{"kind":"expression","expression":{"expr_id":"84","doc_id":"84","label":"2003 Revision","is_as_enacted":"f","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/2001\/33\/eng@2003-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/2001\/33\", \"expression\": \"\/akn\/ky\/act\/2001\/33\/eng@2003-01-01\", \"manifestation\": \"\/akn\/ky\/act\/2001\/33\/eng@2003-01-01.pdf\"}, \"pdf\": {\"md5\": \"9d5bf3a88e464d8597dbbd086bf71264\", \"path\": \"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/2001\/2001-0033\/2001-0033_2003 Revision.pdf\", \"pages\": 18, \"filename\": \"2001-0033_2003 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 5419, \"paragraph_count\": 48, \"text_char_count\": 36355}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Government Securities Law 16. 17. 18. 19. 20. Part V - Payment Of Interest On Securities 21. 22. Part VI - Sinking Fund And Repayment Of Loans 23. 24. 25. 26. 27. 28. 29. Part VII - Conversions Of Loans, Etc. Into Securities 30. 31. 32. Part VIII \u2013 Issue Of Duplicates Of Securities Certificates, Exchange And Consolidation 33. 34. 35. 36. Part IX - Miscellaneous 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. Government Securities Law (2003 Revision) GOVERNMENT SECURITIES LAW (2003 Revision) ENACTED by the Legislature of the Cayman Islands. Part 1 \u2013 Introductory\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title 1. This Law may be cited as the Government Securities Law, (2003.Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Definitions 2. In this Law \u2014 \u201cAuthority\u201d means the Cayman Islands Monetary Authority established under section 3(1) of the Monetary Authority Law (2003 Revision) and includes any employee of the Authority acting under the Authority\u2019s authorisation; \u201ccivil proceedings\u201d do not include proceedings which in England would be taken on the Crown side of the Queen\u2019s Bench Division; \u201cCrown\u201d means Her Majesty in right of Her Government in the Islands; \u201cfiscal agent\u201d includes any bank, corporation or company appointed by the Governor in Council to be the fiscal agent of the Government for the service of securities; \u201cGovernor\u201d means the person for the time being holding the office of Governor of the Islands, and includes any person for the time being lawfully performing the functions of that office under section 1 of Schedule 2 to the Cayman Islands (Constitution) Orders 1972 to 1993, and to the extent to which Government Securities Law a Deputy appointed under section 4 of Schedule 2 to the Cayman Islands (Constitution) Orders 1972 to 1993 is authorised to act, that Deputy; \u201cGovernor in Council\u201d means the Governor acting in accordance with the advice of the Executive Council of the Islands; \u201cGovernment\u201d means the Government of the Islands; \u201cprescribed\u201d means prescribed by regulations made under this Law; \u201cregistered securities\u201d means securities, including notes, bonds and debentures authorised to be issued under this Law; \u201cregister\u201d means the register of each issue of securities kept under section 11; \u201cRegistrar\u201d means the Registrar appointed under section 9; \u201crevenue\u201d means all tolls, taxes, imposts, rates, duties, fees, penalties, forfeitures, rents and dues, proceeds of sale and all other receipts of the Government from whatever sources arising, over which the Legislative Assembly has the power of appropriation, including the proceeds of all loans raised; and \u201csecurities holder\u201d means a person holding registered securities who is entered as owner in the register.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Application 3. This Law shall be applicable only to loans raised for the Islands. Part II - Power To Raise Loans\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Issue of registered securities for the purpose of raising authorised loans 4. (1) Whenever, by any law or a resolution of the Legislative Assembly, authority is given to the Governor in Council to raise any money by way of loan for any purpose mentioned in that law or resolution, or whenever it is necessary to raise any sum of money for the purpose of repaying any loan raised by the Government under this or any other law or a resolution of the Legislative Assembly, the Governor in Council may, from time to time, raise such sum or any part thereof under this Law by the creation and issue of registered securities. (2) Each issue of registered securities made under this Law for the purpose of raising any specified sum of money shall be deemed to be securities issued in respect of a separate loan notwithstanding that the sum of money so raised is part only of a sum of money authorised by any other law or a resolution of the Legislative Assembly to be raised by way of a loan. Government Securities Law (2003 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Securities to be charged on the revenue 5. The principal moneys and interests represented or secured by any registered stock issued under this Law are charged upon and shall be payable out of the revenue.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Financial Secretary to give directions as to name of securities and other matters 6. (1) The Financial Secretary may, in respect of each issue of securities to be raised under this Law, specify, by directions published in the Gazette \u2014 (a) the name of the securities; (b) the amount of securities to be issued; (c) the form and denominations of the securities; (d) the rate or rates of interest payable on the securities; (e) the dates on which the interest on the securities shall be payable; (f) whether there shall be sinking fund for the redemption of the securities; (g) whether all or part of the amount of the securities issued may be in foreign currency; (h) the date of the redemption of the securities; and (i) any other matter related to each issue of securities. (2) The date of redemption of any securities shall not be later than thirty years from the date of issue of such securities. (3) Where the Financial Secretary considers it necessary to reserve an option to redeem any securities at any date earlier than the date of redemption specified for such securities by the directions under subsection (1) he shall, by such directions, specify the terms and conditions on which such securities may be redeemed at any earlier date.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Accountant General to make necessary arrangements 7. Upon the publication, under section 6, of the directions of the Financial Secretary in respect of any securities to be raised under this Law or a resolution of the Legislative Assembly, the Accountant General may, subject to the provisions of such directions and to further directions as the Financial Secretary may give in that behalf, make all such arrangements with the Authority as may be necessary to raise those securities upon the most favourable terms that can be obtained. Government Securities Law\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Nature, form, etc., of securities 8. (1) Securities shall be direct, unconditional and general obligations of the Islands, and the full faith and credit of the Islands shall be unconditionally pledged for the payment of the principal of and interest on securities and any premium, charge, assessment or other expense which may be incurred in connection with the issue or redemption thereof and for the performance of all the covenants and obligations of the Islands thereunder or with respect thereto. (2) The principal of and the interest on securities, any other payments to be made with respect to such securities and any sinking fund payment to be made under section 24 are hereby charged on and shall be payable out of the revenue. PART III - The Registrar\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"The Registrar 9. The Authority may be the registrar of each issue of securities.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Delegation by registrar 10. (1) The Registrar may, with the approval of the Financial Secretary, delegate any person to exercise such control of the powers to perform such of the duties conferred or imposed on the Registrar by this Law as may be specified by instrument in writing under the seal of the Registrar, and thereupon the person delegated shall have and may exercise such powers and perform such duties. (2) The delegation by the Registrar under subsection (1) \u2014 (a) shall not preclude the Registrar from exercising or performing at any time any of the powers or duties so delegated; (b) may be conditional, qualified or limited in such manner as the Registrar may think fit; and (c) may be amended at any time by the Registrar.