so remitted to them, or so much thereof as is not
required for immediate payments, at interest, and shall hold
all those moneys and the accumulations thereon in trust to
apply them in the first place to the purchase of the debentures
when they can be obtained at a price not exceeding par,
and in the second place to the redemption of the
debentures by means of annual drawings.
18. After the date specified in the Act or resolution of
the National Assembly authorising a loan as that on which
the contributions to the sinking fund shall commence in
respect of that loan, and so long thereafter as any of the
debentures remain outstanding and unsatisfied, the Crown
Agents shall, in every year, unless the whole of the money
applicable in that year to the redemption of debentures has
been applied in the purchase thereof, appoint a day in that
year for the drawing by lot of the debentures to be redeemed.
19. If a day is appointed for drawing, the Crown
Agents shall give by advertisement in the London Times
newspaper not less than fifteen days’ previous notice,
specifying the day on which and the hour and place at which,
the drawing will take place.
20. On the day and at the hour and place so specified
the Crown Agents shall hold a meeting, at which the holder
of any debenture may, if he thinks fit, be present, and shall
then in the presence of the debenture holders, if any, who
attend and of a notary public, draw by lot, out of the
whole number of debentures for the time being outstanding,
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Notice of
debentures
drawn for
redemption.
Payment of
drawn
debentures.
Cesser of
interest from
day appointed
for payment of
principal.

Redeemed
debentures to
be cancelled.
[9 of 1934]
Borrowing
upon stock.
[8 of 1950
21 of 1951]
40 and 41
Vict. c. 59.

debentures of the specified nominal amount.
21. The Crown Agents shall thereupon declare
the distinguishing numbers of the debentures drawn for
redemption and as soon as may be, by advertisement in
the London Times newspaper, specify those numbers and
appoint a day, not later as to each debenture than the day on
which the then current half-year’s interest thereon is payable,
on which the principal moneys represented by the debentures
so distinguished will be repaid.
22. On the day so appointed the Crown Agents shall,
at their office in London, on demand, pay to the holders of the
debentures drawn for repayment the principal moneys
represented by those debentures, with all interest payable
thereon up to that day.
23. From and after the day appointed for the
repayment of any debenture all interest on the principal
moneys represented thereby shall cease and determine,
whether payment of the principal has been demanded or
not.
24. Upon the repayment of the principal
moneys represented by any debenture, the debenture, with all
the coupons thereunto belonging, shall be delivered to the
Crown Agents, to be by them cancelled and disposed of in
such manner as the Minister or the Crown Agents acting
on his behalf may decide. Any debenture redeemed by
purchase shall likewise be so cancelled and disposed of.
25. When the Minister deems it, or the Crown Agents
acting on his behalf deem it, expedient to raise money by the
issue of Guyana stock, then that stock shall be issued in the
United Kingdom by the Crown Agents under the Act of the
United Kingdom Parliament entitled The Colonial Stock Act,
1877, upon the best and most favourable terms that can be
obtained.

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When the
principal is to
be repaid.
[9 of 1934
8 of 1950]

Provision for
payment of
interest on
stock.
[9 of 1934
8 of 1950
21 of 1951]


26. All the stock which may be created under this Act
shall be redeemable at par on a date to be named in that
behalf by the Crown Agents when issuing the stock, such date
not being later than sixty years from the date of issue:
Provided that the Minister or the Crown Agents
acting on his behalf may reserve the option to redeem the
stock in whole or in part, by drawings or otherwise, at any
time prior to such date on such conditions as may be declared
at the time of issue. From and after the date appointed for the
redemption of the stock or any part of it all the interest on the
principal moneys represented thereby shall cease and
determine whether payment of the principal shall have been
demanded or not.
27. (1) So long as any of the stock remains
unredeemed, the Minister shall, in each half-year ending with
the day on which the interest thereon falls due, appropriate
out of the Consolidated Fund a sum equal to one half-year’s
interest on the whole of the stock, and shall remit that sum to
the Crown Agents at a time which will enable them to pay
thereout the then current half-year’s interest on the day when
it falls due.
(2) The Minister shall, in the half-year ending on the
date specified in the terms of issue of the loan as that on
which the first contribution to the sinking fund shall be taken,
and in each subsequent half-year, appropriate out of the
Consolidated Fund, for the formation of a sinking fund, an
additional sum, equal to one-half of the annual contribution
specified in the prospectus, or in the case of a loan not issued
publicly in the terms of issue, relating to the loan, in respect of
the total nominal amount of that stock and shall remit that
sum to the Crown Agents with the remittance hereinbefore
mentioned.
(3) Anything contained in subsection (1) to the
contrary notwithstanding, if at any time the trustees of the
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Charge upon
general
revenue.

