Internal Loans Act Cap 420 - as Plain Text by MWakili

LAWS OF KENYA The InTernal loans acT Chapter 420 Revised Edition 2009 (1979) Published by the National Council for Law Reporting with the Authority of the Attorney General.Nairobi CAP.

420 Internal Loans [Rev.

2009 2 CHAPTER 420 THE INTERNAL LOANS ACT ARRANGEMENT OF SECTIONS Section 1Short title and application.

2Interpretation.

3Borrowing powers.

3AGovernment securities.

4Repealed.

5Report to the National Assembly.

6Repealed.

7Repealed.

8Expenses of raising loans.

9Principal and interest on Government securities.

9ADomestic Debt Register.

10Sinking funds.

11Trustees for sinking funds.

12Duties of sinking fund trustees.

13Sinking fund investments.

14Issue of stock for conversion or redemption of loans.

15Appointment of agents.

16No responsibility for trusts.

16AProtection from personal liability.

17Exemption from stamp duty.

18Deduction of income tax.

18ATrading in Government securities.

18BUncollected proceeds.

19Conditions of issue of securities.

19APremature redemption.

20Regulations.

21Repealed.

Rev.

2009] 3 Internal Loans CAP.

420 CHAPTER 420 THE INTERNAL LOANS ACT 14 of 1955, 21 of 1961, Commencement: 31st May, 1955 34 of 1963, L.N.

303/1964, 20 of 1966, An Act of Parliament to provide for borrowing by the Government within 3 of 1974, Kenya 8 of 1978, 6 of 1994, 6 of 2007.

1.

This Act may be cited as the Internal Loans Act, and shall apply Short title and to the raising of loans in Kenya.

application.

8 of 1978, s.

6.

2.

In this Act, except where the context otherwise requires Interpretation.

21 of 1961, Sch., bank has the meaning assigned to it under the Banking Act; 20 of 1966, Sch., 8 of 1978, s.

6, 6 of 2007, s.

2.

broker means a stockbroker as dened under section 2 of the Cap.

488.

Capital Markets Act; Cap.

485A.

Central Bank means the Central Bank of Kenya established by Cap.

491.

section 3 of the Central Bank of Kenya Act; exchequer account has the same meaning as it has in the No.

5 of 2004.

Government Financial Management Act, 2004; Government securities include treasury bills, treasury bonds, treasury notes, Government stocks and any debt instrument issued by the Government in accordance with the provisions of this Act; holder means a person registered as an owner of a Government security in the Register; Minister means the Minister for the time being responsible for matters relating to nance; Register means the Domestic Debt Register of Government securities established under section 9A; Registrar means the person designated as such under section 9A of this Act; sinking fund means a sinking fund established under section 10; CAP.

420 Internal Loans [Rev.

2009 4 Borrowing powers.

3.

The Government may from time to time borrow in Kenya 8 of 1978, s.

6, currency sums of money in such amounts and on such terms and 6 of 2007, s.

3.

conditions as to interest, repayment or otherwise as the Minister may determine, in any of the following manners (a) by the issue of Government securities; (b) by advances from the Central Bank as provided for under the provisions of the Central Bank of Kenya Act; Cap.

491.

(c) by bank overdraft on the exchequer account or any other account; (d) by any other loan or credit evidenced by instrument in writing.

Government 3A.

A Government security shall be securities.

6 of 2007, s.

4.

(a) valid and binding to the Government; (b) issued in accordance with the terms and conditions of that issue; (c) registered in the Register as a debt security.

4.

(Repealed by 6 of 2007, s.

5.).

Report to the 5.

The Minister shall report to the National Assembly in writing National Assembly.

(by way of the annual appropriation accounts or otherwise) the amount 8 of 1978, s.

6.

of indebtedness outstanding at the end of each nancial year in respect of each manner of borrowing specied in section 3.

6.

(Repealed by 6 of 2007, s.

