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GOVERNMENT LOANS ACT (NORTHERN IRELAND) 1957 - SECT 11

Ulster Loans stock.

11.(1) The Ministry may from time to time create, under such designation as it
thinks fit, a capital stock (in this Act referred to as "Ulster Loans stock")
yielding interest at the prescribed rate on the nominal amount of the capital.

(2) Ulster Loans stock shall be created by a warrant under the hand of the
Minister addressed to the Exchequer Bank or other prescribed joint stock bank,
directing any such Bank to register, as from the date of creation specified in
the warrant, Ulster Loans stock of the amount so specified.

(3) Interest on Ulster Loans stock shall be payable half-yearly at such times
in each year as may be fixed by the warrant creating the stock.

(4) Ulster Loans stock shall be redeemable after the expiration of the
prescribed period; and such redemption shall be at the rate of one hundred
pounds sterling for every one hundred pounds of the nominal amount of the
capital in respect of which the interest is payable, together with the payment
of any arrears of interest, including any interest accrued since the last
half-yearly date of payment of interest.

Not less than one month's notice shall be given of such redemption.

(5) All Ulster Loans stock shall be transferable in the books of the Exchequer
Bank, and of any other prescribed joint stock bank.

(6) The Ministry may, in relation to Ulster Loans stock, make provision by
regulations with respect to the payment of interest, transfers, stock
certificates, unclaimed interest, redemption moneys, or otherwise, as it may
think fit.

© 1957 Crown Copyright

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