Government Securities Act, 1964

This section gives the Act’s short title: the Government Securities Act.

Jurisdiction: Zambia
Instrument: Act or statute
Citation: Act 54 of 1964
Version: 31 Dec 1996
Language: en
Official source: View official record ↗

application of statute auditing government securities legislative approval payment authorization payment obligations

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This section gives the Act’s short title: the Government Securities Act. This section says the Act applies to specified government securities and gives them the name “Zambia Government securities.” If a UK court judgment orders payment by the Government of Zambia for Zambia Government securities, the amount must be paid from Zambia’s general revenues, and funds must be made available in the UK when needed. A certificate issued by the Government of Zambia’s authorised agent in the United Kingdom can be used by the Auditor-General or another auditing officer to pass the paid sum without further appropriation. Certain legislation affecting Zambia Government securities cannot become law unless the UK Government agrees.

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Provisions of Government Securities Act, 1964

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1
Short title ........................................................................................................................................................................................................... 1
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This section gives the Act’s short title: the Government Securities Act.

1. Short title This Act may be cited as the Government Securities Act.
2
Application of Act ........................................................................................................................................................................................... 1
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This section says the Act applies to specified government securities and gives them the name “Zambia Government securities.”

2. Application of Act This Act shall apply to all securities heretofore created or issued in the United Kingdom on behalf of the Government of Northern Rhodesia or hereafter created or issued in the United Kingdom on behalf of the Government of Zambia— (a) in which a trustee might at any time have invested by virtue of section 2 of the Colonial Stock Act, 1900, of the Parliament of the United Kingdom; or (b) by the conditions of issue of which it is provided that the provisions of this Act shall apply to them; each and all of which securities are hereinafter referred to as Zambia Government securities.
3
Provision for payment of money due to stockholders ...................................................................................................................... 1
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If a UK court judgment orders payment by the Government of Zambia for Zambia Government securities, the amount must be paid from Zambia’s general revenues, and funds must be made available in the UK when needed.

3. Provision for payment of money due to stockholders (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 Zambia in respect of any Zambia Government securities, that sum shall, without further appropriation than this Act, be charged on and paid out of the general revenues of Zambia and adequate funds, as and when required, shall be made available in the United Kingdom by the Government of Zambia to meet any such ﬁnal judgment, decree, rule or order. (2) For the purposes of this section, "ﬁnal judgment, decree, rule or order" means, in the case of an appeal, the ﬁnal judgment, decree, rule or order of the ulti mate court hearing the appeal.
4
Certiﬁcate of paying agent .......................................................................................................................................................................... 1
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A certificate issued by the Government of Zambia’s authorised agent in the United Kingdom can be used by the Auditor-General or another 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 Zambia authorised to make such payment shall be sufﬁcient authority to the Auditor-General or other ofﬁcer having the auditing of the accounts of such agent for passing such sum without further appropriation. By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 1 Government Securities Act, 1964 (Chapter 357) Zambia
5
Certain subsequent legislation to be agreed with the United Kingdom Government ........................................................... 2
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Certain legislation affecting Zambia Government securities cannot become law unless the UK Government agrees.

5. Certain subsequent legislation to be agreed with the United Kingdom Government Legislation which appears to Her Majesty's Government in the United Kingdom to alter any of the provisions affecting Zambia 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 except after agreement with Her Majesty's Government in the United Kingdom, and if attention is drawn to such legislation after the passing thereof, the Government of Zambia will take the necessary steps to ensure such amendment as may be requested by Her Majesty's Government in the United Kingdom. By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 2

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Government Securities Act, 1964

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