6).

7.

(Repealed by 6 of 2007, s.

7).

Expenses of raising 8.

All expenses of and incidental to the raising of loans and the loans.

issue of Government securities under this Act, other than discount, shall 21 of 1961, Sch., be charged upon and paid out of the consolidated fund.

20 of 1966, Sch., 6 of 1994, s.

73, 6 of 2007, s.

8.

Principal and interest 9.

The principal sum and interest on Government securities on Government shall be payable in accordance with the terms and conditions of the securities.

procurement of the debt.

6 of 2007, s.

9.

Rev.

2009] 5 Internal Loans CAP.

420 9A.

(1) There shall be a Registrar who shall be responsible for Domestic Debt establishing and maintaining a Domestic Debt Register in accordance Register.

with the provisions of this Act.

6 of 2007, s.

10.

(2) The Registrar shall be appointed by the agent appointed under section 15 of this Act.

(3) The Register shall contain a record, in the prescribed manner, of all Government securities.

(4) An entry from the Register relating to any Government security shall be prima facie evidence of the ownership of that Government security by the holder.

(5) Where any record of a Government security is required to be maintained by the Central Bank or by an agent appointed under section 15, such record shall be maintained in such manner as the Central Bank or that agent may determine.

(6) The entries in a Register may be altered or deleted upon instructions from the holder in accordance with the prescribed guidelines.

(7) A holder shall be entitled to a statement reecting all entries in the Register in relation to his Government security.

(8) Notwithstanding subsection (7), a holder shall receive a consolidated statement showing the entries in the Register upon issue and thereafter either upon redemption or on an annual basis, whichever is earlier.

(9) The Registrar shall, after every issue of a Government security, submit a report to the Minister showing the proceeds from that issue.

10.

(1) The Minister may establish such sinking fund or funds Sinking funds.

as he deems necessary or desirable for the redemption of loans raised 21 of 1961, Sch., under or in the manner provided by this Act.

20 of 1966, Sch.

(2) Into every sinking fund established by virtue of this section there shall be paid annually such sum or sums as the Minister at the time of issue of the loan directs, and every such sum shall be charged upon and paid out of the consolidated fund: Provided that, if the Minister so directs in relation to any sinking fund, no such payment shall be made in the rst year of the fund.

(3) All expenses of and incidental to the management of a sinking CAP.

420 Internal Loans [Rev.

2009 6 fund shall be paid out of that fund.

Trustees for sinking 11.

(1) For the investment and management of every sinking funds.

fund the Minister shall appoint trustees, and may vest in such trustees such powers and authorities and may impose upon them such duties, not being inconsistent with the provisions of this Act, as he may think t, and may in like manner from time to time alter or vary any such power, authority or duty.

(2) The Minister may at any time remove a trustee of a sinking fund, and in the event of the removal, death or retirement of any such trustee may appoint another in his place, and may also at any time appoint an additional trustee or trustees.

Duties of sinking 12.

(1) The trustees of every sinking fund shall hold all moneys fund trustees.

vested in them by virtue of this Act, and all investments for the time 20 of 1966, Sch., being representing such moneys, and all proceeds and produce thereof, 6 of 1994, s.

73, in trust for the redemption at the earliest favourable opportunity of the 6 of 2007, s.

11.

loan to which such moneys or investments relate.

(2) All Government securities redeemed by sinking fund trustees shall be deemed to have been cancelled.

Sinking fund 13.

The trustees of a sinking fund shall from time to time invest investments.

all moneys paid into the fund, and all moneys accruing thereto, other than moneys immediately required for purposes of management and * redemption, in such securities as the Minister from time to time approves for that purpose, and may from time to time change any such investments and sell or dispose of any securities for the purpose of effecting such change: Provided that any investments made as a result of such change shall be in securities approved as aforesaid.

Issue of stock 14.

