Central Bank of Lesotho (Amendment) Act, 1993

Year of Act: 
1993
Number of Act: 
7
Date of promulgation: 
16 December 1993

CENTRAL BANK OF LESOTHO (AMENDMENT) ACT 1993

 

ACT NO. 7 OF 1993

[Date of Assent: 16 December, 1993]

An Act to amend the Central Bank of Lesotho Act 19781.

Enacted by the Parliament of Lesotho.

Short title and commencement

1.                   This Act may be cited as the Central Bank of Lesotho (Amendment) Act 1993 and shall come into operation on the date of publication in the Gazette.

 

Interpretation

2.                   Section 2 of the Principal Act is amended by inserting the following definitions in the correct alphabetical position:

" ’Capital Market’ means the market for the purchase and sale of medium and long term financial instruments;

’public issue’ means a security which is offered for subscription or sale to the public;

’securities’ means treasury bills, notes, commercial papers, bankers’ acceptance, certificates of deposit, bonds, debentures, stock and other similar financial instruments issued by the government,


statutory corporations, companies or other bodies, whether corporate or not;".

 

Principal objects of the bank

2.                   The principal Act is amended in section 4 -

(a)                                         by deleting the word "and" at the end of paragraph (b); and

(b)                                        by adding the following word and paragraph after paragraph

(c):

"and (d) to issue and redeem its own securities under section 42A."

3.                    The Principal Act is amended by adding after Part VII the following Part:

"Part VIIA - The Bank’s functions in the capital market Issue by Bank ofsecurities

42A. The Bank may issue securities and redeem those securities. Fair and orderly market

42B. The Bank shall monitor and regulate trading in the capital market and shall implement measures -

(a)                to provide for fair and orderly market operations; and

(b)   to ensure that investors are adequately protected.

 

Report to the Minister

42C. The Bank shall annually report to the Minister on issues relating to the capital market."

LETSIE III KING OF LESOTHO

NOTES

The explanatory memorandum to the Central Bank of Lesotho (Amendment) Bill 1993 that was introduced into the National Assembly on 19 October 1993 is published as Government Notice No. 87 of 1993.

Act No. 13 of 1978 as amended by Act No. 2 of 1982