Significant Infrastructure Government Loan Act 2021 · 2020 Revised Edition · Part 3 · Terms of Securities
14. Payment of interest
Feedback & supportSubject to subsection (2), the interest payable on any security issued under this Act must be paid half‑yearly as specified in the Regulations relating to the issue of the security.
security
“security” includes stock, bonds, notes, certificates, bills and similar instruments;
Where any security that is redeemable at the election of the holder thereof at any time is redeemed before its maturity date, a portion of the half‑yearly interest payable on that security (calculated on a pro‑rata basis) is payable on such date as may be specified as the redemption date in the duly served notice of intention under section 12(b)(i) to redeem that security.
maturity date
“maturity date”, for any security issued under this Act, means the date —(a)specified, in accordance with the Regulations relating to the issue of that security, as the date on which the security is redeemable at par; or(b)specified by the Minister in the terms of the issue as the date on which the security is redeemable at par where the Regulations do not apply to that issue;
The Minister must, in respect of any security issued under this Act —
in each half‑yearly period ending on the day on which interest on the security falls due; or
if security is redeemable at the election of the holder thereof at any time, as soon as practicable after due notice of intention under section 12(b)(i) to redeem the security before its maturity date is given,withdraw from the Consolidated Fund a sum equal to the appropriate interest (or a portion thereof) on the security that is due and payable in order to pay that interest.