No. 29. Law for the conversion of the Loan to Awards of the Republic of San Marino in loan Redeemable 3% from 1944 to 1963. We the Captains Regent of the Most Serene Republic of San Marino Promulgate and publish the following Law which the Prince and Sovereign Council of the LX, since the decree, issued for the purpose of Law 15 November 1917 by the Commissioner's Court, for permission to convert the loan to Awards the Republic of San Marino in a Redeemable Loan, all the conditions specified in the preliminary of the Ente Autonomo del Awards Loan to the Republic of San Marino and the Italian Ministry of Finance; view and ratified the Convention concluded under the date August 9 to 10, 1942 in Rome - San Marino between the Republic and the Royal Ministry of Finance confirming the preliminary agreements reached between the Ente Autonomo del Awards Loan to the Republic of San Marino and the Royal Italian Ministry of Finance; approved today in His Returned: Art. 1. The bonds with a nominal value of £ 25 each, issued in 1907 for the benefit of the Institutes of Charity and Social Security of the Republic of San Marino and needed to be drawn, for the repayment or the prize, by 1960, come and withdrawn and replaced with the following securities indicated. Art. 2. To replace the above-mentioned obligations to awards approved for the issue of a redeemable loan, consisting of Lt. 500 titles each, fruttanti, with effect from February 1, 1943, annual interest of three tailored to percent payable in annual installments falling due in arrears on February 1 of each year, and repayable on 1 February 1963 at the rate of £ 700 each. Art. 3. The nominal value of prize bonds is reduced from ITL 25 to ITL 10 per group of 50 of them are awarded a title of the nominal value of £ 500 of new issue, called "Redeemable Loan" 3 % from 1944 to 1963. "Art. 4. to get the new titles, rights holders must submit, under penalty of forfeiture, within January 31, 1943, bonds with prizes. the bonds presented for fewer than 50 will be marked with a special Stampiglia Company without interest but will be redeemed on 1 February 1963 at the rate of £ 14 each. the bonds that are not submitted by the deadline of January 31, 1943 for replacement or for stamping, will be redeemed on 1 February 1963 at the rate of £ 10 each. Art. 5. the service of the new bonds, as regards the payment of interest and repayment of principal, will be made by the Bank of Italy. at the same Bank the prize bonds must be submitted and the same will be stamped or will be delivered the new bonds to be set up by the Ent and costs referred to in article 6. Art. 6. the new securities administration remains entrusted to the Commission established by Law 26 March 1925 N. 14, which will be called "Ente Autonomo Administrative Commission Redeemable Loan 3% from 1944 to 1963", which will take part in a representative of the Ministry of Finance of the Kingdom of Italy and the Bank of Itli Art. 7. the cut of new titles it is £ 500 and then the annual interest payable will be the amount of £ 15. All securities will be bearer. The technical characteristics of the securities will be determined by a subsequent measure reggenziale. Art. 8. The Government of the Republic of San Marino undertakes not to submit for replacement or for stamping a number above 350,000 bonds with prizes and make hiring and destroy by the Authority referred to in Article . 6, the remaining outstanding bonds. It remains in the Entity predicted the payment of stamp duty for new titles. Art. 9. The Government of the Republic assumes the obligation to pay the guarantee fund at the end of each calendar year, until 1962, the sum of £ 50,000 a year or a lower amount that might be needed for full coverage the payment of interest and repayment of the new bonds and bonds stamped awards or not, are presented for exchange and management expenses and the bond Redeemable service 3% 1944- 1963. Art. 10. the guarantee fund Loan redeemable 3% 1944- 1963 will consist mainly of securities for an initial amount of not less than a nominal capital of £ 3,000,000, to be filed with the Rome office of the Bank of Italy with an obligation in favor of the holders of the securities lending redeemable 3% from 1944 to 1963. The independent body will redeploy as soon as possible, in Italian bonds, the difference between