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Register of securities 11. (1) The Registrar shall keep a register of each issue of registered securities under this Law in which all such securities and all transfers of and all dealings in such securities shall be registered and in which shall be entered all matters and things which by the Law or by the terms of the securities are required to be entered in the register. (2) The register shall be kept in such form as the Registrar considers appropriate. Government Securities Law (2003 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Matters to be registered 12. A copy of the documents containing the authority for and the conditions of each issue of registered securities shall be lodged with the Registrar by the Accountant General.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Fiscal agents 13. Notwithstanding any other provisions in this Law the Governor in Council may, on such terms and conditions as it thinks fit, and when it considers it necessary so to do, authorise a fiscal agent to carry out any or all of the duties and functions of the Registrar under this Law. Part IV - Registered Securities\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Stockholder 14. For the purposes of this Law, no person shall be entitled to any registered securities unless he is registered as a stockholder in respect thereof.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Registration of ordinary stockholders 15. No person shall be registered as the original holder of any registered securities except upon payment in full of the purchase price of his holding in those securities.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Securities certificate 16. (1) Subject to subsection (2), the Registrar may issue to every securities holder a securities certificate in such form as may be determined by the Financial Secretary from time to time. (2) Where a security is held by two or more persons jointly, they shall nominate in writing to the Registrar the person to whom the securities certificate may be issued.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Transfer of registered securities 17. For the purposes of this Law the title of any stockholder to any registered securities shall not be deemed to be transferred to any other person except upon the execution of such instrument of transfer as may be determined by the Financial Secretary and upon the registration of the transferee as the stockholder under section 18.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Registration of transfer securities 18. (1) The Registrar shall not register a transfer of securities until he has received the instrument of transfer and the securities certificate or certificates relating to those securities. (2) Notwithstanding subsection (1), the Registrar may, subject to such conditions as may be prescribed, register that transfer of securities where it is proved to Government Securities Law his satisfaction that the securities certificate or certificates relating to those securities have been lost, stolen or destroyed.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Register to be conclusive evidence of facts entered therein 19. (1) The entries in the register kept under this Law shall be conclusive evidence of the facts, matters, particulars and transactions to which those entries relate unless a securities holder or his representative indicates to the satisfaction of the Registrar that there is a manifest error. (2) Notwithstanding subsection (1) and the provisions of any other law, a copy of any entry in the register certified in writing by or on behalf of the Registrar to be a true copy of the original entry shall be receivable in evidence in any judicial proceedings unless a judge of the Grand Court otherwise directs.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Liability of Government in respect of issue of securities 20. The Government shall be obligated to pay, to the person registered for the time being as the securities holder, the principal sum represented by that securities and that interest due thereon, and any premium, charge, assessment or other expense which may be incurred in connection with the issue or the redemption thereof, in accordance with this Law, at the rate and on the dates directed by the Financial Secretary under section 6 or under an option to redeem such securities reserved in such directions. Part V - Payment Of Interest On Securities\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Payment out of revenue for payment of interest 21. As long as interest is payable under this Law in respect of any security, the Financial Secretary shall cause to be paid out of the revenue a sum sufficient to meet all interest payable during a particular financial year and shall authorise and direct the Accountant General to pay to the Registrar such sums for the payment of that interest (including penalty interest) within sufficient time to enable the Registrar to make timely payments of interest to securities holders in accordance with the terms of the securities.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Payments 22. All payments of interest and all repayments of the principal amount due on any registered securities and all payments of any premium, charge, assessment or other expense which may be incurred in connection with the issue or redemption thereof shall be made by the Registrar in the Islands unless otherwise directed by the Financial Secretary under section 6. Government Securities Law (2003 Revision) Part VI - Sinking Fund And Repayment Of Loans\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"Establishment of sinking fund 23. If, by directions under section 6 (1), the Financial Secretary has specified that there shall be a sinking fund for the purpose of redeeming an issue of securities made under this Law, the Financial Secretary shall establish a sinking fund for that purpose with effect from the date specified under such directions as the date from which contributions to the sinking fund for that issue of securities shall commence.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Payment into sinking fund 24. The Financial Secretary shall cause to be paid out of the revenue into each sinking fund established under section 23 a sum determined in accordance with the amount specified by directions under section 6 (1).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"Trustees for sinking fund 25. The following persons shall be trustees of any sinking fund under section 24 \u2014 (a) the Financial Secretary; (b) the Deputy Financial Secretary; (c) the Managing Director of the Authority; and (d) a director of the Authority nominated by the Governor in Council.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"Trustees to hold sinking fund and other moneys in trust for redemption 26. The trustees of a sinking fund established under section 23 shall hold all moneys received by them or on their behalf under this Law and the investments for the time being representing those moneys in trust to apply them in redeeming the loan for which the sinking fund was established.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Investment of sinking fund 27. (1) All money paid into a sinking fund established under section 23 may be invested by the trustees in investments approved from time to time by the Financial Secretary. (2) The dividends, interest, bonus and other profits of any investment of any part of any sinking fund shall, subject to the approval of the Financial Secretary, be placed at interest or invested by the trustees so as to form part of that sinking fund in like manner as moneys paid under section 24 as contributions to that sinking fund. (3) The trustees may, at any time, utilise the sinking fund or the money paid in under section 24 for the purchase of the stock for the redemption of which the sinking fund was established. (4) The trustees shall not invest any moneys contained in a sinking fund \u2014 Government Securities Law (a) by way of deposit at interest; or (b) in any stock or securities, the date for the repayment or redemption of which is later than the date specified by directions under section 6 (1) for the redemption of the stock for which the sinking fund was established.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"Cessation of contributions to sinking fund 28. (1) Notwithstanding anything to the contrary contained in this Law, if, at any time, the trustees are satisfied in relation to any securities issued under this Law for the redemption of which a sinking fund was established under section 23, that such sinking fund will be sufficient with further accumulations of interest, but without further payments under section 24, to enable the securities to be redeemed at the time fixed for its redemption, they shall inform the Governor in Council accordingly and the Governor in Council is hereby authorised in such event to suspend further payments into that sinking fund. (2) Notwithstanding subsection (1), payments to the sinking fund shall be recommenced if the trustees at any time thereafter inform the Governor in Council that they are no longer satisfied that the sinking fund with further accumulations of interest will be sufficient for the redemption of those securities.