CHAPTER 134
GOVERNMENT LOANS, GUARANTEES AND GRANTS ACT
[SUBSIDIARY LEGISLATION]
INDEX TO SUBSIDIARY LEGISLATION
ORDERS
(Section 20)
G.N. No. 168 of 1976
1. This Order may be cited as the Government Loans and Guarantees (Execution of Instruments) Order.
2. The power vested in the Minister for Finance to execute any agreement or instrument relating to a loan or guarantee raised or given under the provisions of the Government Loans, Guarantees and Grants Act * is hereby delegated to the Permanent Secretary to the Ministry of Finance.
PROSPECTUS
(Regulation 7)
G.Ns. Nos.
352 of 1968
108 of 1969
1. This Prospectus is issued in accordance with the provisions of regulation 7 of the Premium Bonds Regulations, and is in respect of the first issue and subsequent issues of premium bonds.
2. The date of issue of the first issue of premium bonds is the 1st August, 1968.
3. The quantity of bonds to be issued is five hundred thousand and these are numbered serially from 1 to 500,000.
4. The prizes offered to winners in respect of each of the first and second draws for prizes are as follows–
| 1 | Prize of Shs. | 15,000/- = | Shs. | 15,000/- |
| 1 | Prize of Shs. | 10,000 /- = | " | 10,000/- |
| 2 | Prizes of Shs. | 2,500/- = | " | 5,000/- |
| 5 | Prizes of Shs. | 1,000/- = | " | 5,000/- |
| 10 | Prizes of Shs. | 500/- = | " | 5,000/- |
| 50 | Prizes of Shs. | 100/- = | " | 5,000/- |
| 100 | Prizes of Shs. | 50/- = | " | 5,000/- |
| 1,000 | Prizes of Shs. | 20/- = | " | 20,000/- |
| Shs. | 70,000/- |
The prizes offered to winners in respect of subsequent draws for prizes shall be such as may from time to time be published by way of amendment to this Prospectus.
5. A bond will be eligible for inclusion in the first draw for prizes held after the expiry of two calendar months beginning on the first day of the month following the month in which it is sold and such a bond will also be eligible for inclusion in every subsequent draw for prizes held prior to the bond maturing for repayment.
6. The first draw for prizes will be held on the 1st February, 1969, and subsequent draws for prizes will be held at intervals of six months thereafter.
7. Every draw for prizes will be conducted at the Arnautoglu Community Centre Hall in Dar es Salaam.
8. Every draw will be conducted by employing an electronic lottery machine capable of registering a number of not less than six digits and the procedure shall be as follows–
(a) for the draw for the first prize the machine shall be so adjusted as to be capable of registering on the display window any number from 000000 to 499999, the machine shall then be operated and the number appearing on the display window shall be declared to be the winning number; if the number appearing on the display window is 000000 the winning number shall be declared to be 500,000;
(b) for the draws for the second, third, fourth, fifth, sixth and seventh prizes the same procedure as described in paragraph (a) shall be adopted for each of the prizes; if the number appearing on the display window in a draw in respect of any of the second, third, fourth, fifth, sixth or seventh prizes is 000000 the winning number shall be declared to be 500,000;
(c) for the eighth prize the machine shall be adjusted so as to be capable of registering on the display window any number from 000 to 999; the machine shall then be operated and every bond the last three digits of the serial number of which corresponds with the number appearing on the display window shall be declared to be the winning bond.
{mprestriction ids="1,2,3"}
9. The results of every draw will be published in the Gazette and in the national press.
REGULATIONS
(Section 21)
G.N. No. 689 of 1964
1. Title
These Regulations may be cited as the National Savings Bonds Regulations.
2. Application
These Regulations shall apply to all issues of National Savings Bonds pursuant to the Local Loans, Guarantees and Grants Act *.
3. Amount of issue
The prospectus for each issue if National Savings Bonds shall state the amount of such issue.
4. Cancellation
The Minister may, by notice in the Gazette, terminate any issue of bonds notwithstanding that the full amount of such issue has not been subscribed.
5. Issue of bonds
(1) Bonds may be issued by the Treasury, Dar es Salaam and by Internal Revenue Officers (hereinafter referred to in these Regulations as Issuing Agents).
