DEVELOPMENT LOAN ACT

DEVELOPMENT LOAN

CHAPTER 229

DEVELOPMENT LOAN ACT

To authorise and regulate the raising of loans for purposes relating to

economic development.

(9th May, 1972) *

ACT XVII of 1972, as amended by Acts XXXV of 1973, XIII of 1983 and

XII of 1988; and Legal Notice 411 of 2007.

The short title of this Act is the Development Loan Act.

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

of Malta may, by or in pursuance of agreements concluded with the

Government of any other country, or with any international or

foreign organisation, fund or other institution, borrow sums of

money not exceeding in the aggregate an amount corresponding to

fifty-eight million, two hundred and thirty-four thousand and three

hundred and thirty-four euro and ninety-six cents (58,234,334.96),

or such higher sum as the House of Representatives may from time

to time by resolution determine.

(2) Any loan made under the authority of this Act shall be on

such terms, conditions and modalities as may be agreed between

the Government of Malta and the Government, organisation, fund

or other institution making the loan.

Any sum borrowed under the authority of this Act shall be

appropriated and applied -

(a) to meet expenditure relating to the development of the

economy of Malta, being expenditure authorised by an

Appropriation Act or charged on the Consolidated

Fund by any other law for the time being in force; or

(b) to any other purpose approved by resolution of the

House of Representatives.

The principal money of any loan made under the authority

of this Act, 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. 357 of 9th May, 1972.