Section 12 — Redemption

Subject to sections 13 and 18, a security issued under this Act is redeemable at par on —

(a)the maturity date of the security; or

(b)if the security is redeemable at the election of the holder, on the earlier of the following dates:

(i)the date specified as the redemption date in any notice of intention to redeem that is given by the holder to the MAS in the prescribed manner;

(ii)the maturity date of the security.