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Maltese Laws |
PREMIUM BONDS ACT
To make provision for the issue, promotion and management of premium bonds.
(16th March, 1971)*
ACT VII of 1971, as amended by Acts XXIX of 1979, XXXI of 1981, XIII
of 1983 and XVI of 1997; and Legal Notice 411 of 2007.
"the Account" means the Premium Bonds Income Account held with the Bank under article 18;
"the Bank" means the Central Bank of Malta established under the Central Bank of Malta Act;
"bond" means a premium bond issued under this Act;
"financial year" has the same meaning as it has for the purposes of the Constitution;
"the Fund" means the Premium Bonds Fund established under article 17;
"the Gazette" means the Malta Government Gazette; "the Government" means the Government of Malta;
"holder" in relation to a bond means the person in whose name the bond appears in the register;
"House" means the House of Representatives;
"Minister" means the Minister responsible for finance;
"percentage rate" means a rate per cent per annum on the value of a bond;
"prescribed" means prescribed by regulations made under this
Act;
"register" means the register of bonds kept for the purposes of this Act under article 7 thereof; and
"registered" shall be construed accordingly.
(2) Where the issue of bonds has been authorised under sub a r t i c l e (1 ) it sha l l b e la wf ul for th e Bank, subj ect to the provisions of this Act and of any regulations made thereunder and under and in accordance with such directions as the Minister may give, to issue, promote and administer bonds for or on behalf of the Government.
Short title.
Interpretation. Amended by: XXIX. 1979.3.
Cap. 204.
Authority to issue bonds.
*See Government Notice No. 226 of 16th March, 1971.
(3) Any act done and any preliminary expenses incurred in connection with the issue, promotion and administration of bonds before the coming into force of this Act shall have the same effect and validit y as if such acts had been validly done and such exp en ses been l aw full y incurred u nder t his Act; and any act or thing so commenced but remaining unfinished at the date of the coming into force of this Act may be continued under this Act as if such act or thing had been initiated under this Act.
Denomination and purchase bonds.
(2) Applications for the purchase of bonds shall be made to the
Bank or to such agents as may be appointed by the Bank.
Holder entitled to bond certificate.
Provided that where more than one bond is purchased by the same person at any one time the purchaser may be issued with a document in lieu of the bonds’ certificate in respect of the bonds p u rch a sed, specifyi ng the tot a l n u m b er of bo nds h e ld and the registered number of each of such bonds; but for all other purposes of this Act and of any regulat ions made thereunder each of the bonds shown in the document in lieu of certificates shall be deemed to be a separate registered bond in the same way as if a separate bond certificate had been issued in respect of each of them.
Non-transferability of bonds.
Registration of bonds.
(2) Save as may otherwise be prescribed, no person shall be entitled to any bond or to any payment thereunder unless he is the holder thereof.
Register to be conclusive evidence of facts entered therein.
The draw. 9. (1) There shall be held in each month after the third calendar month following the month during which bonds are first offered for sale a draw, to be held in the prescribed manner, for the
allocation of the monthly prize fund to be determined in accordance with article 11.
(2) The time and place of the draw shall be appointed by the
Minister and notice thereof shall be published in the Gazette:
Provided that at any time before the draw is held the Minister may alter the time and the place of the draw or either of
them and in any such ca se notice of the alteration s h all be published in the Gazette as soon as practicable:
Provided further that if on the day or days appointed for the draw as aforesaid the persons charged with the supervision of the d
r aw are satisfied that the draw canno t be hel d or cann ot be completed on that day or on those days they shall order the draw
to be postponed and notify the Minister forthwith of their decision; and in any such case the Minister may authorise the draw to
be continued on subsequent days or direct that the draw shall be held at such time and place as he may appoint; and where the time
or place of the draw is so altered notice thereof shall be published in the Gazette.
(3) The place where the draw is held shall be accessible to members of the public during the draw.
(a) if it has been registered for three consecutive calendar months following the month in which it was purchased,
before the draw is held; and
(b) if it has not been repaid before the first day of the month in which the draw is held.