Expenses to be
paid out of
sinking fund.
Powers of
Minister.
[9 of 1934
8 of 1950
21 of 1951]
sinking fund of any loan issued under this Act are satisfied
that the value of the fund will be sufficient with further
accumulations of interest but without further payment of
contributions to enable the loan to be redeemed out of the
proceeds of the sinking fund not later than the final
redemption date, the Minister may suspend further
contributions to the said sinking fund:
Provided always that contributions to the sinking
fund shall be recommenced if the trustees shall at any time
inform the Minister that this is necessary.
(4) The Crown Agents shall, for the purpose of
forming the sinking fund, from time to time place at interest
or invest so much of the money so remitted to them as is not
required for the payment of interest for the current half-year,
in the purchase of the securities from time to time approved
by the Minister, and shall also place at interest or invest the
dividends, interest, or produce of those investments in the
purchase of like securities, and may from time to time, with
the approval of the Minister, change any of the investments,
and shall hold the fund in trust for repayment of the principal
moneys for the time being represented by the stock.
28. If the sinking funds for which provision is made
by this Act are insufficient for the payment of all the principal
moneys borrowed under the authority of this Act at the time
those moneys become due, the Minister shall make good the
deficiency out of the Consolidated Fund.
29. All expenses of or incidental to the management
of the sinking fund, or to the payment of the principal
moneys borrowed, shall be paid out of the sinking fund.
30. (1) The Minister shall also have and may from time
to time exercise the following powers and authorities, or any
of them:

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Conversion of
debentures into
stock;

Conversion of
loans generally;

Stock in
exchange for
other securities.
creation and
sale of stock or
debentures;
Arrangements
for conversion.
Exchange of
securities for
stock.
[8 of 1950]
(a) he may authorise the Crown Agents when issuing
any loan in the form of debentures to declare that those
debentures will be convertible into stock at the dates and on
the terms and conditions prescribed by the Crown Agents at
the time of the issue of the debentures;
(b) he may declare all or any of the Guyana
loans, whether issued before or after the commencement of
this Act, whether existing in the form of stock or debentures,
to be convertible into stock, to be issued under this Act;
(c) he may authorise the creation and issue of such an
amount of stock in exchange for the securities held for those
loans as may be necessary;
(d) he may authorise the creation and sale of any of
the stock or debentures for the purpose of raising money for
redeeming any outstanding loans, whether issued before or
subsequent to the passing of this Act, for paying any expense
in the creation of stock, and otherwise for carrying out the
provisions of this Act.
(2) Any conversion so authorised may be effected
either by an arrangement with the holders of existing
securities or by purchase thereof out of moneys raised by the
sale of stock, or partly in one way and partly in the other.
31. Nothing in this Act contained shall authorise an
increase of the capital or of the annual charge on any loan,
except as follows:
(a) when securities exchanged for stock bear a rate of
interest not less than the stock, an additional amount of stock
may be created and issued to make up the difference in
saleable value between the securities and the stock;
(b) in the case of the conversion of securities into
stock, the Crown Agents shall issue the amount of stock
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Converted
securities to be
cancelled.
[8 of 1950]

Trustees to
apportion
amount of
sinking fund
released by
conversion.
[8 of 1950]