The Minister may authorize the creation and issue of stock for for conversion or the purpose of converting existing loans (whether issued before or after redemption of loans.

the commencement of this Act) into stock to be issued under this Act.

6 of 2007, s.

12.

Appointment of 15.

The Minister may appoint any bank, broker or person as agent agents.

for the issuance, management and redemption of Government securities 20 of 1966, Sch., to perform such other duties under this Act as he deems expedient, and 6 of 1994, s.

73, may enter into agreement with any such agent as to the duties to be 6 of 2007, s.

13.

performed and the remuneration therefor.

* Power delegated to the Permanent Secretary to the Treasury by L.N.

57/1958.

Rev.

2009] 7 Internal Loans CAP.

420 16.

Neither the Minister nor any agent appointed under this No responsibility for trusts.

Act shall be under any obligation as regards the due fulllment of 20 of 1966, Sch., any trust, whether expressed, implied or constructive, to which any 6 of 1994, s.

73, Government securities may be subject, notwithstanding any notice that 6 of 2007, s.

14.

the Government securities are held subject to a trust.

16A.

(1) No action undertaken by the Minister or by an agent Protection from appointed under section 15 or by any person acting on their directions, personal liability.

if the action is done bona de in executing the functions, powers or 6 of 2007, s.

15.

duties under this Act, shall render the Minister, agent or such person acting on their directions, personally liable to any action, claim or demand whatsoever.

(2) Whenever by the nal judgment, decree, rule or order of any court of competent jurisdiction in Kenya any sum of money is adjudged or declared to be payable by the Government in respect of any Government securities, that sum shall be charged on and paid out of the Consolidated Fund.

17.

No duty shall be chargeable under the Stamp Duty Act in Exemption from respect of any Government securities evidencing a borrowing or transfer stamp duty.

made under or in the manner provided by this Act.

20 of 1966, Sch., 6 of 2007, s.

16.

Cap.

480.

18.

All payments of interest under this Act shall be subject to Deduction of income such deduction of tax as may be required under the provisions of the tax.

Income Tax Act.

3 of 1974, s.

3, 6 of 2007, s.

17.

Cap.

470.

18A.

(1) Subject to the provisions of other written laws, secondary Trading in the trading in listed Government securities shall be carried out in such Government manner as may be prescribed.

securities.

6 of 2007, s.

18.

(2) For the purposes of this section, secondary trading includes any activity leading to a change in the ownership of a Government security before its redemption date.

18B.

(1) Where the principal, interest and security are not Uncollected collected or cannot be paid due to a fault of the holder, the amount of proceeds.

money due shall be credited to an interest free account by the Registrar 6 of 2007, s.

18.

for the benet of such holder.

(2) If upon the expiration of six years from the redemption date of any Government security, the proceeds thereof remain uncollected by the holder, the uncollected amount shall be returned to the Exchequer CAP.

420 Internal Loans [Rev.

2009 8 by the Registrar and shall be dealt with in such manner as may be prescribed.

(3) Upon payment of the principal amount, interest thereon and any other charges relating to a Government security, all records concerning the security in the Register shall be stored in such manner and period as may be prescribed.

Conditions of issue 19.

The Minister may, at the time of issue of any Government of securities.

securities, impose conditions, not inconsistent with this Act, as to all 20 of 1966, Sch., or any of the following matters 6 of 1994, s.73.

6 of 2007, s.

19.

(a) the price of issue of the Government securities; (b) the form and denominations in which the Government securities are to be issued and transferred; (c) the rate of interest on the Government securities; (d) the times and places of the repayment of principal amount and of interest.

Premature 19A.

(1) The Minister may, subject to such terms and conditions redemption.

as he may determine, launch a voluntary participation program to repay 6 of 2007, s.

20.

any Government securities prior to the redemption date of the specied securities.

(2) The Minister shall, in exercising the powers conferred under subsection (1) have regard to the interest of sustainable debt management.

