Land Bonds Act

Link to law: http://www.moj.gov.jm/laws/land-bonds-act-0

LAND BONDS

THE LAND BONDS ACT

NOTIFICATION
(under section 7 (1) )'

ORDERS
(under section 12)

REGULATIONS
(under section 15)

The Land Bonds Regulations, 1956

The Land Bonds (Series B) Regulations, 1976

G.N. 516~/V

(Omitted)

L.N. 14/56

3:
23/59

G.N. 557166
L.N. 222161

349169
71/70
43/74
100/77

L.N. 364A176

[The inclu.iion of this page is authorized by L.N. 62119881

LAND BONDS

THE LAND BONDS ACT

NOTIFICATION
(under section 7 ( I ) )

(Made by the Minister on the 22nd day of November, 1987) G.N. 516~187

1. This Notification may be cited as the Land Bonds (Rate of
Interest) Notification, 1987.

2. A rate of interest of twentythree per centum per m u m shall
apply in relation to hnd bonds issued on or after the 23rd day of
November. 1987.

[The inclusion of this page is authorized by L.N. 62119881

L A N D BONDS

THE LAND BONDS ACT

REGULATIONS
(under section 15)

(Made by the Governor in Executive Council on the 16th day of ici: l4Is6
January, 1956) L.N. 2221 56 147158

23 59
G.N. 557166
L.N. 222167

3491 69
78/70

483174
100177

1. These Regulations may be cited as the Land Bonds Regulations, citation.
1956.

2. In these Regulations unless the context otherwise requires- hterpn-
tation.

"bond" means a bond issued under the Act;
"personal representative" means the executor, original or by

representation, or administrator for the time being of a deceased
person.

3. Every bond shall be in the form specified in the Schedule and shall Form 01
be signed by the Accountant-General or Deputy Accountant-General. &%I..

4. Subject to the provisions of regulation 9, all bonds issued in a IUUC.
calendar year shall constitute one issue and shall be described by the
year of issue.

5. Bonds may be issued in any denominations that the Minister shall Denomin..
by instrument in writing direct. tion.

6. The Land Bond Fund shall be placed at intarest or be invested Investment 01
Land Bond in such securities as may be approved by the Minister and the dividends. Fund.

interest or produce of such investments &all also be placed at interest
in the purchase of like securities.

?.-(I) Intemt on bonds shall acorue at the rate of 4 per cent per h t e of interest
and melhod

annum and shall be paid by cheque by the Accountant-General in of payment.
a c~~~dance with the provisions contained in the respective bonds:

THE LAND BONDS REGULATIONS, 1956

Provided that where the period between the date of issue of the
bond and the date prescribed for the first payment of interest is less
than six months, the first payment of interest shall be for the pro-
portionate part of the half-yearly payment.

(2) Where in the circumstances referred to in subsections (3) and
(4) of section 8 of the Act, the bond is redeemed on a date other than
a half-yearly interest date payment of interest shall be made only
for the proportionate part of the half-yearly payment.

(3) From and after the date of redemption of any bond interest
shall cease to accrue theseon.

(4) Notwithstanding the provisions of paragraph (1). interest
on bonds issued-

(i) on or after the 2nd day of August, 1956. shall accrue
at the rate of 5 per cent per annum;

(ii) on or after the 14th day of March. 1958. shall accrue
at the rate of 53 per cent per annum;

(iii) on or after the 28th day of January, 1966, shall be
62 per cent per annum:

(iv) on or after the 15th day of July, 1969, shall accrue
at the rate of 7 per cent per annum;

(v) on or after the 10th day of April, 1970, shall be 8 per
cent per annum.

Redemption at 8.-(1) Except in the circumstances referred to in subsections (3) and
bonds. (4) of section 8 of the Act, bonds shall be redeemed by drawings on any

half-yearly interest date not being earlier than five years from the date
of the issue of the bond in such numbers and denominations as may
be decided by the Minister:

Provided that every bond shall be redeemed within twenty years
from the date on which it was issued.

(2) The Accountant-General shall give by advertisement in the
Gazette and in at least one newspaper published in the Island not less
than three months previous notice specifying the day on which the hour
and place at which the drawings will take place and the number ot
bonds of each denomination to be redeemed at the drawings.