(2) Bonds may also be issued by such other persons as may be authorised by the Permanent Secretary to the Treasury (hereinafter referred to in these Regulations as Bond Sellers).
(3) Every Bond Seller shall sell Bonds in accordance with such directions as may be issued to him from time to time by the Permanent Secretary to the Treasury.
(4) Bond Sellers shall be accountable to the Permanent Secretary to the Treasury for the proceeds of all Bonds issued. A commission of one percent of the subscription price will be payable by the Treasury at quarterly intervals on sales of Shs. 100/- or multiples thereof.
6. Loss or destruction
If any Bond shall become mutilated the Permanent Secretary to the Treasury may, at his discretion cancel the Bond that is mutilated and issue a replacement Bond. Lost Bonds will under no circumstances be replaced.
7. Redemption of bonds
Bonds may be redeemed upon application to the Treasury or any Issuing Agent. On redemption of any Bond the same shall be cancelled and shall not be re-issued.
(Section 21)
G.Ns. Nos.
346 of 1968
98 of 1969
1. Citation
These Regulations may be cited as the Premium Bonds Regulations.
2. Interpretation
In these Regulations, unless the context otherwise requires–
"agent" means a selling agent appointed under paragraph 2 of regulation 13 and includes, any office or department of the Government, the officer who sells the bonds;
"bond" means a premium bond issued under the authority of the Government Loans, Guarantees and Grants Acts;
"Director" means the Director of Premium Bonds;
"holder", in relation to a bond, means the person whose name appears on the counterfoil as the purchaser of the bond and also means–
(a) in the case where the person whose name appears on the counterfoil has died, his executor or the administrator of his estate; or
(b) in the case where the person whose name appears on the counterfoil is a person of unsound mind, the person appointed as the manager of his estate under the provisions of the Mental Diseases Act *;
(c) in the case where the person whose name appears on the counterfoil is an undischarged bankrupt having been adjudicated bankrupt by a court of competent jurisdiction in the United Republic, the Official Receiver;
(d) in the case where the person whose name appears on the counterfoil is a corporation which is in liquidation or in respect of which a winding up order made by a court of competent jurisdiction in the United Republic is subsisting, the liquidator;
"prospectus" means a prospectus published in the Gazette in a accordance with the provisions of regulation 7.
3. Appointment of Director and Deputy Director
(1) The Permanent Secretary to the Treasury is hereby appointed Director of Premium Bonds.
(2) The Director may, with the consent of the Minister, appoint a person holding office in the service of the United Republic as Deputy Director of Premium Bonds.
(3) The Deputy Director may, subject to the directions of the Director, exercise all the functions of the Director.
4. Issue of bonds
(1) The Director shall, whenever directed by the Minister to do so, issue bonds.
(2) The Director shall do all such acts and things and give such directions as may be deemed necessary or expedient for the purpose of promoting sales of bonds.
5. Price and maturity of bonds
(1) Every bond issued under these Regulations shall be of the value of ten shillings.
(2) A bond shall mature for repayment three years after the date on which it is purchased:
Provided that where a bond has been purchased by the National Bank of Commerce and is sold by the said Bank before the expiry of three years from the date of the purchase by the Bank, such bond shall mature for payment three years after the date of such resale.
6. Bonds to be issued in books of ten
Bonds shall be issued in books containing ten bonds and there shall be attached to every bond a counterfoil on which shall be printed the serial number of the bond and which shall have sufficient space for the purpose of recording thereon the name and address of the purchaser of the bond.
7. Rules respecting issue of bonds
(1) The Director shall, not less than fifteen days before the issue of bonds, cause to be published in the Gazette a prospectus giving particulars as to–
(a) the proposed date of issue of the bonds;
(b) the quantity and series of the bonds to be issued;
(c) the schedule of prizes offered to winners;
(d) the eligibility of bonds to be included in a draw for prizes or in more than one such draw;
(e) the date of the draw for prizes or, in the case of more than one draw, the frequency of the draws for prizes and the place at which and the manner in which every draw shall be conducted:
Provided that in the case of bonds issued during the month of August, 1968, the Director shall cause such a prospectus to be published in the Gazette not later than the 21st September, 1968.
