TAX RESERVE CERTIFICATES ORDINANCE, 1955.
(No. 66 of 1955).
TAX RESERVE CERTIFICATES (THIRD SERIES) RULES, 1960.
In exercise of the powers conferred by section 3 of the Tax Reserve Certificates Ordinance, 1955, the Governor has made the following rules-
1.
These rules may be cited as the Tax Reserve Certificates Citation. (Third Series) Rules, 1960.
Gertificates,
2. Certificates, which, upon application being made as in Form 1 Denomina- in the Schedule, may be obtained from the office of the Commissioner tons of or from any bank authorized by him for the purpose, shall be issued by and where the Commissioner in denominations of $50.00, $100.00 and $1,000.00, they may be
obtained. Schedule.
Fort L
3. Every certificate and the conditions attached thereto shall be Form of as in Form 2 in the Schedule.
Certificate.
Schedule. Form 2
4. The Commissioner, or any officer authorized by him for the Duty of purpose, shail accept certificates, in denominations sufficient to meet Cotamissioner
to accept the total amount of tax outstanding or any part thereof, at their face certificates value together with the interest accrued thereon as the equivalent of in payment cash for the payment of any, or all, of the taxes specified in the of specified
Schedule to the Ordinance.
interest and
5. Simple interest at the rate of 3.6 per cent per annum com- Payment of mencing from the first day of the month following the date of issue to method of the first day of the month in which the certificates are accepted for calculation. payment of tax shall be paid on all certificates so accepted:
Provided that interest shall not be paid on any certificate for more
than thirty-six months.
6. Any balance of any amount due in respect of a certificate Duty to accepted by the Commissioner and remaining after payment of tax refund shall be refunded by him to the holder thereof.
7. The Commissioner shall repay to the holder on demand the principal value of any certificate, but he shall not pay any interest thereon.
balance after payment of Lax
Duty to repay principal value of certificate.