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Redemption of securities 29. (1) If \u2014 (a) a sinking fund has been established under section 23 for the redemption of an issue of securities raised under this Law; and (b) at the date fixed for the redemption of that issue of securities, such sinking fund is insufficient for such redemption, the Governor in Council shall pay out of the revenue to the Registrar a sum equivalent to the deficiency for the purpose of redeeming that issue of securities. (2) If a sinking fund has not been established under section 23 for the redemption of an issue of securities raised under this Law, the Governor in Council shall \u2014 (a) at the date of redemption; (b) if an option has been reserved under section 6 (3) to redeem the securities earlier than the date of redemption, at any earlier date determined by the Governor in Council, pay out of the revenue to the Registrar such sum as is required to redeem that securities. Government Securities Law (2003 Revision) Part VII - Conversions Of Loans, Etc. Into Securities\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Power of Governor in Council to authorise conversion of loans generally 30. (1) The Governor in Council may \u2014 (a) from time to time, declare that any debentures, loans or other securities of the Government issued under any law for the time being in force are convertible, at the option of the holders thereof, into registered securities on such terms as it may from time to time determine; or (b) authorise the creation and issue under this Law of registered securities \u2014 (i) in exchange for debentures issued under any law for the time being in force; or (ii) in order to raise money for the redemption of any outstanding loans, whether issued before or after the 28th January, 2003. (2) Any conversion authorised under this section may be effected either by arrangement with the holders of existing securities, by the purchase thereof out of moneys raised by the sale of registered securities or partly in one way and partly in the other.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Exchange of debentures for securities 31. Where debentures, loans or other securities are exchanged for any registered stock issued under any law for the time being in force, the obligation imposed under such law to set aside sums of money in respect of such debentures, shall cease and such debentures, loans or securities on being cancelled under section 32 shall be regarded for all the purposes of such law as if they had never been issued.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"Cancellation of converted debentures 32. Every debenture, loan or security exchanged or otherwise converted into registered securities shall be forthwith cancelled by the Registrar and forwarded to the Accountant General. Part VIII \u2013 Issue Of Duplicates Of Securities Certificates, Exchange And Consolidation\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"Issue of duplicates 33. The Registrar may issue a duplicate certificate where it is proved to his satisfaction that the original certificate has been lost, stolen, damaged or destroyed.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_34\", \"num\": \"34.\", \"text\": \"Consolidation and subdivision of securities 34. Subject to such conditions as may be prescribed, the Registrar may on the request in writing of \u2014 Government Securities Law (a) a stockholder; or (b) in the case of joint stockholders, of all the surviving stockholders, and on the surrender of the securities certificate or certificates relating to such securities, consolidate or subdivide such securities and issue to the stockholder or stockholders a new securities certificate or certificates as may be required.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_35\", \"num\": \"35.\", \"text\": \"Indemnity bonds 35. Where application is made to the Registrar under this Law for the issue of a duplicate securities certificate or, if the Financial Secretary so requires by directions made under section 6, for the exchange, consolidation or subdivision of any securities, the Registrar may require the applicant, as a condition precedent to the grant of the application, to execute a bond, with or without sureties, undertaking to indemnify the Government and the Registrar against the claims of all persons claiming under the original securities certificates or under the securities so exchanged, consolidated or subdivided as the case may be.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_36\", \"num\": \"36.\", \"text\": \"Summary procedure-special cases 36. (1) If, within six months of the death of a person who was entitled to registered securities the nominal or face value of which does not in the aggregate exceed one thousand dollars, either probate or the will or letters of administration of the estate of such person or copies of such probate or letters certified by a justice of the peace, or notary public to be true copies are not produced to the Registrar, the Attorney-General at the request of the Registrar shall, after such inquiry as the Attorney-General may deem necessary, determine who is the person entitled to such securities or to administer estate of the deceased and thereupon the Registrar may \u2014 (a) where any such securities relates to a loan due for repayment, authorise the registration of the name of such person in substitution for the name of the deceased in the register and the payment to such person of the amount due in respect of those securities; or (b) where any securities relate to a loan not due for repayment, authorise the registration of the name of such person in substitution for the name of the deceased. (2) Any creditor or claimant against the estate of the deceased may recover his debt or claim out of any money paid to any person under subsection (1) and remaining in his hands unadministered in the same manner and to the same extent as if the said person had obtained letters of administration of the estate of the deceased, and nothing in this section shall affect any claim of an executor, administrator or other representative of the deceased against such person other than a claim to recover amounts lawfully paid by him in due course of administration of the estate of the deceased. Government Securities Law (2003 Revision) (3) The Attorney-General may, for the purpose of an inquiry under this section, summon before him, administer an oath to and examine on oath any person. (4) Every examination on oath conducted by the Attorney-General in accordance with the powers conferred by subsection (3) shall be deemed to a judicial proceeding within the meaning of section 3 of the Penal Code (1995 Revision). Part IX - Miscellaneous\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_37\", \"num\": \"37.\", \"text\": \"Signature of person authorised to sign securities certificate may be printed. 37. There shall be printed, stamped, engraved or impressed by any mechanical process on every securities certificate the signature of a person duly authorised to sign such certificate and a signature so printed, stamped, engraved or impressed shall be as valid as if it had been inscribed in the proper handwriting of the person so authorised.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_38\", \"num\": \"38.\", \"text\": \"Notice of trust not receivable save as provided 38. Save as otherwise provided in or under this Law, no notice of any trust in respect of any registered securities shall be receivable by the Registrar or by the Government.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_39\", \"num\": \"39.\", \"text\": \"Documents to be in form determined by the Financial Secretary 39. All documents or instruments made or used under this Law shall be in such form as may be determined by the Financial Secretary and any documents and instruments which are required to issue securities under this Law shall be signed and executed by either the Governor or the Financial Secretary.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_40\", \"num\": \"40.\", \"text\": \"Payments of expenses incurred under this Law 40. There shall be charged on and paid out of the revenue \u2014 (a) all expenses of and incidental to \u2014 (i) any issue of registered securities; (ii) the payment of interest thereon; and (iii) the repayment of the principal moneys; and (b) all other moneys required and expenses incurred in carrying out the provisions and objects of this Law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_41\", \"num\": \"41.\", \"text\": \"Payment of fees 41. All fees payable under this Law or under any regulations made thereunder shall be payable into the revenue. Government Securities Law\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_42\", \"num\": \"42.