(2) The Director may, by notice published in the Gazette, at any time amend the particulars given in a prospectus.
8. Publication of results
The Director shall publish the result of every draw in the manner specified in the prospectus.
9. Transferability of bonds
A bond shall not be transferable otherwise than with the permission in writing of the Director and subject to such terms and conditions as he may impose.
10. Bond not to be purchased by more than one person
(1) A bond may not be purchased or held by more than one person.
(2) Where the counterfoil of any bond has recorded thereon the names of two or more persons as being the purchasers of the bond, the person whose name first appears on the counterfoil shall, for the purposes of these Regulations, be deemed to be the holder of the bond.
11. Claim for prizes
Where any bond has been declared to be a bond which has won a prize at any draw, it shall be the responsibility of the holder to claim the prize.
12. Director may refuse to pay prize in certain cases
The Director may decline to pay or award a prize where–
(a) the person claiming the prize is not the holder of the bond;
(b) the bond is not whole or if it bears any alteration, abrasion or erasure; or
(c) in the opinion of the Director the bond is not genuine,
and the decision of the Director in respect of such matters shall be final.
13. Selling agent
(1) Bonds may be sold at internal revenue offices and at such other offices of the Government as the Director shall think fit.
(2) The Director may appoint agents to sell bonds upon such terms and conditions, including terms of remuneration, as the Director may, in consultation with the Minister, determine.
14. Agent to record the name and address of the purchaser
Where an agent sells any bond it shall be his duty to record on the bond in the space provided for that purpose the name of the purchaser and also to record on the counterfoil of that bond the name and address of the purchaser.
15. Loss or destruction of bond
(1) Where the Director is satisfied by the holder of a bond that the bond has been lost or destroyed or mutilated or is in such a condition as to render it desirable that it should be replaced, he may, upon payment by the holder of a fee of one shilling, issue a copy of the bond to the holder.
(2) The Director may attach to the issue of a copy of a bond under this regulation such conditions as to indemnity as he may think fit.
(3) A copy of a bond issued under this regulation shall, for all intents and purposes, be as effective as the original bond.
16. Redemption of bond
Where a bond has matured for repayment the holder shall be entitled to receive the value of the bond upon presentation of the same to the Treasury or any internal revenue officer or any agent appointed by the Director under these Regulations.
17. Offences and penalties
Any person who–
(a) being an agent, fails to pay or remit to the Director, or such person as the Director may appoint in that behalf, the proceeds of sales of bonds made by him within three days after the date specified in the prospectus as being the date on which the sale of bonds issued pursuant to that prospectus shall cease; or
(b) being an agent, sells, offers to sell or exposes for sale any bond after the date specified in the prospectus to which that bond relates as the date on which the sale of bonds issued pursuant to that prospectus shall cease,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding two thousand shillings or to imprisonment for a term not exceeding two months or to both such fine and imprisonment.
(Section 21)
[16th October, 1998]
G.N. No. 627 of 1998
1. Citation
These Regulations may be cited as the Government Securities (Book Entry) Regulations.
2. Interpretation
In these Regulations unless the context requires otherwise–
"authorised dealer" means–
(a) a commercial bank licensed under the Banking and Financial Institutions Act; or
(b) a dealer duly licensed under the Capital Markets and Securities Act,
who meets the conditions prescribed by the Bank for participating in the book entry system for Government Securities;
"the Bank" means the Bank of Tanzania;
"book entry" means the entries made on a register or computer database, within the Central Depository of Securities, to record the ownership of securities;
"book entry security" means any debt security issued by the Government in uncertificated form and is registered as part of an issue of the Government book entry securities;
"central depository" means the Central Depository for Government Securities;
"certificate" means any document that is, or is a document of title to, a security;
"depositor" means a holder of a securities account;
"government securities" means treasury bill, bonds or stocks issued in accordance with the Government Loans, Guarantees and Grants Act *;
"securities account" means an account established by a central depository for the recording of deposit or withdrawal of securities.
