DEVELOPMENT LOAN ACT

DEVELOPMENT LOAN

CHAPTER 213

DEVELOPMENT LOAN ACT

To authorise a sum of twenty-one million liri to be raised by way of loan

for the purpose of financing the investment programme for the financial

years 1969-70 and 1970-71.

(24th February, 1970) *

Enacted by ACT III of 1970, as amended by Acts: XXIII of 1970 and XIII

of 1983.

This Act may be cited as the Development Loan Act.

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

of Malta may from time to time raise by way of loan a sum or sums

of money not exceeding in the aggregate twenty-one million liri

and such further sum or sums as may be necessary to defray the

expenses of any issue of stock or securities authorised by this Act.

(2) For the purpose of raising any loan as aforesaid, the

Minister responsible for finance is hereby authorised to issue stock

or securities or both under the provisions of the Local Loans

(Registered Stock and Securities) Ordinance, or to borrow in any

other manner he may deem proper; and any loan made under the

provisions of this section shall be made on such terms as the said

Minister may approve.

(1) Any sum raised to defray the expenses of any such

issue as aforesaid shall be applied only to that purpose.

(2) Save as provided in subsection (1) of this section, any

money borrowed under the authority of this Act shall be

appropriated and applied to meet capital expenditure incurred in

respect of the financial years ending respectively on 31st March,

1970 and on 31st March, 1971 and authorised by an Appropriation

Act or charged on the Consolidated Fund by any other law for the

time being in force.

In respect of loans raised under the provisions of the

Ordinance aforesaid, the first contribution to the sinking fund as

contemplated by the provisions of paragraph (e) of subsection (1)

of section 6 and of section 25 of the said Ordinance shall be made

not later than three years after the date from which the interest on

the loan hereby authorised shall commence to run.

In respect of any loan other than a loan raised as mentioned

in section 4 of this Act, the principal money of any such loan and

the interest payable thereon shall be a charge on the Consolidated

Fund and shall be payable out of the general revenues and assets of

the Government of Malta which are hereby appropriated to the

purpose.

*See Government Notice No. 128 of the 24 February, 1970.