(3) Prior to each drawing, there shall be listed all the bonds from
which the drawing is to be made, and each denomination of bonds
shall be listed separately in order of the sequence of numbers of the
bonds.

me inclusion of this pwe is authorized by L.N. ll2ll978l

THE LAND BONDS REGULATIONS. 1956

(4) There shall be printed a number of tickets (hereinafter
referred to as "the tickets") equal to the number of bonds issued under
the authority of the Act and the tickets shall bear the same denomina-
tion, sequence of numbers and year of issue as the bonds.

(5) Seven days before each drawing the appropriate persons
shall attend at the office of the Accountant-General and in the presence
of a notary public shall inspect the lists and the tickets from which
the drawing is to be made, and shall verify the serial numbers of the
bonds of each denomination to be drawn.

(6) The lists and the tickets shall be placed in containers en-
graved as to the denominations of the bonds therein and locked by
two persons (hereinafter referred to as "key holders") to be nominated
by the Minister responsible for finance. Thereafter the notary public
shall issue to the Accountant-Genezal a certificate that the lists and the
tickets placed in each container correspond with the denominations
shown on the engraving on the outside of the containers.

(7) The containers shall have one door fastened by two dis-
similar locks: the keys to such locks shall be held by the key holders.
Each key holder shall hold a key to one only of the said locks. In
the event of a key holder being unable to perform his duties as a
key holder the Minister responsible for finance may appoint another
person to act temporarily as key holder. Duplicate keys of the locks
of each container shall be deposited in such places and in the custody of
such pzrsons as shall be appointed by the Minister responsible for
finance. Such keys shall not be surrendered to any person by the
persons in whose custody they are except on written instructions of the
Minister responsible for finance.

(8) The containers when not required for the drawing shall be
kept in a vault of the Bank of Jamaica and of which two officers of
the Bank hold the keys.

(9) On the day of the drawing the vault shall be opened and the
containers shall be handed to the appropriate persons in the presence
of the two key holders. The containers shall be taken by the appro-
priate persons to the place where the drawing is to take place and
there at the time fixed for the &awing shall be opened by the two key
holders in the presence of the appropriate persons and a notary public
who shall, if possible be the notary public referred to in paragraph (5).

The tickets may be &awn by hand, one ticket at a time out of each
container, by a person selected by the appropriate persons, or they may

F c inclusion of this page Is authorized by L.N. 41 19761

THE LAND BONDS REGULATIONS, 1956

Bonds
surrcn-
dered in
satisi'ac..
tion of
arreur.; of
tnxes due
on liondcd
estates OI
in satk-
faction of
estate
duty.

be drawn by such mechanical means and in accordance with such
system as the Minister may approve.

(10) The appropriate persons shall compare the tickets so
drawn with the register of land bonds. If any of the tickets drawn shall
be shown to the satisfaction of the notary public to be in respect of
bonds which have previously been redeemed, such tickets shall be
disregarded in arriving at the specified amount of bonds drawn.

(11) After each drawing the containers shall be locked by the
two key holders and shall be replaced in a vault which conforms to the
requirements of paragraph (8).

(12) In this regulation "appropriate persons" means the Account-
ant-General, Auditor-General, Manager, Workers Savings and Loan
Bank and such other persons as the Minister responsible for finance
may appoint from time to time.

9.-(1) Subject to the provisions of this regulation, bonds may be
surrendered-

(a) to the Collector-General in satisfaction of any arrears of
taxes accrued due, in relation to the bonded estate in > -
nection with the purchase or acquisition of which they w e ~ ~
issued, at the time of such purchase or acquisition; or

(b) to the Commissioner of Estate Duties in satisfaction of any
estate duty payable on the death of any person.

(2) The Collector-General or the Commissioner of Estate Duties
shall not be obliged to accept the surrender of any bond where the
nominal value of such bond exceeds by more than two hundred dollars
the amount of taxes or the amount of estate duties, as the case may
be, in satisfaction of which it is tendered.

