Section 5: Issue of Government securities
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
5. Issue of Government securities
(1) The Minister may authorise the issue of Government securities in
such type, form and manner, and on such terms and conditions, as he may
approve.
(2) Government securities under subsection (1) shall, subject to subsection (3), be issued in book entry or in physical form.
(3) Government securities in physical form shall be identified by their
series of issuance, distinctive serial numbers, face amount, and may be in
registered or bearer form.
(4) As from 1 July 2008, Government securities shall, save in exceptional circumstances, be issued in book entry form.
(5) The Minister shall take steps to encourage holders of Government
securities in physical form to convert them into book entry form.
(6) Government securities issued in book entry form shall constitute
Government debt not less than if they had been issued in physical form.
(7) Where a certificate or other document of title to certificated securities
is lost, stolen, destroyed, mutilated or defaced, the issuer shall, on application being made by the holder of the certificate or other document, issue a
duplicate certificate or document to the holder.
(8) Any application under subsection (7) relating to a lost or stolen certificate or document shall be accompanied by a written undertaking that where
the certificate or document is found, or received by the holder, it shall be
returned to the issuer.
(9) For the purpose of this section, the Bank shall, on behalf of the Ministry, establish and maintain a computerised system for issuing, maintaining,
servicing and redeeming the uncertificated securities.
(10) All proceeds from the issuance of Government securities to support
monetary policy objectives shall be deposited in an account at the Bank and
used only for the redemption of such securities.
(11) Any cost incurred by Government in the issuance of Government
securities to support monetary policy objectives shall be borne by the Bank,
unless Government decides to meet such cost.
[S. 5 amended by s. 42 (b) of Act 9 of 2015 w.e.f. 14 May 2015; s. 40 (b) of Act 18 of 2016
w.e.f. 7 September 2016.]
[Issue 9] P47A – 4
Revised Laws of Mauritius