Section 13 — Early redemption

(1)The holder of a security that is issued under this Act and not redeemable at the election of the holder may, upon an invitation of the MAS under this section, apply to redeem the security before the maturity date of the security.

(2)The MAS may by public notice invite the public to apply to redeem any security issued under this Act before the maturity date of the security where that security is —

(a)not redeemable at the election of the holder; and

(b)specified or described in the public notice.

(3)The public notice mentioned in subsection (2) may specify —

(a)the terms and conditions relating to the early redemption of the security specified or described in the public notice, including the manner in which any offer for early redemption has to be made; and

(b)such other information as the MAS may consider necessary.

(4)However, the MAS may refuse any application to redeem any security before the maturity date of the security without assigning any reason.