interest earned on the Fund's activities to guarantee and those paid to the holders of the new bonds, as well as the payments from the repayment of expired or raffled securities, which forms part of the fund and those paid annually by the Government of the Republic for the full coverage of Redeemable Loan 3% from 1944 to 1963 in art. 9. Art. 11. The period of limitation of five years will apply to the payment of interest and the repayment of the loan capital Redeemable 3% from 1944 to 1963, as well as the premium bonds stamped or not, from their respective dates collectability. Art. 12. In the case of destruction, loss or theft of securities the Bond Redeemable 3% from 1944 to 1963, will apply provisions similar to those vig nt in the Kingdom of Italy. Art. 13. On February 1, 1968 the deposit of security for money fund will be made available to the Government of the Republic, subject to accounting regulations. Temporary Article Every contrary and different arrangement or procedure is repealed. Given at Our Residence, this day of August 22, 1942 (1641 dFR). THE CAPTAINS REGENT Septimius Belluzzi - Celio Gozi THE SECRETARY OF STATE FOR INTERNAL AFFAIRS to Giuliano Gozi A - Content of the Decree Commissioner's approval of the conversion of the Loan to Awards of the Republic of San Marino ASS The Law Commissioner S. Marino, the undersigned, in as President of Ente Autonomo Loan Awards, broadcasting the copy approval of the resolutions taken by the Commission itself in the Ente Sitting of the 26th inst. month, in accordance with Law 15 November 1917art. 20. With best regards. F.to Gino Gozi President of Ente Autonomo Commission Pr loan and Awards Rep. Of San Marino, there 27 Luglio 1942 to 1641 dFR Republic of San Marino Commissioner's Court Civil and Criminal view the instance that precedes and associated documents together : After examining all previous relevant Ente Autonomo Loan Awards as well as the Entity's financial situation; Visa Our Decrees, starting with that on December 31, 1918 and ending with the December 9, 1940, have allocated to that body the moratorium for certain extractions set by the initial schedule; Held that the suspension of extraction c dole Sudbahn as well as the payment of coupons Adriatico Sava Danube - coupons that costituicono, almost entirely, the Authority's activities - has paralyzed the Ente functioning; It considered that are not possible to forecast what will happen to these coupons during both the current state of war and after it; It felt that in such a state of affairs appears convenient to carry out a radical transformation of the Loan Awards in order to get as far as possible, an amortization of the loan based on a solid foundation; It considered that the project - agreed Ente Autonomo Loan Awards with the Ministry of Finance of the Kingdom - intended to transform the Loan Awards in a Redeemable Loan 1943- 1963 can be approved: as if it matters a current sacrifice for holders of bonds however, it gives them custody of a prompt and secure amortization Loan; For these reasons Permit - for the purposes of the Act 15 November 1917 - Ente Autonomo Awards Loan to the Republic of San Marino to convert the loan or stes in a Redeemable Loan from 1943 to 1963 all the conditions specified in the preliminary between the Ente and the Ministry of Finance: agreement annexed to the application and to be considered as well integrally attached to this Decree. San Marino, July 31, 1942 (1641 dFR). THE COMMISSIONER OF LAW f.to Ramoino Recorded in San Marino this day of 14 Agosto 1942 to 1641 dFR - No. 454 Vol. 44 of the Registration Formalities - Exact Lire Four (L.4). THE CONSERVATIVE f.to C. Berti B - Content of the Convention on the adjustment of the Loan to Awards of the Republic of San Marino The Republic of San Marino and the Ministry of Finance of the Kingdom of Italy, having examined the situation of the Loan Awards issued in 1907 by the Republic of San Marino for the benefit of charitable institutions and pension of San Marino, and having noted that: a) following the suspension of payment of the coupons of the Company of Railways Bonds Danube - Sava - Adriatic and former coupons -Sudbahn, which it was mainly made up of the guarantee fund of the Loan to awards of the Republic of San Marino, the Ente Autonomo the bond himself was forced to suspend payment of the drawn bonds; b) that the Ente Autonomo indicated above in order to resume normal operation of the service of the Loan Awards had to offer, in June 1941, the National Institute for sale with changes