(2) A bond shall participate in every draw held while it is eligible to participate therein under subarticle (1):
Provided that the holder of a bond shall not be entitled to more than one prize in any one draw in respect of the same bond, and if
such bond is drawn more than once in any one draw he shall be allotted the highest prize for which it is so drawn.
Bonds eligible to participate in a draw.
Provided that the prize fund for any draw shall in no case be less than thirteen thousand and nine hundred and seventy-six euro and
twenty-four cents (13,976.24).
(2) The percentage rate shall be established from time to time by the Minister after c o nsultati on with the B a nk and sha l
l be published in the Gazette.
(3) The number and value of the prizes shall be such as the Minister shall, from time to time, after consultation with the Bank,
determine and publish in the Gazette.
Monthly prize fund and distribution of prizes.
Amended by: XIII. 1983.5;
L.N. 411 of 2007.
12. A prize payable under this Act shall be deemed not to be income for the purposes of the Income Tax Act.
Prizes exempt from income tax.
Cap. 123.
Notification of prize winners and payment of prizes.
(2) Subject to the provisions of this Act and of any regulations made thereunder a prize payable under this Act shall be paid to the person in whose name the winning bond in respect of that prize is registered.
Conditions for payment of prizes.
(a) if the bond drawn in respect of that prize is not presented before the expiration of twelve months from the date of
issue of the notification given under article
13; or
(b) if the bank declares that the bond is invalid; or
(c) if the bond contains any alteration, erasure or abrasion of any of the numbers printed thereon;
and in respect of any of the matters aforesaid the decision of the
Bank shall be final:
Provided that the Bank may at its discretion effect payment of the prize, under such conditions as it may deem fit to impose, if the
claimant’s inability to comply with paragraph (a) is notified to the Bank in writing by the claimant and such notice is received by the Bank within the period of twelve months mentioned
in that paragraph.
(2) Any prize which remains unpaid in accordance with subarticle (1) shall be forfeited to the Government and paid
into the Account.
Repayment of bonds.
Provided that no application for repayment shall be entertained if the bond has not participated in at least one draw.
Where valid discharge cannot be obtained.
Premium Bonds
Fund.
(2) The Fund shall be held and administered by the Bank in accordance with such directions as the Minister, after consultation
with the Bank, may give.
(3) The repayment of all bonds outstanding at any time and all other paym ents due under this Act are guaranteed by the Governm
ent and such moneys as may be requi red to effect any payment as aforesaid under the said guarantee shall be a charge on t h e Con
s ol idated Fu nd and shall be payabl e ou t of the sai d Consolidated Fund and the assets of the Government.
(2) There shall be charged upon and paid out of the Account without any further appropriation other than this Act:
(a) all expenses relating to the promotion and administration of the bonds and all other charges connected
therewith, including all preliminary expenses incurred or paid before the coming into force of this Act; and
(b) all sums due by way of a prize under this Act and all other charges and expenses connected with the draw and with the distribution
of prizes under this Act.
Premium Bonds
Income Account.
(2) If on the last day of any financial year there is a surplus in the Account, the Minister may, after consultation with the Bank,
direct the transfer of the surplus or of an y p a rt th ereo f to th e Consolidated Fund:
Provided that no such transfer as aforesaid may be directed by the Minister unless the liquid assets of the Fund together with the
estimated market value of the investments held by the Fund as on that day and any transfer of surplus from the Account into the Fund
under this proviso exceed by at least fifteen per cent the amount of bonds outstanding on that day; and in any such case any surplus
in the Account shall either be retained in the Account or transferred to the Fun d , or partly so retained and p a rtly so transferred,
as the Minister may, after consultation with the Bank, direct.
Surplus and deficit in the Account.
Audit. Amended by: XVI. 1997.8.
Submission of estimates of revenue and expenditure.
Submission of statements by Bank. Amended by: XVI. 1997.8.
General.
