ARRANGEMENT OF SECTIONS
1. Short title.
3. Loans to be raised by debentures or stock.
4. Loans to be a charge upon general revenue.
5. Borrowing upon debentures.
6. Amount of each debenture.
7. Debentures may be redeemed by annual drawings or by purchase in the market or on a fixed date.
8. Interest coupons.
9. Form of debenture and coupons.
10. Debentures and coupons transferable by delivery.
11. Registry of debentures.
12. Payment of interest.
13. Mode of providing for payment of interest on debentures.
14. Further sums to be remitted for the redemption of the 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. Notice of time and place appointed for drawing.
19. Mode of drawing.
20. Notice of debentures drawn for redemption.
21. Payment of drawn debentures.
22. Cesser of interest from day appointed for payment of principal.
23. Redeemed debentures to be cancelled.
24. Borrowing upon stock.
25. When the principal is to be repaid.
26. Mode of providing for the payment of interest on stock.
27. Mode of providing for payment of principal of stock.
28. Creation of sinking fund.
29. Charge upon general revenue.
30. Expenses to be paid out of sinking fund.
31. Powers of President.
32. Exchange of securities for stock.
33. Converted securities to be cancelled.
34. Trustees to apportion amount of sinking fund released by conversion.
35. Transfer or disposal of sinking fund.
36. Creation, inscription, registration, issue, conversion and transfer of stock.
37. Raising of loans in Tanzania.
38. Authority to make regulations.
THE GENERAL LOAN AND STOCK ACT
An Act to declare the terms and conditions applicable to loans authorised to be raised by the Government of Tanzania and to provide for the creation of Tanzania stock.
[7th May, 1948]
21 of 1948
12 of 1950
[R.L. Cap. 255]
This Act may be cited as the General Loan and Stock Act.
In this Act, unless the context otherwise requires–
"registered stock" means stock transferable by instrument in writing.
"stock" includes both inscribed and registered stock;
Whenever by any Act authority shall have been given, or shall hereafter be given, to raise any sum of money for the purposes mentioned in such Act, the President, or the Crown Agents acting on his behalf, may, from time to time, as he or they may deem expedient, raise such sum either by debentures or by the United Republic Act stock, or partly by debentures and partly by stock.
The principal moneys and interest represented by the debentures or stock issued under the provisions of this Act are hereby charged upon and shall be payable out of the general revenue and assets of the United Republic.
When the President, or the Crown Agents acting on his behalf, shall deem it expedient to raise money by debentures, such debentures shall be issued in London on behalf of the Government of the United Republic 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.
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