(3) If the nominal value of a bond or bonds tendered in
accordance with this regulation in satisfaction of any taxes or estate
duty exceeds by more than two hundred dollars the amount of such
taxes or estate duty, as the case may be, the Collector-General or the
Commissioner of Estate Duties, as the case may be, may endorse on
any such bond a note that bonds of a lesser denomination are required
for the purposes of this regulation; and the holder or the personal
representative of the holder, as the case may be, of the bond so endorsed
may request the Accountant-General to exchange it for such number
of fresh bonds of lesser denomination as may be specified in the
request and are equivalent in total nominal value to the nominal value
of the endorsed bond.

F e inclusion of this page is authorized by L.N. 4119761

THE LAND BONDS REGULATIONS, 1956

(4) The Accountant-General, if satisfied that the exchange is
required to facilitate surrender in accordance with this regulation, shall
make the exchange accordingly and shall retain and cancel the endorsed
bond and issue Eresh bonds in place thereof bearing the date of the
endorsed bond.

(5) When bonds are surrendered to the Collector-General in
accordance with this regulation he shall cause the registered holder to
endorse on each bond an order to the Accountant-General for payment
of the amount due in respect of such bond in the following terms-

"Accountant-General,

Please pay the amount due in respect of this bond which is
surrendered in payment of arrears of taxes in terms of the Land
Bonds Act to the Collector-General.

Date ..................................... .".
The Collector-General shall immediately forward such bond or

bonds to the Accountant-General with an accompanying certificate
stating the amount of taxes payable, the name of the party responsible
for the arrears of taxes, the description of the property to which the
arrears apply and the period to which the arrears relate.

(6) When bonds are surrendered in accordance with this regula-
tion to the Commissioner of Estate Duties in satisfaction of any estate
duty payable on the death of any person that officer shall require the
personal representative of the deceased to endorse on each bond an
order to the Accountant-General for payment of the amount due
in respect of such bond in the following terms-

"Accountant-General,
Please pay the amount due in respect of this bond which is
surrendered in payment of estate duties in the estate of .........
..................... in terms of the Land Bonds Act to the Commis-
sioner of Estate Duties.

Date.. ..................................... .".
The Commissioner of Estate Duties shall immediately forward such

bond or bonds to the Accountant-Oemral accompanied by a certificate
specifying the amount of estate duties payable, the name of the deceased
and the date of his death.

[The hdrutOn d tb& wse ti authofimed by L.N. 41 19761

THE Z d N D BONDS REGULATIONS, 1956

(7) If the Accountant-General is satisfied that any surrendered
bond is redeemable in accordance with the provisions of the Act he
shall take immediate steps to redeem such bond paying over to the
Collector-General or the Commissioner of Estate Duties, as the case
may be, the nominal amount of the bond redeemed together with the
arrears of interest thereon up to and including the day prior to the date
of redemption or such less amount as may be adequate to meet the
liabilities for taxes or estate duties in respect of which the bond or
bonds have been surrendered and shall retain and cancel any bond
so redeemed and should further obtain from the Collector-General
or the Commissioner of Estate Duties, as the case may be, a certificate
to the effect that the amount received in respect of the surrendwed
bond or bonds has been duly credited to revenue in satisfaction or part
satisfaction of the liability for which the bond or bonds were surren-
dered quoting the particulars of the official receipt issued in this
connection.

(8) The Accountant-General shall pay to the registered holder of
the surrendered bond or bonds, or to his personal representative, any
balance remaining from the nominal amount of the surrendered bond
or bonds after payment to the Collector-General or the Commissioner
of Estate Duties, as the case may be, of the amounts required to
satisfy the liability for taxes ar for estate duty for which such bonds
were surrendered.

Register of 10.-(1) A register containing the following particulars shall be kept
bonda. by the Accountant-General in relation to all bonds-

(a) registration number;
(b) number of the bond;
(c) year of issue;
(d) the amount of the bond;
(e) bonded estate;
0 name of registered holder;
(g) his occupation and address;
(h) date of issue;
( i ) final redemption date;
a date of transfer;
(k) folio at which transfer is recorded;
(I) actual date of redemption.

(2) There shall also be maintained by the Accountant-Genaral
within the register prescribed by paragraph (1) a section recording
particulars of bonds transferred in accordance with regulation 11.