\", \"text\": \"Payment of unclaimed moneys into revenue 42. (1) Where \u2014 (a) the principal amount of any registered securities; or (b) the dividend or interest on any registered securities is due for repayment or payment, as the case may be, and such principal amount, dividend or interest is not claimed by a stockholder within two years from the date on which that sum became due for repayment or payment, the sum so unclaimed shall be paid into the revenue. (2) Notwithstanding the payment of any sum into the revenue under subsection (1), where any person shows his right thereto to the satisfaction of the Registrar and the Registrar so certifies in writing under seal, then such sum may be paid from the revenue. (3) Where the principal amount of any registered securities due for redemption is transferred to the revenue under subsection (1), the Registrar shall, within twelve months after such transfer, publish a notice in the Gazette showing the name of the holder of such registered securities and the amount so transferred.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_43\", \"num\": \"43.\", \"text\": \"Inspections of registers and documents 43. (1) No person shall be entitled to inspect or to receive any information derived from any registered securities in the possession of the Registrar or any register, book or other document kept or maintained by or on behalf of the Registrar in relation to registered securities except \u2014 (a) in such circumstances and on such terms and conditions; and (b) on payment of such fee, as may be prescribed or decided in accordance with financial agreements made under this Law. (2) Nothing in this section shall apply to the Auditor General.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_44\", \"num\": \"44.\", \"text\": \"Regulations 44. (1) The Governor in Council may make regulations for carrying out the purposes of this Law and, without prejudice to the generality of the foregoing, such regulations may provide for all or any of the following matters \u2014 (a) the time, manner and place in which payment of amounts due in respect of securities is to be made and acknowledged; (b) the issue of duplicate securities certificates; (c) the manner of payment of interest to joint holders of securities; (d) the circumstances in which alterations may be made in the register; Government Securities Law (2003 Revision) (e) the payment of principal or interest and transfer of securities in the case of persons under a legal disability; (f) the disposal of unclaimed interest; (g) the conditions subject to which securities may be exchanged, consolidated or subdivided; (h) the description of holders of registered securities in the register as trustees and either as trustees of any particular trust or as trustees without qualification, and for the recognition of powers of attorney granted by holders of securities so described; (i) the fees to be paid in respect of anything to be issued or done under this Law; and (j) all matters required or permitted by this Law to be prescribed and all matters incidental to or connected with the matters specified in this subsection. (2) Nothing in any regulation made under this Law shall, as between any trustees or as between any trustees and beneficiaries under a trust, be deemed to authorise the trustees to act otherwise than in accordance with the rules of law applying to the trust and the terms of the instrument constituting the trust; and neither the Government, the Registrar nor any person holding or acquiring any interest in any registered securities shall by reason of any entry in the register of securities of anything in any document or instrument relating to registered securities be affected with notice of any fiduciary obligation attaching to the holding of any registered securities.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_45\", \"num\": \"45.\", \"text\": \"Immunity 45. Neither the Registrar nor any person acting under the authority of the Registrar, nor the Authority or any director or employee of the Authority, shall be liable in damages in respect of any payment duly made or act duly done in accordance with this Law or any regulations made under this Law unless it is shown that the payment was made or the act was done in bad faith, or constituted wilful misconduct or negligence.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_46\", \"num\": \"46.\", \"text\": \"Waiver of sovereign immunity 46. This Law binds the Crown and authorises civil proceedings to be taken against the Crown in respect of any alleged liability of the Crown arising out of any obligation under this Law and whether such alleged liability arises inside or outside of the Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_47\", \"num\": \"47.\", \"text\": \"Saving 47. Nothing in this Law shall affect the Loan Law (2001 Revision) or the Public Management and Finance Law (2003 Revision). Government Securities Law Publication in consolidated and revised form authorised by the Governor in Council this 10th day of June, 2003. Carmena Watler Clerk of Executive Council\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2003_01_01\", \"date\": \"2003-01-01\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_2003_01_01\", \"timeInterval\": [{\"end\": null, \"start\": \"#e_commence_2003_01_01\", \"duration\": null, \"refersTo\": \"#inForce\"}]}]}, \"classification\": null, \"identification\": {\"source\": \"#cilegis\", \"FRBRWork\": {\"FRBRuri\": \"\/akn\/ky\/act\/2001\/33\", \"FRBRdate\": [{\"date\": \"2003-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/2001\/33\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"2001-0033\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"33 of 2001\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"principal\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/2001\/33\/eng@2003-01-01\", \"FRBRdate\": [{\"date\": \"2003-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/2001\/33\/eng@2003-01-01\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/2001\/33\/eng@2003-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/2001\/33\/eng@2003-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Government Securities Act\", \"actNumber\": \"33 of 2001\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nGOVERNMENT SECURITIES LAW\n\n(2003 Revision)\nSupplement No. 3 published with Gazette No. 15 of 28th July, 2003.\n\nPage 2\nRevised as at 10th day of June, 2003\nc\n\nPUBLISHING DETAILS\nLaw 33 of 2002, originally enacted as the Cayman Islands Registered Stock Law, 2002,\nconsolidated with Law 1 of 2003.\n\nRevised under the authority of the Law Revision Law (1999 Revision).\n\nOriginally enacted-\n\nLaw 33 of 2002 \u2013 19th December, 2002\nLaw 1 of 2003 \u2013 26th March, 2003.\n\nConsolidated and revised this 10th day of June, 2003.\n\nGovernment Securities Law (2003 Revision)\nArrangement of Sections\n\nc\nRevised as at 10th day of June, 2003\nPage 3\n\nCAYMAN ISLANDS\n\nGOVERNMENT SECURITIES LAW\n(2003 Revision)\nArrangement of Sections\nSection\nPage\nPart 1 \u2013 Introductory\n1.\nShort title ...................................................................................................................................5\n2.\nDefinitions ..................................................................................................................................5\n3.\nApplication .................................................................................................................................6\nPart II - Power To Raise Loans\n4.\nIssue of registered securities for the purpose of raising authorised loans ...................................6\n5.\nSecurities to be charged on the revenue ....................................................................................7\n6.\nFinancial Secretary to give directions as to name of securities and other matters ......................7\n7.\nAccountant General to make necessary arrangements ..............................................................7\n8.\nNature, form, etc., of securities ..................................................................................................8\nPART III - The Registrar\n9.\nThe Registrar .............................................................................................................................8\n10.\nDelegation by registrar ...............................................................................................................8\n11.\nRegister of securities .................................................................................................................8\n12.\nMatters to be registered .............................................................................................................9\n13.\nFiscal agents .............................................................................................................................9\nPart IV - Registered Securities\n14.\nStockholder ...............................................................................................................................9\n15.\nRegistration of ordinary stockholders .........................................................................................9\n\nArrangement of Sections\nGovernment Securities Law\n\nPage 4\nRevised as at 10th day of June, 2003\nc\n\n16.