Government Securities Act

This provision gives the Act its short title: the Government Securities Act.

Jurisdiction: Malawi
Instrument: Act or statute
Citation: Act 25 of 1964
Version: 31 Dec 2014
Language: en
Official source: View official record ↗

accounting application of Act appropriation funding of court-ordered liabilities government payment obligations government payments scope of covered securities

Statute overview

About this statute

This provision gives the Act its short title: the Government Securities Act. This Act applies to certain securities connected to the Government of Malawi and names them “Malawi Government Securities.” If a UK court finally orders money payable for Malawi Government Securities, the Government of Malawi must pay it out of the Consolidated Fund and make adequate funds available in the United Kingdom when needed. A certificate from the Government of Malawi’s paying agent in the United Kingdom can authorize the Auditor General or related auditing officer to pass the paid sum without further appropriation. Some legislation affecting Malawi Government Securities needs agreement with the UK Government before it can become law. If it is passed first, the Government of Malawi must take steps to secure any amendment requested by the UK Government.

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Provisions of Government Securities Act

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1
Short title
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This provision gives the Act its short title: the Government Securities Act.

1. Short title This Act may be cited as the Government Securities Act.
2
Application of Act
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This Act applies to certain securities connected to the Government of Malawi and names them “Malawi Government Securities.”

2. Application of Act This Act shall apply to all securities heretofore or hereafter created or issued in the United Kingdom on behalf of the Government of Malawi— (a) in which a trustee might at any time have invested by virtue of section 2 of the Colonial Stock Act, 1900; or (b) by the conditions of issue of which it is provided that this Act shall apply to them, each and all of which securities are hereinafter referred to as “Malawi Government Securities". [63 and 64] [Vict. c. 62]
3
Provision for payment of money due to stockholder
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If a UK court finally orders money payable for Malawi Government Securities, the Government of Malawi must pay it out of the Consolidated Fund and make adequate funds available in the United Kingdom when needed.

3. Provision for payment of money due to stockholder (1) Whenever, by the final judgment, decree, rule or order of any court of competent jurisdiction in the United Kingdom, any sum of money is adjudged or declared to be payable by the Government of Malawi in respect of any Malawi Government Securities, that sum shall, without further appropriation than this Act, be charged upon and paid out of the Consolidated Fund, and adequate funds (as and when required) shall be made available in the United Kingdom by the Government of Malawi to meet any such final judgment, decree, rule or order. (2) For the purpose of this section, “final judgment, decree, rule or order” means, in case of appeal, the final judgment, decree, rule or order of the ultimate court hearing the appeal.
4
Certificate of paying agent
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A certificate from the Government of Malawi’s paying agent in the United Kingdom can authorize the Auditor General or related auditing officer to pass the paid sum without further appropriation.

4. Certificate of paying agent A certificate specifying the sum paid under order of any such court as aforesaid to satisfy any such final judgment, decree, rule or order and issued by the agent in the United Kingdom of the Government of Malawi authorized to make such payment shall be sufficient authority to the Auditor General or other officer having the auditing of accounts of such agent for passing such sum without further appropriation.
5
Section 5
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Some legislation affecting Malawi Government Securities needs agreement with the UK Government before it can become law. If it is passed first, the Government of Malawi must take steps to secure any amendment requested by the UK Government.

5. Certain legislation to be agreed with the United Kingdom Government Legislation which appears to the Government of the United Kingdom to alter any of the provisions affecting Malawi Government Securities to the injury of the holders thereof, or to involve a departure from the original contract in regard to those Securities, shall not become law save after agreement with the Government of the United Kingdom, and if attention is drawn to such legislation after the passing thereof, the Government of Malawi will take the necessary steps to ensure such amendment thereto as may be requested by the Government of the United Kingdom.

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Government Securities Act

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