[The inclusion of this page is authorized by L.N. 4119761

THE LAND BONDS REGULATIONS, 1956

The particulars recorded in this section shall be in a form similar to
that prescribed for recording the original registration.

(3) The Accountant-General may, for a period not e~ceeding
one month previous to each payment of interest under the provisions
of the Act, close the register of bonds upon giving not less than seven
days' notice of such closing by advertisement in the Gazette and in
one newspaper published in the Island.

11.-41) A bond shall be transferred by an instrument in writing in Transfer of
the form appearing in the Schedule. bonda.

(2) No person shall be registered as the transferee of any land
bond except upon payment of a transfer fee of 2% in respect of each
instrument of transfer and upon surrender to the Accountant-General
of the bond and the instrument of transfer.

(3) The Accountant-General shall, if the application for transfer
is in order, issue to the transferee a bond of the nominal value of the
bond transfmed.

(4) The fees payable under these regulations shall be paid into
the Consolidated Fund and shall f o m part of the general revenue of
the Island.

12. If any bond is lost, mislaid or destroyed, the Accountant-General Renewing
may, on such indemnity being given as he may require and on payment bond'
of a fee of 2% in respect of each such bond, and such expenses as
may be incurred in respect of advertisement, etc., issue a fresh bcnd in
place of the bond so lost, mislaid or destroyed.

13. There shall be prepared by the Accountant-General as at the
31st March of each year a statement showing the receipts and payments zg;£:[BIll.
from the Land Bond Fund, with the opening and closing balances theFU"d.
thereof and also a statement of the investments held on behalf of the
Fund at that date, and these statements shall be submitted to the
Minister responsible for finance after being duly audited, and shall be
laid on the Table of the House of Representatives.

[The inclusion of thb paae is authorized by L.N. 41 19761

THE LAND BONDS REGULATIONS, 1956

SCABDULE (Regulation 3)
FORM OF LAND BOND

Government of Jamaica
No. .............................. No. .............................

LAND BOND
............... Issue 19

s. ................................................... Dollars S ................................
A m o ~ l z a ~ BY THE LAND BONDS ACT

Under the authority of the Land Bonds Act the Government of Jamaica
promises to pay to the registered holder of this bond for the ttme bang at the

....... office of the Accountant-General, Kingston, Jamaica, the principal sum of..
dollars on such date on or before the expiration of twen!y years from the
date of issue of this bond as the same may be redeemable m accordance with
the provisions of the Land Bonds Act and any regulations made thereunder
and also interest thereon the meantime computed from the date of issue of this
bond to the day prior to the date of redemption at the rate of ........................
per centum per annum payable half-yearly on the 1st day of June and 1st
day of December. in each year. The principal money and interest of this
bond arkcharged upon and payable out of the Land Bond Fund constituted
under the Land Bonds Act, and are by virtue and under the authority of the said
Act further guaranteed by the general revenues of the Island of Jamaica and
shall be paid by the Accountant-General of Jamaica in accordance with the
provisions of the said Aot and any regulations made thereunder.

Unless this bond has previously been redeemed under the provisions of the
Land Bonds Act, and any regulations made thereunder paymen? of the principd
money will bo made to the reg~ster* holder thereof for the tune bemg by the
Accountant-General of Jamaica at Kmgston, Jamalca, on the expiry of twenty
years from the date of issue of the bond.

All interest on this bond ceases from and after the day on which it is
redeemed.

Signed on behalf of the Government of Jamaica.

...............................................................
Accountant-General of Jamaica

Date.. ............................. day of.. ................................................ .19.. ........

.............................................................................................. I A.B. of:
in consideration of the sum of $ ...............................................................

........................................................................ paid to me by C.D. of
(hminafter called "the said transferee") do hereby transfer to the said trans-
feree the land bond (or bonds) numbered .................. to hold unto the said
transferee sub'ect to the several conditions on which I hold the same: and I,
the said transleree, do hereby agree to take the said bond (or bonds) subject to
the conditions aforesaid.

................................. As witness our hands the .................... ,...day of
........................................................