Sinking funds
released, how
to be disposed
of.
[8 of 1950]
Creation,
inscription,
issue,
conversion,
and transfer of
stock .
[8 of 1950
21 of 1951]
required to defray the stamp duties and all other expenses
incidental to the conversion;
(c) in accordance with any terms and conditions
prescribed under subsection (1)(a) of the last preceding
section.
32. The securities exchanged or otherwise converted
into stock under this Act shall be forthwith cancelled by the
Crown Agents, and the debentures surrendered shall be
cancelled and transmitted to the Minister.
33. The trustees of the sinking fund appointed under
this Act, and acting under any Act or resolution of the National Assembly authorising the issue of any securities
exchanged into stock, or cancelled, or purchased, under this
Act, shall determine what amount of the sinking fund held
by them and created for repayment of those securities shall be
released, and in the determination of that question the
trustees shall take into consideration the value of the whole
investments held by them on account of the sinking funds, the
amount of the debt remaining a charge on the sinking funds,
and any matters the trustees think fit to take into account.
34. So much of the sinking funds as is released shall
either be transferred to the trustees of the stock sinking fund,
or be disposed of in the manner directed subject to the
approval of the National Assembly.
35. The Crown Agents may from time to time, at the
request of the Minister, make arrangements for all or any of
the following things, namely, for—
(a) inscribing and registering stock in
their books;
(b) managing the creation, inscription,
registration and issue of stock,
including the issue of certificates of
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Regulations.
40 & 41 Vict.
c. 59
12 & 13 Geo.
6, c. 1.
Diversion of
unrequired
sum from one
specified
purpose to
another.
Raising loans
in
Guyana.
[21 of 1951]
title in respect of such stock;
(c) effecting the conversion of loans into
stock;
(d) paying interest on stock and
managing the transfers thereof;
(e) issuing stock certificates to bearer,
and, as often as occasion shall require,
re-inscribing or registering them and
for the issue of certificates of title in
respect of holdings of such stock;
(f) for effecting the exchange or
conversion of inscribed stock into
registered stock.
36. Authority is hereby given for the making of
regulations under section 16 of the Colonial Stock Act,
1877, to provide that, in accordance with section 1 of the
Colonial Stock Act, 1948, stock issued (whether before or after
the passing of the last mentioned Act) under this Act, shall be
transferable by instrument in writing in accordance with the
regulations and in no other manner.
37. The Minister may, with the consent of the National
Assembly, direct that any sum not required for a purpose
specified in the Act or resolution of the National Assembly
shall be applied to any other purpose therein specified, or
specified in any subsequent resolution of the Assembly
thereto relating.
38. This Act shall be applicable only to the raising of
loans in the United Kingdom, and nothing in this Act
contained shall prevent the raising of loans in Guyana upon
any terms and conditions specified in any Act authorising
the raising of those loans.
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Cesser of
sinking fund
contributions
under this Act.

Minister may
borrow by sale
of debentures
or stock.
[O. 1/1966B]
Application of
loan.
First Schedule.
Power to use
unutilised
balance
specified in
item 17 of First
Schedule to
redeem other
PROVISIONS OF ORDINANCE NO. XXIII OF 1928
39. Notwithstanding anything to the contrary
contained in this Act, if at any time the trustees of the sinking
fund of any loan issued or to be issued under the provisions
hereof (other than a debenture loan redeemable by annual
drawings or by purchase in the market) are satisfied that the
value of the fund will be sufficient, with further
accumulations of interest but without further payments of
contributions, to enable the loan to be redeemed out of the
proceeds of the sinking fund when it falls due to be
redeemed, the Minister may suspend further payments of
contributions to the sinking fund, but contributions to the
sinking fund shall be recommenced if the trustees at any time
inform the Minister that it is necessary.
PROVISIONS OF ORDINANCE NO. XI OF 1929
40. (1) The Minister is hereby authorised to issue
debentures or stock, or both, under this Act to an amount
sufficient to produce as nearly as may be the sum of three
million, one hundred and three thousand five hundred
pounds sterling and any further sum necessary to defray the
expenses of issue.
(2) The money to be borrowed under the
authority of this section shall be appropriated and applied to
the purposes specified in the First Schedule:
Provided that the Minister may utilise any savings
in respect of any item in the First Schedule to cover excess of
expenditure in respect of any other item:
And provided further that that part of the amount of
five hundred and thirty-seven thousand pounds,
appropriated in item 17 of Part II of the First Schedule for the
redemption of six per cent Colony bonds, which remains
after the redemption of the said bonds, may be utilised for
the redemption of other Colony bonds.
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than 6 per cent
Colony bonds
Commence-
ment of
contributions
to sinking
fund.

Power to issue
Treasury bills.
c. 74:03

Definitions.
[O. 1/1966B]
Application of
section.