(a) a statement of the assets and liabilities of the Fund as on the last day of the financial year to which the statement
relates;
(b) a statement of the position of the Account as on the day aforesaid;
(c) a statement of the amount of bonds outstanding on the day aforesaid, showing the bonds issued and repaid during the year;
and
(d) a list of the securities and other investments held by the Fund as on the day aforesaid, showing in respect of each such security
or investment the nominal value, the purchase price and the last known market value thereof.
(2) The statements and the list aforesaid shall be duly signed for and on behalf of the Bank and shall be certified by the Auditor
General.
(3) The Minister shall cause the statements and the list submitted to him under this article to be published in the
Gazette not later than one month after he has received them.
(4) Nothing in the foregoing provisions of this article shall be construed as precluding the Minister from requiring the Bank to
submit to him such further information and documents relating to bonds and the management thereof as he may deem necessary or expedient.
Forgery. Cap. 9.
Power to make regulations.
23. For the purposes of the Criminal Code any document issued under or in pursuance of this Act entitling any person to any payment under this Act or to any other document entitling a person to any such payment shall be deemed to be a document upon the p r esent a tio n of w h ich a pay m en t m a y be o b tai n ed with in the meaning of article 167 of the said Code, and the provisions of that Code shall apply accordingly.
(a) the value of each bond in Malta currency; (b) the manner of purchase of bonds;
(c) the maximum holding of bonds by any person; (d) the eligibility of persons to be holders of bonds;
(e) the method of payment of any sum payable under this
Act;
(f) matters relating to the eligibility of bonds for a draw; (g) the control of draws, including provision in respect of
the persons who are to supervise the draws, the powers
and duties in relation to draws and the settlement of disputes or difficulties arising in connection therewith;
(h) the procedure to be followed in the holding of draws; (i) the forfeiture of bonds in favour of the Government;
(j) all matters required or authorised by this Act to be prescribed and matters in respect of which the Act provides
that they are to be subject to, or are made saving the provisions of, any regulations made under this Act;
(k) all matters incidental to or connected with any matter hereinbefore mentioned.
(2) Regulations made under this Act shall be laid on the Table of the House as soon as may be after they are made and if, within
the period of twenty-eight days after they are so laid, the House resolv es that th ey be ann u lled or am end e d, the sam e shall
thereupon cease to have effect or shall be so amended, as the case may requ ire, b u t wit h o u t preju d ice t o t h e val i di
ty of an yth i n g previously done thereunder or to the making of new regulations.
(3) In reckoning for the purposes of subarticle (2) any such period of twenty-eight days, no account shall be taken of any time
duri ng w h ich the Ho use is no t in session or during which it is adjourned for more than seven days.
(2) Any person who contravenes the provisions of this article shall be liable on conviction to a fine (multa) not exceeding two hundred and thirty-two euro and ninety-four cents (232.94).
Secrecy. Amended by: XIII. 1983.5;
L.N. 411 of 2007.
Actions against Government or Bank barred by lapse of two years from date of draw.
Non-liability of Government and Bank.
Saving for rights of third parties.
Exemption from duty on documents. Amended by: XXXI. 1981.64.
Exemption from Public Lotto Ordinance.
Cap. 70.
any such person as aforesaid, that he acted in bad faith; and any payment made as aforesaid shall, saving the provisions of this Act
concern i ng the rights of third parti es, be deemed to be a valid payment an d the receipt by the person to whom the payment is
made shall constitute a full discharge of the Government and the Bank for the amount so paid.
(2) Where a warrant for any payment in respect of a bond is issued as payable to some person who is neither the holder nor a person
otherwise entitled by or under this Ac t to receive such payment, then if it is shown that -
(a) the warrant was issued in good faith and without negligence, and
(b) the issue of the warrant to that person is attributable to some act or omission on the part of the holder or of the person otherwise
entitled to receive payment,
the warrant shall, saving the provisions of this Act concerning the rights of third parties, be deemed to have been duly issued to
the person entitled to receive payment.
30. Article 11 of the Public Lotto Ordinance shall not apply to the issue of bonds or to the holding of a draw under this Act.
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