ARRANGEMENT OF SECTIONS
SECTION
1. Short title
2. Authority to raise loan
3. Provisions regarding bonds
4. Appointment of agents
5. Borrowings charged on Consolidated Fund
6. Conditions of issue of bonds
7. Payments into Development Fund
8. Cancellation of redeemed bonds
Act 6, 1975.
An Act to provide for the raising of a loan by the Government of Botswana, for the creation and issue of Registered Bonds in respect of such loan, for the repayment of the moneys so raised and for the terms and conditions of the raising of such loan.
[Date of Commencement: 11th April, 1975]
This Act may be cited as the Registered Bonds Act.
The Minister may raise by loan from time to time sums not exceeding in the aggregate P1 500 000 (one million five hundred thousand Pula) by the creation and issue of registered bonds in Botswana.
(1) Bonds shall be created and issued on the best and most favourable terms obtainable and, subject to the provisions of this Act, on such other conditions as the Minister may at the time of issue prescribe and any prospectus issued in respect of any issue of bonds shall be deemed to have been prescribed by the Minister.
(2) Bonds issued under this Act shall be registered in books maintained by the agent or agents appointed under section 4 and shall be transferable by a written instrument of transfer and any certificate in respect of any such bonds issued by such agent or agents shall be prima facie evidence of the title of the holder of the bonds specified therein.
The Minister may appoint a person or persons as agent or agents for the issue, management and repayment of any bonds issued under this Act or for any other matter connected therewith and may enter into an agreement with such agent or agents with regard to the duties to be performed and the remuneration therefor.
5. Borrowings charged on Consolidated Fund
All expenses necessarily incurred in connection with the issue of any bonds under this Act, including any commission paid or discount allowed, and all sums required to repay such bonds and to pay the interest and other charges thereon or in connection therewith are charged upon and shall be paid out of the Consolidated Fund.
6. Conditions of issue of bonds
The Minister shall, at the time of issue of any bonds under this Act, prescribe conditions as to the following matters—
(a) the price of issue;
(b) the denominations in which bonds will be issued and transferred;
(c) the rate of interest thereon; and
(d) the times and places for the payment of interest and the repayment of principal,
together with such other conditions, not inconsistent with the provisions of this Act, as he may deem expedient.
7. Payments into Development Fund
The proceeds of all bonds created and issued under this Act shall be paid into the Development Fund.
8. Cancellation of redeemed bonds
All bonds issued under this Act and subsequently redeemed by Government shall be cancelled and shall not be re-issued.