Regulations.

20.

The Minister may make regulations 6 of 1994, s.

73, (a) prescribing anything which under this Act may be 6 of 2007, s.

21.

prescribed; (b) prescribing the disciplinary action to be taken against any person, who fails to comply with the terms of issue or fails to adhere to the guidelines issued under this Act; (c) for the better carrying out of the functions of the Registrar under this Act; (d) generally for regulating any matter or thing to be done under this Act; (e) for the better carrying out of the provisions of this Act.

Rev.

2009] 9 Internal Loans CAP.

420 21.

(Repealed by 6 of 2007, s.

22).

CAP.

420 Internal Loans [Rev.

2009 10 [Subsidiary] L.N.

326/1959.

SUBSIDIARY LEGISLATION Regulations under section 20 THE KENYA SAVINGS BONDS (1st ISSUE) REGULATIONS 1.

These Regulations may be cited as the Kenya Savings Bonds (1st Issue) Regulations.

2.

(1) An issue of bonds shall be made under the Act, on the 1st September, 1959, to be known as the Kenya Savings Bonds (1st Issue); these bonds shall be issued in multiples of 5.

(2) For the purpose of these Regulations (a) the date of registration of a bond shall be the rst day of the month following the receipt of the full subscription by the Government, and (b) the effective date for the calculation of the period for which a bond has been held shall be the last day of the month in which the application for encashment or redemption is received by the Treasury.

(3) The bonds shall not carry interest, but shall bear capital appreciation at the following rates (a) if held for a period of less than thirty completed calendar months from the date of registration, to be encashable at par; (b) if held for a period of thirty completed calendar months from the date of registration, but not exceeding fty-four completed calendar months, to be encashable at 5 10s.

per 5 subscribed; (c) if held for a period of fty-four completed calendar months but not exceeding seventy-two completed calendar months, to be encashable at 6 per 5 subscribed; (d) if held for a period of seventy-two completed calendar months, but not exceeding eighty-four completed calendar months, to be encashable at 6 10s.

per 5 subscribed; (e) if held for a period of eighty-four completed calendar months, to be encashable at 7 per 5 subscribed.

(4) The Minister may, by giving six months notice in the Gazette, redeem after a period not less than thirty completed calendar months from the date of registration all or part of the issue of bonds, but, in the absence of any such notice, the bonds shall be redeemed or converted seven years after registration.

(5) The Minister may, by giving three months notice in the Gazette, Rev.

2009] 11 Internal Loans CAP.

420 [Subsidiary] terminate the issue of the bonds.

3.

(1) The Treasury shall keep and maintain a register of bonds (hereinafter referred to as the Register) in which shall be recorded the names and addresses of all holders of the bonds and the value and serial number of all bonds and the value and serial number of all bond certicates.

(2) On the issue, cashing or redemption of any bond the Treasury shall make the necessary entries in the Register.

(3) The Register, or a certied extract thereof, shall be prima facie evidence of the title of any person name therein in respect of the bonds of which he is the registered holder.

4.

(1) Applications to purchase bonds may be made by any individual person to the Treasury or to any of the other persons named in the prospectus to be issued in respect thereof and such persons are authorized to receive applications and subscriptions therefor; but applications may not be made by corporations, joint holders, trustees or partnerships, or by or on behalf of funds or trusts.

(2) The Treasury may pay to any bank specied in the prospectus commission at the rate of one-quarter per centum in respect of applications of not less than 25 bearing the banks stamp.

5.

(1) An applicant may subscribe on the approved form for bonds in multiples of 5 to a maximum holding of 1,000.

(2) On making a purchase of bonds from an office of a District Commissioner the applicant shall be given a provisional receipt on an approved form; the Treasury shall send to the purchaser a certicate in an approved form stating the date of registration and showing that bonds to the value specied therein have been registered in the name of the purchaser; and such certicate shall be prima facie evidence of the title of the holder of the certicate to the bonds specied therein.

