ADVOKS GLOBAL · KENYA
General Loan and Stock Act
14. Further sums to be remitted for redemption of debentures
Edition: 1963-12-12 · In force
14. Further sums to be remitted for redemption of debentures
(1)The Minister shall, in the half-year ending on the date specified in the terms of issue of the loan as that on which the first contribution to the sinking fund shall be taken and in each subsequent half-year, issue out of the Consolidated Fund, for the formation of a sinking fund, an additional sum equal to one-half of the annual contribution specified in the prospectus or, in the case of a loan not issued publicly, in the terms of issue relating to the loan, in respect of the total nominal amount of all the debentures issued, including any which may have been redeemed, but exclusive of any which may have been at any time exchanged for stock, and shall remit that sum to the Crown Agents with the remittance hereinbefore mentioned.(2)Notwithstanding anything to the contrary contained in subsection 1, if at any time the trustees of the sinking fund of any loan issued under this Act are satisfied that the value of the fund will be sufficient with further accumulations of interest but without further payment of contributions to enable the loan to be redeemed out of the proceeds of the sinking fund not later than the final redemption date, the Minister may suspend further contributions to the sinking fund:Provided that contributions to the sinking fund shall be recommenced of the trustees at any time and they inform the Minister that this is necessary.