S.L. 235.1 Art. 6Payor. Cap. 371. Cap. 123.

In any issues of securities by the Bank, the terms of the issue shall specify a person in Malta, being a person licensed to carry on the business of banking under Banking Act, who shall be nominated to receive the gross payments of principal and interest on the securities on behalf of the holders of the securities. Such person shall be obliged to distribute the payments of principal and interest received on the securities to the holders of the securities subject to the provisions of the Income Tax Act and shall be the

"payor" for the purposes of the investment income provisions of the said Income Tax Act and subject to all the relative obligations.