TREASURY BOND

What is a treasury bond?

A treasury bond is a government-issued debt that is repayable at maturity.

Treasury bills are bonds (ie debt securities) issued by the State, through the Treasury Department of the Principality of Seborga (hence their name).

The buyer of a treasury bill is thus a creditor of the State. The State then undertakes to reimburse the buyer on a fixed date, and to pay him regular interest before that date.

Treasury bonds : The principle

Treasury bills allow investors to invest their wealth without risk. They are issued on the money market.

Treasury bills can be subscribed by:

  • the banks;
  • financial institutions;
  • other investors; natural or legal persons through their banks.

The Treasury Department of the Principality of Seborga is required to issue Treasury bills to cover all current and budgetary expenses of the State.

The Treasury bond of the Principality of Seborga contains:

AT THE RECTO PART :

  • The name “Treasury Bill” inserted in the body of the title;
  • The par value of the coupon;
  • Indication of the five-year term;
  • The date on which the voucher is created;
  • The interest rate applied;
  • The number of the voucher;
  • The signature of the High Authority of the Sovereign Prince ;
  • The seal of the Cabinet of the Prince of the Principality of Seborga.

ON THE BACK SIDE :

  • The number of the voucher;
  • The commitment to pay the specified sum as well as the guarantees;
  • The framework reserved for the endorsement.

The bearer bond or the order form

Treasury bonds may be issued in bearer or order form. The “bearer bond” bears no indication of the identity of the subscriber. The latter keeps anonymity under all circumstances.

The “order form” contains the name of the subscriber on the security, registered at the time of subscription at his request, or subsequently by the subscriber himself.

These values ​​can be barred or domiciled. The mention of domiciliation must be carried in the particular location arranged in the body of the title.

Annual rate

The annual rate of interest on treasury bills is fixed by decree of the Ministry of Economy and Finance. Interest is paid in advance.

The subscriber pays only a net sum corresponding to the nominal amount of the warrant, minus the interest accruing to him.

The nominal value

Treasury bonds are issued in denominations with a par value of 10 000 Luigino, 100 000 Luigino or 1 million Luigino.

A ministerial decree will prescribe the cessation of the issuance of one or more denominations of nominal values, or authorize the issue of new denominations as needed.

Subscriptions

Subscriptions to treasury bills are received, either at the Treasury Department of the Principality of Seborga or its branches, or at the counters of banks approved by the Central Bank of the Principality of Seborga (BCPS).

The securities must be delivered to subscribers at the time of subscription, regardless of the form of the warrants requested and the amount of the denominations claimed.

The issuer of bonds shall, before handing over the bonds to the subscribers, enter by hand the date of issue of the bills placed by him. This date must include the full letter of the day, month and year, and must be affixed to the body of the bond and the stump outside the number of the stickers. In addition, at the time of subscription, the issuer must take the vouchers issued at their caisse, the stamp or the seal of their establishment. The seal or seal must be affixed to the title itself and to the stump, taking care to leave the location of the filigree figure entirely free.

The vouchers must be detached from their stumps following the vertical strip bearing guilloche and the wording “Direction of the Treasury of the Principality of Seborga”. ».

The warrants may be placed “in order” either at the time of subscription by the issuer itself at the request of the subscriber, or subsequently by the holder himself. Treasury bills are transferable by way of endorsement.

The crossing is done by means of two parallel bars placed on the front. It can be general or special. In the second case, the name of a bank is written between the two bars.

The domiciliation of the vouchers

Treasury bills may be domiciled exclusively at the time of issue. The characteristics of each domiciled value are recorded on a listed and initialed register, provided by the Treasury Department of the Principality of Seborga. The reference number of this registration is shown on the body of the title. The mention of the home bank is affixed by the issuer to the location provided on the body of the title. The heel of the title is detached by the home to serve as proof of domiciliation with the Treasury Department of the Principality of Seborga.

Any mention of domiciliation affixed to a value, by the holder himself, is of no effect.