\nSecurities certificate................................................................................................................... 9\n17.\nTransfer of registered securities ................................................................................................. 9\n18.\nRegistration of transfer securities ............................................................................................... 9\n19.\nRegister to be conclusive evidence of facts entered therein ..................................................... 10\n20.\nLiability of Government in respect of issue of securities ........................................................... 10\nPart V - Payment Of Interest On Securities\n21.\nPayment out of revenue for payment of interest ....................................................................... 10\n22.\nPayments ................................................................................................................................ 10\nPart VI - Sinking Fund And Repayment Of Loans\n23.\nEstablishment of sinking fund .................................................................................................. 11\n24.\nPayment into sinking fund ........................................................................................................ 11\n25.\nTrustees for sinking fund.......................................................................................................... 11\n26.\nTrustees to hold sinking fund and other moneys in trust for redemption ................................... 11\n27.\nInvestment of sinking fund ....................................................................................................... 11\n28.\nCessation of contributions to sinking fund ................................................................................ 12\n29.\nRedemption of securities ......................................................................................................... 12\nPart VII - Conversions Of Loans, Etc. Into Securities\n30.\nPower of Governor in Council to authorise conversion of loans generally ................................ 13\n31.\nExchange of debentures for securities ..................................................................................... 13\n32.\nCancellation of converted debentures ...................................................................................... 13\nPart VIII \u2013 Issue Of Duplicates Of Securities Certificates,\nExchange And Consolidation\n33.\nIssue of duplicates ................................................................................................................... 13\n34.\nConsolidation and subdivision of securities .............................................................................. 13\n35.\nIndemnity bonds ...................................................................................................................... 14\n36.\nSummary procedure-special cases .......................................................................................... 14\nPart IX - Miscellaneous\n37.\nSignature of person authorised to sign securities certificate may be printed. ............................ 15\n38.\nNotice of trust not receivable save as provided ........................................................................ 15\n39.\nDocuments to be in form determined by the Financial Secretary .............................................. 15\n40.\nPayments of expenses incurred under this Law ....................................................................... 15\n41.\nPayment of fees ....................................................................................................................... 15\n42.\nPayment of unclaimed moneys into revenue ............................................................................ 16\n43.\nInspections of registers and documents ................................................................................... 16\n44.\nRegulations ............................................................................................................................. 16\n45.\nImmunity .................................................................................................................................. 17\n46.\nWaiver of sovereign immunity .................................................................................................. 17\n47.\nSaving ..................................................................................................................................... 17\n\nGovernment Securities Law (2003 Revision)\nSection 1\n\nc\nRevised as at 10th day of June, 2003\nPage 5\n\nCAYMAN ISLANDS\n\nGOVERNMENT SECURITIES LAW\n(2003 Revision)\nENACTED by the Legislature of the Cayman Islands.\nPart 1 \u2013 Introductory\n1.\nShort title\n1.\nThis Law may be cited as the Government Securities Law, (2003.Revision)\n2.\nDefinitions\n2.\nIn this Law \u2014\n\u201cAuthority\u201d means the Cayman Islands Monetary Authority established under\nsection 3(1) of the Monetary Authority Law (2003 Revision) and includes any\nemployee of the Authority acting under the Authority\u2019s authorisation;\n\u201ccivil proceedings\u201d do not include proceedings which in England would be\ntaken on the Crown side of the Queen\u2019s Bench Division;\n\u201cCrown\u201d means Her Majesty in right of Her Government in the Islands;\n\u201cfiscal agent\u201d includes any bank, corporation or company appointed by the\nGovernor in Council to be the fiscal agent of the Government for the service of\nsecurities;\n\u201cGovernor\u201d means the person for the time being holding the office of\nGovernor of the Islands, and includes any person for the time being lawfully\nperforming the functions of that office under section 1 of Schedule 2 to the\nCayman Islands (Constitution) Orders 1972 to 1993, and to the extent to which\n\nSection 3\nGovernment Securities Law\n\nPage 6\nRevised as at 10th day of June, 2003\nc\n\na Deputy appointed under section 4 of Schedule 2 to the Cayman Islands\n(Constitution) Orders 1972 to 1993 is authorised to act, that Deputy;\n\u201cGovernor in Council\u201d means the Governor acting in accordance with the\nadvice of the Executive Council of the Islands;\n\u201cGovernment\u201d means the Government of the Islands;\n\u201cprescribed\u201d means prescribed by regulations made under this Law;\n\u201cregistered securities\u201d means securities, including notes, bonds and\ndebentures authorised to be issued under this Law;\n\u201cregister\u201d means the register of each issue of securities kept under section 11;\n\u201cRegistrar\u201d means the Registrar appointed under section 9;\n\u201crevenue\u201d means all tolls, taxes, imposts, rates, duties, fees, penalties,\nforfeitures, rents and dues, proceeds of sale and all other receipts of the\nGovernment from whatever sources arising, over which the Legislative\nAssembly has the power of appropriation, including the proceeds of all loans\nraised; and\n\u201csecurities holder\u201d means a person holding registered securities who is\nentered as owner in the register.\n3.\nApplication\n3.\nThis Law shall be applicable only to loans raised for the Islands.\nPart II - Power To Raise Loans\n4.\nIssue of registered securities for the purpose of raising authorised loans\n4.\n(1) Whenever, by any law or a resolution of the Legislative Assembly, authority is\ngiven to the Governor in Council to raise any money by way of loan for any\npurpose mentioned in that law or resolution, or whenever it is necessary to\nraise any sum of money for the purpose of repaying any loan raised by the\nGovernment under this or any other law or a resolution of the Legislative\nAssembly, the Governor in Council may, from time to time, raise such sum or\nany part thereof under this Law by the creation and issue of registered\nsecurities.\n(2) Each issue of registered securities made under this Law for the purpose of\nraising any specified sum of money shall be deemed to be securities issued in\nrespect of a separate loan notwithstanding that the sum of money so raised is\npart only of a sum of money authorised by any other law or a resolution of the\nLegislative Assembly to be raised by way of a loan.\n\nGovernment Securities Law (2003 Revision)\nSection 5\n\nc\nRevised as at 10th day of June, 2003\nPage 7\n\n5.\nSecurities to be charged on the revenue\n5.\nThe principal moneys and interests represented or secured by any registered stock\nissued under this Law are charged upon and shall be payable out of the revenue.\n6.\nFinancial Secretary to give directions as to name of securities and other\nmatters\n6.