S.L. 358.7 Art. 3Rateofinterestand dates of payment.

(1) The interest in full shall be payable in arrears every six (6) months on the 21st of May and on the 21st of November of every year during the period of the stock. The rate of interest shall be revised upon the lapse of every two (2) years, starting from the date of issuance of the stock, in such a way as to maintain it at one per cent (1%) lower than the normal maximum lending rate allowed at law, provided that it cannot be less than seven per cent (7%).

(2) Payment of interest shall be made by warrant, which is sent by post at the stockholder’s risk to the stockholder himself or to any branch of any local bank, person or body of persons to whom the stockholder has, by means of a request in writing, authorised the Accountant General to issue such warrant. No warrant shall be paid until the relative receipt has been duly signed and such receipt shall be proof of payment in favour of the Accountant General and the Government.

(3) In cases where stock is registered in the names of two (2) or more persons as joint stockholders, the Accountant General may effect payment in the manner above-mentioned to the person whose name first appears in the register. A receipt for the payment of interest given by one (1) or two (2) or more joint stockholders shall, unless 2036 (II)

notice in writing to the contrary has been received by the Accountant General from any other joint stockholder, be proof of payment of interest to the Accountant General and the Government.