48.—(1) The Bank may issue through the general fund securities (which shall be known as Central Bank Reserve Bonds and are in this section referred to as bonds) in its own name in exchange for such currency or currencies as the Bank may specify.

(2) The issue, holding and sale of any bonds shall be on and subject to such terms and conditions as the Bank may determine at the time of the issue of those bonds, including terms and conditions fixing the issue price of the bonds, the rate of interest to be paid thereon, the dates of payment of the interest thereon and the date of maturity of the bonds.

F164[(3) The Bank shall not issue bonds to bodies other than credit institutions.]

(4) Bonds shall be registered in the Bank.

(5) A holder of bonds may transfer them to any other holder of a licence but shall not transfer them to any other person.

(6) The Bank may purchase bonds from a holder thereof and shall cancel any bonds it purchases.

(7) Stamp duty shall not be chargeable on the issue, assignment, negotiation or redemption of bonds.