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Local and other Loans Act (Cap. 393) Consolidated

LOCAL AND O T HER LOANS [ CAP. 393. 1

CHAPTER 393

LOCAL AND OTHER LOANS ACT

To authorise the raising of a sum of one hundred million Maltese liri by way of loan.

(2nd May, 1997)*

Enacted by ACT VI of 1997, as amended by Act XXIV of 1997.

1. This Act may be cited as the Local and other Loans Act.

2. (1) Subject to the provisions of this Act, the Government of Malta may raise, by way of loans, both in Malta and outside Malta, a sum of money not exceeding one hundred and seventy-five million Maltese liri.

(2) For the purpose of raising the aforesaid loans, the Minister responsible for finance i s h ereby aut horised t o borrow su ms of money, on such terms and conditions as the said Minister may approve, under the provisions either:
(a) of the Development Loan Act, in respect of loans raised outside Malta; and, or
(b) of the Local Loans (Registered Stock and Securities) Ordinance, in order to issue stock in Malta.

3. (1) Any money borrowed under the authority of this Act, shall be appropriated and applied for the purpose of -

(a) a sum not exceeding seventy five million Maltese liri to make good the deficit incurred by the Consolidated Fund to meet expenditure during the year 1996;
(b) a sum not exceeding twenty-five million Maltese liri to be loaned to the Malta Drydocks (established under the Malta Dockyard Act) to be used exclusively as to twenty million Maltese liri to settle outstanding debts due to the Government of Malta in respect of social security contributions, PAYE and other debts, and as to five million Maltese liri to settle arrears of debit interests on outstanding overdraft and other banking facilities availed of by the said Malta Drydocks; and
(c) a sum not exceeding seventy-five million Maltese liri to make good part of the deficit expected to be incurred by the Consolidated Fund to meet expenditure during the year 1997.
(2) Notwithstanding anything contained in the Malta Dockyard Act and in any other law Malta Drydocks is hereby authorised to take up the loan referred to in paragraph ( b ) of su b s ecti o n (1 ) hereo f and the sai d Mal t a D r y dock s shall be deemed to hav e properly in curred th e de bts and taken t h e o v erdraft and ot her facilities therein referred to.

Short title.

Authority to raise loan.

Amended by;

XXIV. 1997.2.

Cap. 229. Cap. 161.

Purpose. Amended by; XXIV. 1997.3.

Cap. 207.

Cap. 207.

*See Government Notice No. 323 of 2nd May, 1997.