State Financial Transactions (Special Provisions) Act, 1984

Redemption of, and payment of interest or dividends on, certain securities.

3.—(1) Where, at a time when an order under subsection (3) of section 2 of this Act postponing the redemption of, or the payment of interest or a dividend on, a security is in force, that subsection ceases, by virtue of an order under subsection (1) of that section, to be in force, the Minister shall, as soon as may be thereafter, by order fix a day, not being more than three months after such cesser, for the redemption of, or, as the case may be, the payment of the interest or the dividend on, the security, and, if the order relates to the redemption of a security, the security shall, subject to the provisions of the Government Loans (Conversion) Act, 1951 , be redeemed on that day, and, if the order relates to the payment of interest or a dividend on the security, the said interest or dividend shall be paid on that day.

(2) Where an order is made under subsection (1) of this section, interest at such rate as may be specified in the order shall be paid on the security the redemption of which was postponed by the order, or the interest or the dividend the payment of which was so postponed, as the case may be, in respect of the period of the postponement.

(3) The Minister may by order revoke or amend an order under this section including this subsection.