Section 29Part 6 — Sinking Fund And Repayment Of Loans
Redemption of securities
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If —
a sinking fund has been established under section 23 for the redemption of an issue of securities raised under this Law; and
at the date fixed for the redemption of that issue of securities, such sinking fund is insufficient for such redemption,
the Governor in Council shall pay out of the revenue to the Registrar a sum equivalent to the deficiency for the purpose of redeeming that issue of securities.
If a sinking fund has not been established under section 23 for the redemption of an issue of securities raised under this Law, the Governor in Council shall —
at the date of redemption;
if an option has been reserved under section 6 (3) to redeem the securities earlier than the date of redemption, at any earlier date determined by the Governor in Council,
pay out of the revenue to the Registrar such sum as is required to redeem that securities.
Cross References
- Section 23 of Government Securities Act
sinking fund established under section 23
- Section 6 of Government Securities Act
option reserved under section 6 (3)