Singapore legislation
Clause 3
Clause 3
Amendment of section 24
Section 24 of the Government Securities Act is amended by deleting subsection (1) and substituting the following subsections:“(1) Government securities shall be redeemable at par —
on such date as may be specified in the regulations relating to the issue of such Government securities (referred to in this Act as the date of maturity); or
in the case of Government securities that are redeemable at the election of the holder thereof at any time, on the earlier of the following dates:
the date of maturity; or
such date as may be specified as the redemption date in any notice of intention to redeem that is duly served in the prescribed manner.(1A) After the date of maturity of the Government securities under subsection (1), all the interest on the principal sums payable on the Government securities shall cease and determine, whether payment of the principal sums have been demanded.”.