\n(1) The Financial Secretary may, in respect of each issue of securities to be raised\nunder this Law, specify, by directions published in the Gazette \u2014\n(a)\nthe name of the securities;\n(b) the amount of securities to be issued;\n(c)\nthe form and denominations of the securities;\n(d) the rate or rates of interest payable on the securities;\n(e)\nthe dates on which the interest on the securities shall be payable;\n(f)\nwhether there shall be sinking fund for the redemption of the securities;\n(g) whether all or part of the amount of the securities issued may be in\nforeign currency;\n(h) the date of the redemption of the securities; and\n(i)\nany other matter related to each issue of securities.\n(2) The date of redemption of any securities shall not be later than thirty years\nfrom the date of issue of such securities.\n(3) Where the Financial Secretary considers it necessary to reserve an option to\nredeem any securities at any date earlier than the date of redemption specified\nfor such securities by the directions under subsection (1) he shall, by such\ndirections, specify the terms and conditions on which such securities may be\nredeemed at any earlier date.\n7.\nAccountant General to make necessary arrangements\n7.\nUpon the publication, under section 6, of the directions of the Financial Secretary in\nrespect of any securities to be raised under this Law or a resolution of the\nLegislative Assembly, the Accountant General may, subject to the provisions of\nsuch directions and to further directions as the Financial Secretary may give in that\nbehalf, make all such arrangements with the Authority as may be necessary to raise\nthose securities upon the most favourable terms that can be obtained.\n\nSection 8\nGovernment Securities Law\n\nPage 8\nRevised as at 10th day of June, 2003\nc\n\n8.\nNature, form, etc., of securities\n8.\n(1) Securities shall be direct, unconditional and general obligations of the Islands,\nand the full faith and credit of the Islands shall be unconditionally pledged for\nthe payment of the principal of and interest on securities and any premium,\ncharge, assessment or other expense which may be incurred in connection with\nthe issue or redemption thereof and for the performance of all the covenants\nand obligations of the Islands thereunder or with respect thereto.\n(2) The principal of and the interest on securities, any other payments to be made\nwith respect to such securities and any sinking fund payment to be made under\nsection 24 are hereby charged on and shall be payable out of the revenue.\nPART III - The Registrar\n9.\nThe Registrar\n9.\nThe Authority may be the registrar of each issue of securities.\n10.\nDelegation by registrar\n10. (1) The Registrar may, with the approval of the Financial Secretary, delegate any\nperson to exercise such control of the powers to perform such of the duties\nconferred or imposed on the Registrar by this Law as may be specified by\ninstrument in writing under the seal of the Registrar, and thereupon the person\ndelegated shall have and may exercise such powers and perform such duties.\n(2) The delegation by the Registrar under subsection (1) \u2014\n(a)\nshall not preclude the Registrar from exercising or performing at any\ntime any of the powers or duties so delegated;\n(b) may be conditional, qualified or limited in such manner as the Registrar\nmay think fit; and\n(c)\nmay be amended at any time by the Registrar.\n11.\nRegister of securities\n11. (1) The Registrar shall keep a register of each issue of registered securities under\nthis Law in which all such securities and all transfers of and all dealings in\nsuch securities shall be registered and in which shall be entered all matters and\nthings which by the Law or by the terms of the securities are required to be\nentered in the register.\n(2) The register shall be kept in such form as the Registrar considers appropriate.\n\nGovernment Securities Law (2003 Revision)\nSection 12\n\nc\nRevised as at 10th day of June, 2003\nPage 9\n\n12.\nMatters to be registered\n12. A copy of the documents containing the authority for and the conditions of each\nissue of registered securities shall be lodged with the Registrar by the Accountant\nGeneral.\n13.\nFiscal agents\n13. Notwithstanding any other provisions in this Law the Governor in Council may, on\nsuch terms and conditions as it thinks fit, and when it considers it necessary so to\ndo, authorise a fiscal agent to carry out any or all of the duties and functions of the\nRegistrar under this Law.\nPart IV - Registered Securities\n14.\nStockholder\n14. For the purposes of this Law, no person shall be entitled to any registered securities\nunless he is registered as a stockholder in respect thereof.\n15.\nRegistration of ordinary stockholders\n15. No person shall be registered as the original holder of any registered securities\nexcept upon payment in full of the purchase price of his holding in those securities.\n16.\nSecurities certificate\n16. (1) Subject to subsection (2), the Registrar may issue to every securities holder a\nsecurities certificate in such form as may be determined by the Financial\nSecretary from time to time.\n(2) Where a security is held by two or more persons jointly, they shall nominate in\nwriting to the Registrar the person to whom the securities certificate may be\nissued.\n17.\nTransfer of registered securities\n17. For the purposes of this Law the title of any stockholder to any registered securities\nshall not be deemed to be transferred to any other person except upon the execution\nof such instrument of transfer as may be determined by the Financial Secretary and\nupon the registration of the transferee as the stockholder under section 18.\n18.\nRegistration of transfer securities\n18. (1) The Registrar shall not register a transfer of securities until he has received the\ninstrument of transfer and the securities certificate or certificates relating to\nthose securities.\n(2) Notwithstanding subsection (1), the Registrar may, subject to such conditions\nas may be prescribed, register that transfer of securities where it is proved to\n\nSection 19\nGovernment Securities Law\n\nPage 10\nRevised as at 10th day of June, 2003\nc\n\nhis satisfaction that the securities certificate or certificates relating to those\nsecurities have been lost, stolen or destroyed.\n19.\nRegister to be conclusive evidence of facts entered therein\n19. (1) The entries in the register kept under this Law shall be conclusive evidence of\nthe facts, matters, particulars and transactions to which those entries relate\nunless a securities holder or his representative indicates to the satisfaction of\nthe Registrar that there is a manifest error.\n(2) Notwithstanding subsection (1) and the provisions of any other law, a copy of\nany entry in the register certified in writing by or on behalf of the Registrar to\nbe a true copy of the original entry shall be receivable in evidence in any\njudicial proceedings unless a judge of the Grand Court otherwise directs.\n20.\nLiability of Government in respect of issue of securities\n20. The Government shall be obligated to pay, to the person registered for the time\nbeing as the securities holder, the principal sum represented by that securities and\nthat interest due thereon, and any premium, charge, assessment or other expense\nwhich may be incurred in connection with the issue or the redemption thereof, in\naccordance with this Law, at the rate and on the dates directed by the Financial\nSecretary under section 6 or under an option to redeem such securities reserved in\nsuch directions.\nPart V - Payment Of Interest On Securities\n21.\nPayment out of revenue for payment of interest\n21. As long as interest is payable under this Law in respect of any security, the\nFinancial Secretary shall cause to be paid out of the revenue a sum sufficient to\nmeet all interest payable during a particular financial year and shall authorise and\ndirect the Accountant General to pay to the Registrar such sums for the payment of\nthat interest (including penalty interest) within sufficient time to enable the\nRegistrar to make timely payments of interest to securities holders in accordance\nwith the terms of the securities.\n22.\nPayments\n22. All payments of interest and all repayments of the principal amount due on any\nregistered securities and all payments of any premium, charge, assessment or other\nexpense which may be incurred in connection with the issue or redemption thereof\nshall be made by the Registrar in the Islands unless otherwise directed by the\nFinancial Secretary under section 6.\n\nGovernment Securities Law (2003 Revision)\nSection 23\n\nc\nRevised as at 10th day of June, 2003\nPage 11\n\nPart VI - Sinking Fund And Repayment Of Loans\n23.\nEstablishment of sinking fund\n23. If, by directions under section 6 (1), the Financial Secretary has specified that there\nshall be a sinking fund for the purpose of redeeming an issue of securities made\nunder this Law, the Financial Secretary shall establish a sinking fund for that\npurpose with effect from the date specified under such directions as the date from\nwhich contributions to the sinking fund for that issue of securities shall commence.\n24.