3. Insurance of government securities
(1) The Government may issue bills, bonds or stocks or convert government securities already issued by an entry of securities interest to the credit of the holder in the register kept at the central depository
(2) The issuance of government securities in the manner described under subregulation (1) shall not affect the validity of the obligations of the Government arising therefrom.
(3) Subject to the provisions of these Regulations, securities issued or converted into a book-entry security may be negotiated to third parties.
4. Operation and management of the central depository
(1) There shall be established a central depository of securities at the Bank which shall provide or cause to be provided all such services as maybe necessary for the proper keeping and management of records, clearing and settlement of all dealings or transactions in Government securities.
(2) Subject to the provisions of the Act any directions as the Minister may give from time to time, operation and management of the Central depository and any other dealings arising therefrom shall be vested with the Bank.
5. Bank services
The Bank shall, in relation to the functioning and operation of the. central depository provide or cause to be provided all such services as may be necessary for the following namely:
(a) buying and selling of securities;
(b) deposit and withdrawal of securities interests of holders;
(c) registration of dealings in deposited securities;
(d) safe custody of certificates and other records in relation to deposited securities; and
(e) system for recording, identification, and verification of deposited securities.
6. Book entry securities
(1) Subject to these Regulations and the Act, book-entry securities shall be offered in accordance with the terms and conditions of the public offer published in one or more of newspapers of general circulation.
(2) An obligation for a subscriber to book-entry securities to Day the price offered in the tender shall be valid and binding upon submission of the relevant forms to primary dealers.
(3) A security interest or beneficial ownership of book-entry securities shall be created when value is given or other formalities as may be established by the Bank are fulfilled:
Provided that records held at the central depository shall be conclusive evidence of the contractual obligation of the Government with respect to any holder of a security issued as such.
(4) An entry in the records held at the central depository shall unless the contrary is proved be deemed to have been made by or with the authority of the central depository.
(5) A security holding standing to the credit of an identified holder at the central depository shall be presumed exclusive to the beneficial interest of the holder identified as such unless the contrary is proved.
7. Non-disclosure of information or document
Except as provided under any written law or with the consent of the holder, no employee of or authorised agent of the central depository or any other person who has access to any information or document relating to records of securities holdings kept at the central depository shall during his tenure of office or employment or thereafter give, reveal, divulge or disclose such information or document to any person.
8. Function of the Bank
(1) Subject to the Act and these Regulations, the Bank shall determine and administer rules and procedures relating to the operations of the central depository for the purpose of ensuring orderly transactions and dealings of securities held at the central depository.
(2) Subject to any written law and these Regulations, the Bank shall keep, and execute any dealing or transaction in relation to deposited securities on trust for beneficial interest of holder thereof.
(3) Any person who uses central depository services in the course of any securities dealings or transactions shall comply with the rules and procedures issued by the Bank.
(4) For the purpose of this regulation, "rules" include any direction given by the Bank to any person pursuant to these Regulations.
9. Limitation of liability
When acting in good faith and without negligence, the Bank shall not be liable for any breach of trust, duty or loss in respect of any dealing or transaction executed on instructions of holder whether or not the holder had beneficial right in relation to the securities held at the central depository.
10. Fees
The Bank may impose fees for services provided under the scheme contemplated under these Regulations.
11. Transfer pledge or charge of beneficial ownership of interest in securities
(1) Subject to the Act, any transfer, pledge or charge of beneficial ownership of interest in securities whole or in part held at the central depository between holders shall be affected on the basis of an instrument of transfer and an appropriate entry into the records at the central depository.
(2) Subject to these Regulations and rules and procedures determined by the Bank, any deposit, withdrawal, pledge, charge, transfer or any analogous transactions which have the effect of transferring right or interest of a holder in particular securities held at the central depository shall be effected through authorised dealers.
12. Attachment of securities
(1) Upon receipt of a written request for an attachment, of securities and authentic copy order of the court authorising the attachment, the Bank may enter appropriate entry in the records of central depository in recognition of, and enforcement of the order.
(2) No person shall deal or transact in the securities in any manner after such entries have been made except with the order of the court.
13. Extension of application of these Regulation
The Bank may, with the consent of the Minister, and subject to any written law extend the application of these Regulations to securities issued by a public authority. {/mprestriction}