(3) The bonds shall not be transferable (other than as provided in regulation 7) but may be encashed at the values set out in paragraph (3) of regulation 2, on submission of the appropriate form to the Treasury.

6.

(1) Bonds may be subscribed for, purchased, held and encashed by a person notwithstanding the fact that he is a minor provided that he has attained his seventh birthday at the date of registration.

(2) A receipt given for encashment or redemption shall be a full and valid discharge notwithstanding the fact that the person giving the receipt was a minor.

7.

In the event of a registered holder of bonds dying or becoming of unsound mind or subject to some other legal disability, anything which under these Regulations may be done by the registered holder of the bonds may CAP.

420 Internal Loans [Rev.

2009 12 [Subsidiary] be done by the person having power in law to administer the estate of such registered holder: Provided that the maximum holding laid down in paragraph (1) of regulation 5 shall not apply to any person who is holding bonds in excess of the maximum solely by virtue of this regulation.

8.

(1) The loss, destruction or damage of any bond certicate shall be reported in writing to the Treasury by the person entitled to be in possession thereof as soon as practicable.

(2) The Treasury on receipt of such report shall cause to be published in the Gazette a notice, the cost of which shall be borne by the registered holder, stating that the certicate has been lost, destroyed or damaged and that, after the expiration of thirty days from the date of such notice, it is proposed to issue a duplicate of such certicate: Provided that, in his discretion, the Permanent Secretary to the Treasury may remit all or part of the cost of such notice.

(3) Subject to the provisions of paragraph (2), the Treasury may issue a duplicate certicate in lieu of the original certicate, to any person who satises him that he is entitled thereto.

Regulations made under section 19 of the Local Loans Act (now Cap.

248(1948), repealed) and applied by section 20 Sub.

Leg.

THE LOCAL LOAN REGULATIONS Citation.

1.

These Regulations may be cited as the Local Loan Regulations.

Interpretation.

2.

In these Regulations, approved means approved by the Permanent Secretary to the Treasury.

Transfer of stock.

3.

An instrument of transfer in connexion with the transfer of any stock shall be under seal.

Joint stock holders 4.

(1) Subject to the provisions of these Regulations, an application with of stock.

respect to stock in the names of two or more persons as joint stockholders shall be made by all such persons.

(2) The joint stockholders of stock may authorize any person, including one of themselves, to act as their agent in respect of such stock, and the provisions of these Regulations relating to the authorization of agents shall apply accordingly.

(3) Where stock is registered in the names of two or more persons as joint stockholders, the Permanent Secretary to the Treasury may, unless other arrangements with respect to the payment of interest have been made in accordance with these Regulations, pay any interest thereon to the stockholder whose name appears rst in the register.

Rev.

2009] 13 Internal Loans CAP.

420 [Subsidiary] (4) A receipt for the payment of interest on any stock which is given by any one of two or more joint stockholders of such stock shall, unless notice in writing to the contrary has been received by the Permanent Secretary to the Treasury from any other joint stockholder of such stock, be a full discharge to the Permanent Secretary to the Treasury for the payment of that interest.

5.

(1) Where stock is registered in the names of three or more stockholders Powers of and an application in that behalf is made in respect of such stock in accordance stockholders to act by with this regulation, all things required to be done for the purpose of any dealing majority.

with such stock may, subject to the provisions of these Regulations, be done and given by a majority of the persons who are the stockholders at the date when the application is made, or, in the case of the death of any of such persons, by a majority of the survivors of them.

(2) An application for the purpose of this regulation shall be transmitted to the Permanent Secretary to the Treasury in writing in the approved form.

(3) A person who is registered as one of the stockholders of any stock with respect to which an application has been made under this regulation may give notice in writing in the approved form to the Permanent Secretary to the Treasury that the application is revoked, and on notice being so given the provisions of this regulation shall, as from the receipt of the notice by the Permanent Secretary to the Treasury, cease to apply to such stock.

