ACT No. XVIII of 2010 AN ACT to authorise and regulate the raising of loans for the purpose of entering into re-lending agreements with Air Malta plc.

I assent.

G EORGE A BELA

(L.S.)

President

19th November, 2010

ACT No. XVIII of 2010

AN ACT to authorise and regulate the raising of loans for

the purpose of entering into re-lending agreements with Air Malta

plc.

BE IT ENACTED by the President, by and with the advice and

consent of the House of Representatives, in this present Parliament

assembled, and by the authority of the same, as follows:-

The short title of this Act is the Government Borrowing Short title.

and Granting of Loans to Air Malta plc Act, 2010.

In this Act, unless the context otherwise requires -

Interpretation.

"Consolidated Fund" has the same meaning as is assigned to it

under article 124 of the Constitution;

"Loan Agreement" means any agreement, approved by the

European Commission in terms of the European Community

Guidelines on State Aid for Rescuing and Restructuring Firms in

Difficulty (2004/C 244/02), providing for the lending of money to Air

Malta plc in terms of this Act;

"Minister" means the Minister responsible for finance.

(1) Subject to the provisions of this Act, the

Government of Malta may, for the purposes of article 4, borrow sums

of money in Malta for an amount which in total does not exceed fifty-

two million Euro, and such other sums of money as the House of

Representatives may from time to time by resolution authorise.

(2) For the purpose of raising the aforesaid sums of money by

way of loan, the Minister is hereby authorised to borrow the said

sums of money on such terms and subject to such conditions as the

said Minister may approve under the provisions of the Local Loans

(Registered Stock and Securities) Ordinance, in order to issue stock in

Malta

Provided that the Minister may also, when he deems it expedient

to do so for reasons of urgency, authorise the temporary use of funds

from the Consolidated Fund in order to meet the financing

requirements of the Loan Agreement until such time as the proceeds

of the borrowing referred to in article 3 shall be obtained.

(1) Notwithstanding any other provision of law, any

money borrowed under the authority of this Act shall be appropriated

and applied for the purpose of entering into re-lending agreements

concluded between the Government of Malta, as lender, and Air

Malta plc, as borrower, for an identified amount, in pursuance and

within the framework of a Loan Agreement entered into for purposes

of the rescuing and restructuring of Air Malta plc.

(2) The re-lending of money borrowed in terms of this Act for

any purpose other than that specified under sub-article (1) may only

be done in such manner and for such purpose as the House of

Representatives may by resolution determine.

Passed by the House of Representatives at Sitting No. 284 of the

15th November, 2010.

M ICHAEL F RENDO

Speaker

P AULINE A BELA

Clerk to the House of Representatives