\nPayment into sinking fund\n24. The Financial Secretary shall cause to be paid out of the revenue into each sinking\nfund established under section 23 a sum determined in accordance with the amount\nspecified by directions under section 6 (1).\n25.\nTrustees for sinking fund\n25. The following persons shall be trustees of any sinking fund under section 24 \u2014\n(a)\nthe Financial Secretary;\n(b) the Deputy Financial Secretary;\n(c)\nthe Managing Director of the Authority; and\n(d) a director of the Authority nominated by the Governor in Council.\n26.\nTrustees to hold sinking fund and other moneys in trust for redemption\n26. The trustees of a sinking fund established under section 23 shall hold all moneys\nreceived by them or on their behalf under this Law and the investments for the time\nbeing representing those moneys in trust to apply them in redeeming the loan for\nwhich the sinking fund was established.\n27.\nInvestment of sinking fund\n27. (1) All money paid into a sinking fund established under section 23 may be\ninvested by the trustees in investments approved from time to time by the\nFinancial Secretary.\n(2) The dividends, interest, bonus and other profits of any investment of any part\nof any sinking fund shall, subject to the approval of the Financial Secretary, be\nplaced at interest or invested by the trustees so as to form part of that sinking\nfund in like manner as moneys paid under section 24 as contributions to that\nsinking fund.\n(3) The trustees may, at any time, utilise the sinking fund or the money paid in\nunder section 24 for the purchase of the stock for the redemption of which the\nsinking fund was established.\n(4) The trustees shall not invest any moneys contained in a sinking fund \u2014\n\nSection 28\nGovernment Securities Law\n\nPage 12\nRevised as at 10th day of June, 2003\nc\n\n(a)\nby way of deposit at interest; or\n(b) in any stock or securities,\nthe date for the repayment or redemption of which is later than the date\nspecified by directions under section 6 (1) for the redemption of the stock for\nwhich the sinking fund was established.\n28.\nCessation of contributions to sinking fund\n28. (1) Notwithstanding anything to the contrary contained in this Law, if, at any\ntime, the trustees are satisfied in relation to any securities issued under this\nLaw for the redemption of which a sinking fund was established under\nsection 23, that such sinking fund will be sufficient with further accumulations\nof interest, but without further payments under section 24, to enable the\nsecurities to be redeemed at the time fixed for its redemption, they shall inform\nthe Governor in Council accordingly and the Governor in Council is hereby\nauthorised in such event to suspend further payments into that sinking fund.\n(2) Notwithstanding subsection (1), payments to the sinking fund shall be\nrecommenced if the trustees at any time thereafter inform the Governor in\nCouncil that they are no longer satisfied that the sinking fund with further\naccumulations of interest will be sufficient for the redemption of those\nsecurities.\n29.\nRedemption of securities\n29. (1) If \u2014\n(a)\na sinking fund has been established under section 23 for the redemption\nof an issue of securities raised under this Law; and\n(b) at the date fixed for the redemption of that issue of securities, such\nsinking fund is insufficient for such redemption,\nthe Governor in Council shall pay out of the revenue to the Registrar a sum\nequivalent to the deficiency for the purpose of redeeming that issue of\nsecurities.\n(2) If a sinking fund has not been established under section 23 for the redemption\nof an issue of securities raised under this Law, the Governor in Council\nshall \u2014\n(a)\nat the date of redemption;\n(b) if an option has been reserved under section 6 (3) to redeem the securities\nearlier than the date of redemption, at any earlier date determined by the\nGovernor in Council,\npay out of the revenue to the Registrar such sum as is required to redeem that\nsecurities.\n\nGovernment Securities Law (2003 Revision)\nSection 30\n\nc\nRevised as at 10th day of June, 2003\nPage 13\n\nPart VII - Conversions Of Loans, Etc. Into Securities\n30.\nPower of Governor in Council to authorise conversion of loans generally\n30. (1) The Governor in Council may \u2014\n(a)\nfrom time to time, declare that any debentures, loans or other securities\nof the Government issued under any law for the time being in force are\nconvertible, at the option of the holders thereof, into registered securities\non such terms as it may from time to time determine; or\n(b) authorise the creation and issue under this Law of registered securities \u2014\n(i)\nin exchange for debentures issued under any law for the time being\nin force; or\n(ii) in order to raise money for the redemption of any outstanding loans,\nwhether issued before or after the 28th January, 2003.\n(2) Any conversion authorised under this section may be effected either by\narrangement with the holders of existing securities, by the purchase thereof out\nof moneys raised by the sale of registered securities or partly in one way and\npartly in the other.\n31.\nExchange of debentures for securities\n31. Where debentures, loans or other securities are exchanged for any registered stock\nissued under any law for the time being in force, the obligation imposed under such\nlaw to set aside sums of money in respect of such debentures, shall cease and such\ndebentures, loans or securities on being cancelled under section 32 shall be regarded\nfor all the purposes of such law as if they had never been issued.\n32.\nCancellation of converted debentures\n32. Every debenture, loan or security exchanged or otherwise converted into registered\nsecurities shall be forthwith cancelled by the Registrar and forwarded to the\nAccountant General.\nPart VIII \u2013 Issue Of Duplicates Of Securities Certificates,\nExchange And Consolidation\n33.\nIssue of duplicates\n33. The Registrar may issue a duplicate certificate where it is proved to his satisfaction\nthat the original certificate has been lost, stolen, damaged or destroyed.\n34.\nConsolidation and subdivision of securities\n34. Subject to such conditions as may be prescribed, the Registrar may on the request in\nwriting of \u2014\n\nSection 35\nGovernment Securities Law\n\nPage 14\nRevised as at 10th day of June, 2003\nc\n\n(a)\na stockholder; or\n(b) in the case of joint stockholders, of all the surviving stockholders,\nand on the surrender of the securities certificate or certificates relating to such\nsecurities, consolidate or subdivide such securities and issue to the stockholder\nor stockholders a new securities certificate or certificates as may be required.\n35.\nIndemnity bonds\n35. Where application is made to the Registrar under this Law for the issue of a\nduplicate securities certificate or, if the Financial Secretary so requires by directions\nmade under section 6, for the exchange, consolidation or subdivision of any\nsecurities, the Registrar may require the applicant, as a condition precedent to the\ngrant of the application, to execute a bond, with or without sureties, undertaking to\nindemnify the Government and the Registrar against the claims of all persons\nclaiming under the original securities certificates or under the securities so\nexchanged, consolidated or subdivided as the case may be.\n36.\nSummary procedure-special cases\n36. (1) If, within six months of the death of a person who was entitled to registered\nsecurities the nominal or face value of which does not in the aggregate exceed\none thousand dollars, either probate or the will or letters of administration of\nthe estate of such person or copies of such probate or letters certified by a\njustice of the peace, or notary public to be true copies are not produced to the\nRegistrar, the Attorney-General at the request of the Registrar shall, after such\ninquiry as the Attorney-General may deem necessary, determine who is the\nperson entitled to such securities or to administer estate of the deceased and\nthereupon the Registrar may \u2014\n(a)\nwhere any such securities relates to a loan due for repayment, authorise\nthe registration of the name of such person in substitution for the name of\nthe deceased in the register and the payment to such person of the amount\ndue in respect of those securities; or\n(b) where any securities relate to a loan not due for repayment, authorise the\nregistration of the name of such person in substitution for the name of the\ndeceased.\n(2) Any creditor or claimant against the estate of the deceased may recover his\ndebt or claim out of any money paid to any person under subsection (1) and\nremaining in his hands unadministered in the same manner and to the same\nextent as if the said person had obtained letters of administration of the estate\nof the deceased, and nothing in this section shall affect any claim of an\nexecutor, administrator or other representative of the deceased against such\nperson other than a claim to recover amounts lawfully paid by him in due\ncourse of administration of the estate of the deceased.