6.

(1) If the stockholder of any stock becomes of unsound mind or Stockholder otherwise subject to legal disability, anything which under these Regulations becoming of unsound may be done by or to such stockholder may be done by or to the person having mind.

power in law to administer the property.

(2) If one of two or more joint stockholders of any stock who have made an arrangement for the payment of interest thereon becomes of unsound mind or otherwise subject to legal disability, the arrangement shall not thereby be rendered void.

(3) Where the Permanent Secretary to the Treasury is satised that any person being one of two or more joint stockholders of stock has become of unsound mind or otherwise subject to legal disability, he may, upon receiving an application in writing in the approved form in that behalf made by the remaining joint stockholder or joint stockholders, treat him or them as being entitled to receive any interest accruing thereon.

7.

(1) Subject to the provisions of these Regulations, any stockholder Appointment of may give an authority in the approved form authorizing any person to act as his agents.

agent with respect to stock held by him or with respect to any interest arising therefrom, and any such authority may (a) relate to the whole or to any specied part of the stock which may at any time be held by the person giving the authority or to the whole or to any specied part of the stock which is held by him at the time when the authority was given; and CAP.

420 Internal Loans [Rev.

2009 14 [Subsidiary] (b) authorize the person to whom the authority is given to deal with the stock or interest to which it relates either generally at his discretion or subject to any directions contained in the authority.

(2) An authority given under this regulation shall be of no effect unless and until it is delivered to the Permanent Secretary to the Treasury.

(3) An authority given under this regulation may be revoked at any time by the person by whom it was given, and shall be determined by the death, bankruptcy or legal disability of that person: Provided that any payment duly made by the Permanent Secretary to the Treasury under these Regulations in compliance with an authority given under this regulation shall, notwithstanding the revocation or determination of such authority, be deemed for all purposes to be a valid payment unless notice in writing of the revocation had been received by, or the death, bankruptcy or disability has come to the knowledge of, the Permanent Secretary to the Treasury at the time when the payment was made.

(4) An authority given under this regulation shall, subject to the terms thereof, until revoked or determined (a) remain in force notwithstanding any increase or decrease in the nominal value of the stock to which it relates; (b) entitle the person to whom it is given to make any application and sign any document mentioned in these Regulations and to receive any payment made in pursuance thereof.

Marriage of a female 8.

(1) On the marriage of a female stockholder, her name and description stockholder.

shall be altered in the register with respect to stock standing either in her name solely or jointly with any other persons, on such stockholder exhibiting to the Permanent Secretary to the Treasury her marriage certicate, and notifying her change of address, if any, and giving full particulars of the accounts in which it is desired to have the alteration made.

(2) Specimens of her present and former signatures must also be furnished.

(3) The husband shall not be required to join in the notication.

Amendment 9.

(1) In the event of stock being registered incorrectly owing to mistakes of names and in the requests for registration or transfer, the account shall be amended by a descriptions.

letter or declaration (as the case may require), stating how the error arose.

(2) In the event of alteration of any name or names in an account which has been raised by means of a transfer,a re-execution of the transfer by the transferor or by his attorney shall be required.

Death of a 10.

The death of a stockholder in a sole account shall be registered stockholder in sole on production of probate of the will or letters of administration, and, where account.

Rev.

2009] 15 Internal Loans CAP.

420 [Subsidiary] necessary, a declaration as to the identity of the deceased shall be made by some disinterested person.

11.

(1) The death of a stockholder in a joint account with other In joint account.

stockholders may be proved by production of probate of the will, letters of administration or certicate of death, and, where necessary, a declaration as to identity shall be made in like manner as before mentioned.

(2) On completion of the proof of death in a joint account, the stock shall be held at the disposal of the survivor or survivors, but the name of the deceased stockholder shall not be removed from the account.