Payment of
money due to
stockholders.
(3) Contributions to sinking fund as contemplated
by section 14 and section 27(2) shall commence in respect of
any debentures or stock issued under this section not later
than three years after the date from which the interest on
those debentures or that stock shall commence to run.
(4) Pending the issue of the whole or any portion
of the loan by this section authorised the Minister may, if
necessary, raise instalments of the money as required by the
issue of Treasury bills under sections 18, 19 and 20 of the
Public Loan and Treasury Bills Act.
GOVERNMENT SECURITIES.
41. (1) In this section—
“competent court” means a court of competent jurisdiction in
the United Kingdom;
“final judgment, decree, rule or order” means in case of
appeal the final judgment, decree, rule or order of the
ultimate competent court hearing the appeal.
(2) This section shall apply to all securities created
or issued prior to the 26th May, 1966, in the United Kingdom
on behalf of the Government in which a trustee might at any
time have invested by virtue of section 2 of the United
Kingdom Colonial Stock Act, 1900, of the United Kingdom
each and all of which securities are hereinafter referred to as
“Government securities”.
(3) Whenever by the final judgment, decree, rule or
order of any competent court any sum of money is adjudged
or declared to be payable by the Government in respect of any
Government securities, that sum shall, without further
appropriation than this Act, be charged on the Consolidated
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Agent’s
certificate.
Confirmation
of Under-
taking.
Second
Schedule.
s. 40
[O. 1/1996B]
Fund and adequate funds (as and when required) shall be
made available in the United Kingdom by the Government to
meet any such final judgment, decree, rule or order.
(4) A certificate specifying the sum paid under
order of any competent court to satisfy any final judgment,
decree, rule or order and issued by the agent in the United
Kingdom of the Government authorised to make such
payment shall be sufficient authority to the Auditor-General
or other officer having the auditing of the accounts of such
agent for passing such sum without further appropriation.
(5) The Undertaking set out in the Second Schedule
is hereby confirmed.
FIRST SCHEDULE
APPLICATION FOR LOAN
PART I
1. City of Georgetown— £
Sewerage, main drainage and external
house connection ................................ 980,000

2. Municipal water supply ................................ 170,000
3. Coastal drainage scheme (including
construction plant and equipment £27,000) 377,000
4. Coastal pure water supply (wells) ............... 157,000
5. Purchase of part of Demerara railway
perpetual and permanent annuities .......... 217,000
6. Miscellaneous public works (funding
operation)............................................... 156,000
_________
2, 057,000

LAWS OF GUYANA
General Loan and Stock Cap. 74:01 19
L.R.O. 1/ 2012
S. 41.
[O.1/1966B]
PART II
7. Reconditioning bridges ............................................50,000
8. Reconditioning public buildings............................ 50,000
9. Prison (Georgetown) ............................................... 35,000
10. Housing for police force and Government
officials...................................................................... 52,000
11. Secondary school and training college
Technical school and nine primary
schools …............................................. 70,000
12. Agricultural research buildings and
headquarters …..................................... 15,000 15,000
13. Hospitals and dispensaries…....................... 20,000 20,000
14. Surveys…..................................................... 50,000 50,000
15. Agricultural Bank…................................... 105,000
16. Steamers, Colonial transport department… 62,500 62,500
17. Redemption of 6 per cent colony bonds….. 537,000
1,046,500
Total …..... £3,103,500 £3,103,500
SECOND SCHEDULE
UNDERTAKING OF THE GOVERNMENT OF GUYANA
IN REGARD TO GOVERNMENT SECURITIES
1. This undertaking applies to all securities created or
issued prior to the 26th May, 1966, in the United Kingdom on
behalf of the Government of British Guiana in which a
trustee might at any time have invested by virtue of section 2
of the United Kingdom Colonial Stock Act, 1900, each and
all of which securities are hereinafter referred to as
“Government Securities”.

LAWS OF GUYANA
20 Cap. 74:01 General Loan and Stock
L.R.O. 1/ 2012

2. The Government of Guyana hereby undertakes
that if any legislative measure of Guyana appears to the
Government of the United Kingdom to alter any of the
provisions affecting Government Securities to the injury of
the holder or holders thereof or to involve a departure from
the original contract in regard to these securities that
measure will not be allowed to pass into law except with the
agreement of the Government of the United Kingdom and
that, if it has passed into law, the Government of Guyana will
take the necessary steps to secure such amendment as may be
requested by the Government of the United Kingdom.
3. The Government of Guyana hereby further
undertakes that it will take the necessary steps to secure that
this undertaking is confirmed by a legislative measure of
Guyana as soon as may be practicable.
__________________________

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