\n\nGovernment Securities Law (2003 Revision)\nSection 37\n\nc\nRevised as at 10th day of June, 2003\nPage 15\n\n(3) The Attorney-General may, for the purpose of an inquiry under this section,\nsummon before him, administer an oath to and examine on oath any person.\n(4) Every examination on oath conducted by the Attorney-General in accordance\nwith the powers conferred by subsection (3) shall be deemed to a judicial\nproceeding within the meaning of section 3 of the Penal Code (1995\nRevision).\nPart IX - Miscellaneous\n37.\nSignature of person authorised to sign securities certificate may be\nprinted.\n37. There shall be printed, stamped, engraved or impressed by any mechanical process\non every securities certificate the signature of a person duly authorised to sign such\ncertificate and a signature so printed, stamped, engraved or impressed shall be as\nvalid as if it had been inscribed in the proper handwriting of the person so\nauthorised.\n38.\nNotice of trust not receivable save as provided\n38. Save as otherwise provided in or under this Law, no notice of any trust in respect of\nany registered securities shall be receivable by the Registrar or by the Government.\n39.\nDocuments to be in form determined by the Financial Secretary\n39. All documents or instruments made or used under this Law shall be in such form as\nmay be determined by the Financial Secretary and any documents and instruments\nwhich are required to issue securities under this Law shall be signed and executed\nby either the Governor or the Financial Secretary.\n40.\nPayments of expenses incurred under this Law\n40. There shall be charged on and paid out of the revenue \u2014\n(a)\nall expenses of and incidental to \u2014\n(i)\nany issue of registered securities;\n(ii) the payment of interest thereon; and\n(iii) the repayment of the principal moneys; and\n(b) all other moneys required and expenses incurred in carrying out the\nprovisions and objects of this Law.\n41.\nPayment of fees\n41. All fees payable under this Law or under any regulations made thereunder shall be\npayable into the revenue.\n\nSection 42\nGovernment Securities Law\n\nPage 16\nRevised as at 10th day of June, 2003\nc\n\n42.\nPayment of unclaimed moneys into revenue\n42. (1) Where \u2014\n(a)\nthe principal amount of any registered securities; or\n(b) the dividend or interest on any registered securities is due for repayment\nor payment, as the case may be,\nand such principal amount, dividend or interest is not claimed by a stockholder\nwithin two years from the date on which that sum became due for repayment\nor payment, the sum so unclaimed shall be paid into the revenue.\n(2) Notwithstanding the payment of any sum into the revenue under\nsubsection (1), where any person shows his right thereto to the satisfaction of\nthe Registrar and the Registrar so certifies in writing under seal, then such sum\nmay be paid from the revenue.\n(3) Where the principal amount of any registered securities due for redemption is\ntransferred to the revenue under subsection (1), the Registrar shall, within\ntwelve months after such transfer, publish a notice in the Gazette showing the\nname of the holder of such registered securities and the amount so transferred.\n43.\nInspections of registers and documents\n43. (1) No person shall be entitled to inspect or to receive any information derived\nfrom any registered securities in the possession of the Registrar or any register,\nbook or other document kept or maintained by or on behalf of the Registrar in\nrelation to registered securities except \u2014\n(a)\nin such circumstances and on such terms and conditions; and\n(b) on payment of such fee,\nas may be prescribed or decided in accordance with financial agreements made\nunder this Law.\n(2) Nothing in this section shall apply to the Auditor General.\n44.\nRegulations\n44. (1) The Governor in Council may make regulations for carrying out\nthe purposes of this Law and, without prejudice to the generality of the\nforegoing, such regulations may provide for all or any of the following\nmatters \u2014\n(a)\nthe time, manner and place in which payment of amounts due in respect\nof securities is to be made and acknowledged;\n(b) the issue of duplicate securities certificates;\n(c)\nthe manner of payment of interest to joint holders of securities;\n(d) the circumstances in which alterations may be made in the register;\n\nGovernment Securities Law (2003 Revision)\nSection 45\n\nc\nRevised as at 10th day of June, 2003\nPage 17\n\n(e)\nthe payment of principal or interest and transfer of securities in the case\nof persons under a legal disability;\n(f)\nthe disposal of unclaimed interest;\n(g) the conditions subject to which securities may be exchanged,\nconsolidated or subdivided;\n(h) the description of holders of registered securities in the register as\ntrustees and either as trustees of any particular trust or as trustees without\nqualification, and for the recognition of powers of attorney granted by\nholders of securities so described;\n(i)\nthe fees to be paid in respect of anything to be issued or done under this\nLaw; and\n(j)\nall matters required or permitted by this Law to be prescribed and all\nmatters incidental to or connected with the matters specified in this\nsubsection.\n(2) Nothing in any regulation made under this Law shall, as between any trustees\nor as between any trustees and beneficiaries under a trust, be deemed to\nauthorise the trustees to act otherwise than in accordance with the rules of law\napplying to the trust and the terms of the instrument constituting the trust; and\nneither the Government, the Registrar nor any person holding or acquiring any\ninterest in any registered securities shall by reason of any entry in the register\nof securities of anything in any document or instrument relating to registered\nsecurities be affected with notice of any fiduciary obligation attaching to the\nholding of any registered securities.\n45.\nImmunity\n45. Neither the Registrar nor any person acting under the authority of the Registrar, nor\nthe Authority or any director or employee of the Authority, shall be liable in\ndamages in respect of any payment duly made or act duly done in accordance with\nthis Law or any regulations made under this Law unless it is shown that the\npayment was made or the act was done in bad faith, or constituted wilful\nmisconduct or negligence.\n46.\nWaiver of sovereign immunity\n46. This Law binds the Crown and authorises civil proceedings to be taken against the\nCrown in respect of any alleged liability of the Crown arising out of any obligation\nunder this Law and whether such alleged liability arises inside or outside of the\nIslands.\n47.\nSaving\n47. Nothing in this Law shall affect the Loan Law (2001 Revision) or the Public\nManagement and Finance Law (2003 Revision).\n\nSection 47\nGovernment Securities Law\n\nPage 18\nRevised as at 10th day of June, 2003\nc\n\nPublication in consolidated and revised form authorised by the Governor in Council\nthis 10th day of June, 2003.\nCarmena Watler\nClerk of Executive Council","akn_extracted_at":"2026-06-22 15:33:05.727286+00","cms_id":"2001-0033","law_type":"principal","year":"2001","number":"33","title":"Government Securities Act","status":"in_force"},"provenance":{"files":[{"file_id":"4887","expr_id":"84","kind":"akn_xml","filename":"2001-0033_2003 Revision.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/2001\/2001-0033\/2001-0033_2003 Revision.akn.xml","content_md5":"f4af5a7412019e84bea46c5e545a95fa","byte_size":"36642","http_last_modified":null,"fetched_at":"2026-06-22 15:33:06.184773+00"},{"file_id":"167","expr_id":"84","kind":"pristine_pdf","filename":"2001-0033_2003 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/PRINCIPAL\/2001\/2001-0033\/2001-0033_2003 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/PRINCIPAL\/2001\/2001-0033\/2001-0033_2003 Revision.pdf","content_md5":"9d5bf3a88e464d8597dbbd086bf71264","byte_size":"504093","http_last_modified":null,"fetched_at":"2026-06-21 23:09:35.280642+00"},{"file_id":"168","expr_id":"84","kind":"working_pdf","filename":"2001-0033_2003 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/PRINCIPAL\/2001\/2001-0033\/2001-0033_2003 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/2001\/2001-0033\/2001-0033_2003 Revision.pdf","content_md5":"9d5bf3a88e464d8597dbbd086bf71264","byte_size":"504093","http_last_modified":null,"fetched_at":"2026-06-21 23:09:35.280642+00"}],"paragraph_count":39,"latest_history":null},"quality":{"expr_id":"84","doc_id":"84","quality_state":"needs_review","quality_score":"84","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{truncated_text,other}","repair_actions":"{collapse_duplicate_text,manual_review,reextract_full_text,strip_page_furniture}","finding_severity_counts":"{\"low\": 1, \"medium\": 1}","finding_summary":"Sample shows likely truncation at Section 44 and stray 'c' characters; review full text to confirm completeness.","assessed_at":"2026-06-22 15:29:45.03591+00","updated_at":"2026-06-22 15:29:45.03591+00"}}