ACT No. III of 2010 AN ACT to authorise and regulate the raising of loans for the purpose of entering into re-lending agreements with the Hellenic Republic.

I assent.

G EORGE A BELA

(L.S.)

President

18th May, 2010

ACT No. III of 2010

AN ACT to authorise and regulate the raising of loans for the

purpose of entering into re-lending agreements with the

Hellenic Republic.

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:-

(1) The short title of this Act is the Government

Borrowing and Granting of Loans to the Hellenic Republic Act, 2010.

(2) This Act shall come into force on such a date as the

Minister responsible for finance may by notice in the Gazette

establish, and different dates may be so established for different

provisions or different purposes of this Act.

In this Act, unless the context otherwise requires -

"Consolidated Fund" has the same meaning assigned under

article 124 of the Constitution;

"the European Commission" means the Commission of the

European Community;

"Intercreditor Agreement" includes any agreement entered into

between the Euro Area Member States and the European Commission

regarding pooled bilateral loans by Euro Area Member States to the

Hellenic Republic, which agreement has been laid on the Table of the

House of Representatives;

"Loan Facility Agreement" includes any agreement approved by

the Euro Area Member States in pursuance of a decision of the

Council of the European Union providing for the lending of money to

the Hellenic Republic, which agreement has been laid on the Table of

the House of Representatives;

"Malta" has the same meaning assigned to it by article 124 of

the Constitution of Malta;

"Minister" means the Minister responsible for finance.

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

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

of money in Malta, for an amount which in total do not exceed thirty

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 Cap. 161.

(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 Facility Agreement and the Intercreditor

Agreement until such time as the proceeds of the borrowing referred

to in article 3 shall be obtained.

(1) Notwithstanding any other provision of the law, any Purpose of

money borrowed under the authority of this Act shall be appropriated loans.

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

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

Hellenic Republic, as borrower, for an identified amount, in

pursuance and within the framework of a Loan Facility Agreement

and in pursuance of an Intercreditor Agreement.

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

any purpose other than the purpose 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. 219 of the

11th May, 2010.

M ICHAEL F RENDO

Speaker

R AYMOND S CICLUNA

Acting Clerk to the House of Representatives