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Decree-by-Law for amendment of some provisions of the Decree-by-Law No. (15) for the year 1977 for issuance of development bonds.

Manama, Sept., 19 -- (BNA) His Majesty King Hamad bin Isa Al Khalifa Monarch of the Kingdom of Bahrain issued the Decree-by-Law No. (29) for the year 2011 regarding amendment of some provisions of the Decree-by-Law No. (15) for the year 1977 for issuance of development bonds.

The First article stipulated that the texts of both articles (1) and (2) of the Decree-by-Law No. (15) for the year 1977 for issuance of development bonds shall be rescinded and replaced with the following text: Article (1) The Minister of Finance is permitted to issue in consensus with Bahrain Central Bank public treasury bonds inside the Kingdom of Bahrain or abroad hereinafter to be called development bonds and Islamic Sharia-compliant financial instruments within the limit of BD 3,500 million (Three-thousand and five-hundred millions Bahraini Dinars) in compliance with the provisions of article (2) of this Act.

Article (2) stipulated that the treasury bonds and development bonds and financial instruments referred to in the preceding article entitle their bearer to a nominal negotiable value consumable within the period specified in the issuance statement. The Minister of Finance, in consensus with Bahrain Central Bank, may issue such bonds, instruments and financial securities in Bahraini dinars or in any convertible currencies and may re-issue again a replenishment of the consumed portion thereof, provided that their value shall not exceed at any time BD 3,500 million.

Article (2) also stipulated that the Minister of Finance shall implement this Act which shall be enforceable as from the next day following its publishing on the Official Gazette.

(IY)

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Publication:Bahrain News Agency
Date:Sep 19, 2011
Words:278
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