Witness to signature of transferor

........................................................
Witness to s i g ~ t u r e of transferee

m e inclusion of this pape is authorized by L.N. 4119761

LAND BONDS

THE LAND BONDS ACT

(under section 15)

(Made by the Minister on the 12th day of July, 1976) L.N. 3 6 J ~ l i 6

1. These Regulations may be cited as the Land Bonds (Series B) Citation.
Regulations, 1976.

2. In these Regulations- Interprets-
tion.

"bonds" means series B bonds;
"connected company", in relation to the registered holder of a

bond, means a company which, according to subsection (2)
of section 2 of the Income Tax Act is c o ~ e c t e d with such
holder;

"legatee" has the like meaning as assigned thereto by subsection
(1) of section 2 of the T~ransfer Tax Act.

3. Every payment during any year under subsection ( 2 ~ ) of section
8 of the Act for purposes of the redemption of any bond shall be
made in equal instalments payable on the days, respectively, in that
year, which are presoribed for payment of interest on such bond.

4. No right, title or interest in or to any bond shall be transferred Transfer.
except with the prior approval of the Minister, which may, upon
application by the person proposing to make the transfer in question.
be granted for purposes of the transfer of a bond-

(a) by the personal representative of its registered holder to any
legatee in the case of the death of such holder;

(6) by the trustee in bankruptcy or liquidator of its registered
holder to a creditor of that holder, or to any person to whom
shares of such holder (being a company) belong;

(c) by its registered holder to a conlpany wholly or mainly be-
longing to such holder;

ITL Indunion of thh m e iv aulhOrLOd by L.N. %/19n]

THE LAND BONDS (SERIES B) REGULATIONS, 1976

Application
of Land Bonds
Regulations,
1956.

(d) by its registered holder, being a company, to any connected
company in the course of a reconstruction or amalgamation
of both companies which involves the transfer between them
of assets, including the bond;

(e) by way of security-
(i) respecting a loan made by any lender approved by the

Ministar;

(i) conferring the right to receive amounts payable in
respect of the bond (whether under reguhtion 3 or by
way of interest), until such loan is repaid in full and
all interest thereon is paid; and

(iii) given by the registered holder of the bond, to the said
lender, by means of an instrument, in such form as the
Minister thinks appropriate, which shall require the
lender to re-transfer the bond when conferment of the
right mentioned in sub-paragraph (ii) determines in
accordance therewith;

(f) by means of an instrument, in a form considered appropriate
by the Minister, in compliance with any requirement mentioned
in sub-paragraph (iii) of paragraph (e); or

(g) in such other circumstances as appear to the Minister to
justify approval by him under this regulation.

5. The Land Bonds Regulhtions, 1956 (exclusive of regulations 8
and 9) shall, mutatis mutandis, apply in relation to series B bonds
in like manner as to series A bonds, but with the following modifica-
tions, th9t is to say, the insertion-

(a) in sub-paragraph (b) of paragraph (1) of regulation 10, immed-
iately after the word "number", of the words "and series";

(b) in paragraph (2) of regulation 10, immediately after the word
"registration", of the words "and, in the case of any transfer
by way of security or any re-transfer thereof, shall include
a statement so indicating";

(c) in paragraph (1) in regulation 11, immediately after the word
"S~hedule'~, of the words ", but subject to such adaptations
and modifications as the circumstances may require";

(6) in the Form of Land Bond in the Schedule
(i) immediately after the word and figures "Issue 19.. . . . .".

37. of the word "Series ............ ,
-

[The indlusion of this page is authorized by L.N. 96119771

THE LAND BONDS (SERIES B) REGUZ,ATIONS, 1976

(ii) immediately after the words "December, in each year",
of the words ", on principal money outstanding on
which it accrued" :

Provided that paragraphs (1) and (3) of regulation 11 of the said,
Regulations shall not apply in relation to any transfer pursuant to
paragraph (e) or (f) of regulation 4 of these Regulations, and nothing
in paragraph (2) of regulation 11 of those Regulations shall require
the surrender to the Accountant-General of any bond so transferred.

[The indlusion of thls page is aurhorIze.d by L.N. 96119771
Read Entire Law on www.moj.gov.jm