Malawi Act or statute

Malawi legislation

Government Securities Act, 1964

accountingapplication of Actappropriationfunding of court-ordered liabilitiesgovernment payment obligationsgovernment paymentsscope of covered securities

Jurisdiction: Malawi
Structure: 5 provisions
Citation: Act 25 of 1964
Official identity: Year 1964
Dates: Enacted 1964 · Source version 31 Dec 2014

More statute details

Official identity: Year 1964
Dates: Enacted 1964 · Source version 31 Dec 2014

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Professional statute overview

Enactment structure, operative effect and source provenance

Official source

Purpose and legislative effect

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

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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Enacted 1964 · Source version 31 Dec 2014. The date shown identifies this source expression and should not be treated as proof that no later change exists.
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Short title

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

Section 1

Application of Act

This Act applies to certain securities connected to the Government of Malawi and names them “Malawi Government Securities.”

Section 2

Provision for payment of money due to stockholder

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.

Section 3

Certificate of paying agent

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.

Section 4

Section 5

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.

Section 5

Source and current-law status

Source record view

Source record from malawilii.org · Enacted 1964 · Source version 31 Dec 2014

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Showing 5 of 5 provisions

Provision 3Short titleAmendment

§ 1Short titleShort title

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.

Section 1Verify source

§ 2Application of ActProvision

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]

Section 2Verify source

§ 3Provision for payment of money due to stockholderProvision

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.

Section 3Verify source

§ 4Certificate of paying agentProvision

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.

Section 4Verify source

§ 5Section 5Amendment

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.

Section 5Verify source

Legislative relationships

1 referenced instrument

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1 instrument

Act This Act
Section 2

Recorded versions and source checkpoint

1 version available in this collection

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31 Dec 2014 · currentEnglish

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