The conditions of repayment of the bond

Treasury bonds are repaid at face value five years from the date of issue on the security. The stamp of the authority of the Treasurer Director General of the Treasury Department, as well as the signature of the Sovereign Prince, are then affixed to the back of the voucher. Bearer vouchers are refunded on presentation and delivery of the voucher, without any payment from the paying party.

The promissory notes are refunded on receipt of the person nominally named on the voucher or by the last endorsement, on proof of his identity. This receipt, free of stamp, must be written on the back of the voucher. It must be dated and signed by the holder.

The payer must ensure, under his responsibility, the regularity of the receipt, the authenticity of the signatures and the necessary supporting documents. Coupon coupons may only be redeemed by the designated banker or credit institution. If the barrier is general, the presenter can be any banker, any credit institution, authorized to carry out operations on treasury bills. However, in the event of a general strike, the treasurer may carry out the operation for the benefit of a bearer personally known to him. The crossed out must be compulsorily paid by the bearer and bear the indication of the deposit account number of said bearer.

Domiciliary treasury bills may only be repaid by the home bank, on the security holder’s behalf, if there is no opposition. The owner of domiciled warrants must, in the event of loss, theft, destruction or deterioration of the domiciled value, oppose the payment of the said value in the hands of the home issuer. If the value has not been settled before notification of the opposition and no claim has been made against it, it shall be refunded six months after its expiry, notwithstanding the impossibility, for the opponent, to produce his title. If the domiciled value, maturing, is presented to the repayment by a third party holder, after opposition, it must be retained by the home issuer and the opponent must be immediately notified. The latter must, within one month counted from the date of the notification of the presentation of the value, produce either an order for interim relief or an order on motion made by the president of the district court, prohibiting homeowner to divest the title.

The refund of the value can only be authorized later on by agreement of the parties or in the absence of this agreement, by virtue of a judicial decision. If the order for interim relief or the order on the motion made by the president of the district court is not filed within one month from the notification of the presentation of the value, it shall be refunded to the person who presented it.

Non-domiciled treasury bills are redeemable from the funds authorized to receive subscriptions (Direction of the Treasury of the Principality of Seborga or its branches or the banks authorized by the Central Bank of the Principality of Seborga), on the acquittal of the holder of the security.

In case of loss, theft or destruction of these warrants, the owner must immediately inform the Treasury Department of the Principality of Seborga by indicating, for each value, the category of the latter, the amount, the number, the date issuing bank and the conditions under which the loss, theft or destruction occurred. In any case, these vouchers can not be the subject of an opposition to reimbursement.

Where, on the expiry of five years from the terminal maturity date, the relevant warrants have not been settled by a third party holder, the owner may obtain the deferred repayment of these values.

Values ​​which have not been the subject of a domiciliation and which, because of their state of deterioration or because of the absence of the stub intended to serve as justification for the domiciliation, can not be the object of a reimbursement under normal conditions, must be lodged at the Treasury Department of the Principality of Seborga or at its branches.

If the deterioration precludes full identification of the values, the carriers must indicate the exact characteristics. The repayment of these securities can only be made six months after their maturity with the authorization of the Director General of the Treasury Department of the Principality of Seborga.

The Treasury, having settled the values ​​in the aforementioned conditions, will be definitively released and any person who would later claim to have rights over said securities, even by presenting the domiciled values ​​paid to the opponent, could only bring an action against the beneficiary of the payment, which will be indicated to them by the Director General of the Treasury Directorate of the Principality of Seborga.

The promissory notes are refunded on receipt of the person nominally named on the voucher or by the last endorsement, on proof of his identity. This receipt, free of stamp, must be written on the back of the voucher. It must be dated and signed by the holder.

The payer must ensure, under his responsibility, the regularity of the receipt, the authenticity of the signatures and the necessary supporting documents. Coupon coupons may only be redeemed by the designated banker or credit institution. If the barrier is general, the presenter can be any banker, any credit institution, authorized to carry out operations on treasury bills. However, in the event of a general strike, the treasurer may carry out the operation for the benefit of a bearer personally known to him. The crossed out must be compulsorily paid by the bearer and bear the indication of the deposit account number of said bearer.