12.

The death of the last survivor in a joint account shall be proved by Last survivor in a production of probate of the will or letters of administration in the same manner joint account.

as in a sole account, and the stock and interest thereon shall be at the disposal of the executors or administrators of such last survivor.

13.

In the case of stock remaining in the name of a deceased person and Death of executors or the death of the executors taking place, the stock shall be at the disposal of administrators.

the executors of the last surviving executor on the usual proof being lodged with the Permanent Secretary to the Treasury; but, should the said executor die intestate, the administrator cannot act, nor can executors of an administrator be recognized, and a grant de bonis non to the estate of the stockholder must be exhibited.

14.

(1) Except where the Permanent Secretary to the Treasury otherwise Methods of payment directs, all payments made by him in respect of any stock shall be made by a by Permanent warrant in the approved form, and any such form shall provide for a receipt Secretary to the for the amount payable by the warrant to be signed by the payee or his duly Treasury.

authorized agent.

(2) No warrant issued under these Regulations shall be paid until the receipt thereon for the amount thereby payable has been duly signed, and such receipt shall be a full discharge to the Government and to the Permanent Secretary to the Treasury for the payment of the sum named in the warrant.

(3) The posting of a letter containing a warrant sent by the Permanent Secretary to the Treasury in pursuance of these Regulations addressed to any person at the last address furnished by that person to the Permanent Secretary to the Treasury shall, as regards the liability of the Government and of the Permanent Secretary to the Treasury, be equivalent to the delivery of the warrant to the person to whom the letter was addressed.

(4) Where, in pursuance of these Regulations or in accordance with any authority given thereunder, any payment is to be made by the Permanent Secretary to the Treasury to a rm or body of persons, whether corporate or unincorporated, a receipt for the payment given by any person purporting to be an agent or ofcer of that rm or body and to be authorized to receive the payment shall be a full discharge to the Government and the Permanent Secretary to the Treasury for the amount paid.

CAP.

420 Internal Loans [Rev.

2009 16 [Subsidiary] Replacement of lost 15.

(1) The loss or destruction of any certicate issued by the Permanent Secretary to the Treasury in pursuance of these Regulations shall be notied in certicates.

writing to him as soon as practicable by the person entitled to the possession thereof.

(2) Upon receipt of any such notication, the Permanent Secretary to the Treasury shall cause to be published in the Gazette, at the cost of the person giving such notication, a notice stating that the certicate has been lost or destroyed, as the case may be, and that he proposes after the expiration of thirty days from the date of such notice to issue a duplicate of such certicate.

(3) If the Permanent Secretary to the Treasury is satised that any certicate issued in pursuance of these Regulations has been lost or destroyed, or if he is of opinion that any such certicate has been issued in error or has been tampered with, or is in such a condition as to render its replacement desirable, he may, subject to the provisions of paragraph (2), issue a duplicate certicate in lieu thereof to any person who satises him that he is entitled to the possession thereof.

Indemnity of 16.

The Government, the Permanent Secretary to the Treasury and any Government and person acting under his authority shall not be liable in respect of any payment duly made or act duly done in accordance with these Regulations, and any ofcers.

such payment shall, subject to the provisions of these Regulations for saving the rights of third parties, be deemed to have been a valid payment, and the receipt of the person to whom the money was paid shall be a full discharge to the Government and to the Permanent Secretary to the Treasury for the amount of the payment.

Saving for rights of 17.

Nothing in these Regulations for the protection of the Government third parties.

and of the Permanent Secretary to the Treasury in respect of any act done or any money paid shall operate to prevent the recovery by any person or his representative of any stock or money lawfully due to him from the person to whom such stock was transferred or such money was paid by or under the direction of the Permanent Secretary to the Treasury, or from the representative of that person.

Information as to 18.

Information with regard to a stock account shall not be furnished stock accounts.

except at the request of a stockholder to whom such account relates.

.