Legislation

SPECIAL GOVERNMENT BOND PROCLAMATION NO. 531/2007


PROCLAMATION NO. 531/2007.

A PROCLAMATION ON SPECIAL GOVERNMENT BOND

WHEREAS, it has become necessary to issue special Government bond to be used for raising the capital of the Commercial Bank of Ethiopia;

NOW, THEREFORE, in accordance with Article 55(1) of the Constitution it is hereby proclaimed as follows:

PART ONE GENERAL

1. Short Title

This Proclamation may be cited as the “Special Government Bond Proclamation No. 531/2007.”

2. Power of the Minister of Finance and Economic Development

The Minister of Finance and Economic Develop ment is hereby empowered:

1/ to issue special Government bond in the amount of Birr 2.5 Billion,

2/ Utilize the Special Government Bond issued in accordance with this Proclamation to raise the capital of the Commercial Bank of Ethiopia.

PART TWO REDEMPTION AND INTEREST

3. Redemption

Special Government Bonds issued in accordance with Article 2 above shall be redeemed in 10 years period commencing from the time the bonds are issued.

4. Interest

Special Government Bonds issued in accordance with this Proclamation shall bear no interest.

PART THREE MISCELLANEOUS

5. Exemption From Taxes

No Stamp duty or any other tax shall be levied on any transaction or document relating to the Special Government Bonds.

6. Effective Date

This Proclamation shall enter into force up on  Publication in the Federal Negarit Gazeta.

Done at Addis Ababa, this 7th day of June, 2007

GIRMA WOLDEGIORGIS

PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA

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