Foreign of the n game. 12,043 Bonds of the Company of Railways Danube - Sava - Adriatic and n. 65,355 ex-Sudbahn coupons, part of the activities of the Loan Guarantee Fund predicted; c) that the Italian Ministry of Finance in the best interest of the holders of bonds in the money of the Republic of San Marino, circulating primarily in Italy, and in acceptance of the attentions directed by the Government of the Republic for an organic arrangement of the aforesaid loan, came in determination to become purchaser of the aforementioned batch of foreign securities and to pay a price somewhat higher than r alizzabile on the public market; d), and that for his part the Government of the Republic hath been declared ready to help with funds from its budget to the mentioned reorganization of the Loan service; They have agreed as follows: 1. The bonds with a nominal value of £ 25 each, issued in 1907 for the benefit of charitable institutions and security of the Republic of San Marino, will be withdrawn from circulation by 31 January 1943, and replaced with new fruttanti, with effect from 1 February 1943, the annual interest at the rate of three per cent payable in annual installments in arrears, maturing on February 1 of each year, and repayable on 1 February 1963. 2. the par value of premium bonds it will be reduced from ITL 25 to ITL 10, and for each group of 50 of them a value of £ 500 will be awarded the title of a new issue which will be called "Loan 3% Redeemable 1944-63". The new loan securities will be redeemed at the price of £ 700 each. 3. To obtain the new titles, rights holders must submit, under penalty of forfeiture, by January 31, 1943, the bonds of the Loan with prizes. The bonds presented for fewer than fifty will be marked with a special Stampiglia Company without interest but will be redeemed on 1 February 1963 in lire reason 14 each. Bonds that are not submitted within the same period for the replacement or the printing will be redeemed on 1 February 1963 in lire reason 10 each. 4. The Ministry of Finance will acquire the Italian game of 12,043 Bonds of the Company of Railways Danube - Sava - Adriatic and 65,355 ex-Sudbahn coupons against release of the five Treasury bonds percent, special series maturing on September 1, 1944, for the nominal capital of £ 1,500,000, with dividend rights from 1 March 1942. 5. the Italian Ministry of Finance allows free movement in Italy of the Loan redeemable 3% 1944-63 titles, which will be given in exchange for the loan bonds prize, subject to payment of the stamp duty, accepting that they are entrusted to the Rome headquarters of the Bank of Italy of the deposit guarantee fund and the exchange and the possible marking of premium bonds, as well as the payment service of interest and repayment of old and new titles, behind the recovery of non-recurring expenses from the holders. 6. The Government of the Republic of San Marino takes a commitment not to submit for replacement or for stamping a number above 350,000 bonds with prizes and have employed and destroy by the Ente Autonomo del Loan to the remaining awards outstanding bonds. 7. The Government of the Republic assumes the obligation to entrust the management of new titles to the Commission established by Law 26 March 1925, n. 14, which will take the name of "Ente Autonomo Administrative Commission of the pr loan redeemable 3% from 1944 to 1963", which will take action a representative of the Italian Ministry of Finance and one of the Bank of Italy. 8. The Government of the Republic assumes the obligation to pay at the end of each calendar year, until 1962, the sum of ITL 50,000 per year or a lower amount that might be needed for full coverage of the payment of interest and repayment of new titles and bonds stamped awards or not, and in operating expenses and the bond Redeemable service 3% 1944- 1963. 9. the new loan will be secured by a guarantee fund in which they are paid in addition to activities in securities and money that guaranteed the old loan with prizes, T-bills 5% - 1944 that the Ministry of Finance will deliver and supplementary contributions of the Government of the Republic referred to in n. 8. 10. The Guarantee Fund will be mainly invested in securities for an initial amount of not less than a nominal capital of £ 3,000,000. In addition, the Ente Autonomo will make redeploy as soon as possible in the Italian titles
difference between the interest earned on the Fund's activities to guarantee and those paid to the holders of the new bonds, as well as the sums provenient redemption of matured securities or raffled in the fund itself and those paid annually by the Government of the Republic for the full coverage of Redeemable loan 3% from 1944 to 1963. 11. The period of limitation of five years will apply to the payment of interest and repayment of the loan capital Redeemable 3% from 1944 to 1963, as well as the premium bonds stamped or not, as from the dates of their collectability. 12. In the case of destruction, loss or theft of securities the Bond Redeemable 3% from 1944 to 1963 will apply provisions similar to those vig nt in the Kingdom of Italy. 13. On 1 February 1968 the deposit guarantee fund will be made available to the Government of the Republic, subject to accounting regulations. Done Roma / San Marino, in duplicate, on August 9/10, 1942 (1641 dFR) - XX. THE SECRETARY OF STATE OF THE REPUBLIC OF SAN MARINO f.to Giuliano Gozi THE MINISTER OF FINANCE OF THE KINGDOM OF ITALY f.to P. Revel