LOAN ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Authority to raise loans

   3   Appropriation of loan

   4   Mode of raising loan

   5   Principal and interest to be charged on Consolidated Fund and assets of Jamaica

   6   Provision as to sinking fund

 

THE LOAN ACT

[Date of Commencement: 10th July, 1964]

Acts
39 of 1964,
18 of 1967,
38 of 1968,
19 of 1970,
3 of 1997,
11 of 1998,
1 of 2002,
13 of 2004,
5 of 2007,
15 of 2008.

1    Short title

   This Act may be cited as the Loan Act.

2   Authority to raise loans

   The Minister is hereby authorised to raise by the issue of a loan, either at one time or by instalments, an amount sufficient to produce as nearly as may be the sum of nine hundred and twenty billion dollars and such further sum as may be necessary to defray the expenses of issue.

{akeebasubs !jamaica law}

 

{/akeebasubs}{akeebasubs*}

[18/1967 s 2; 38/1968 s 2; 19/1970 s 2(2); 3/1997 s 1; 11/1998 s 2; 1/2002 s 2; 13/2004 s 2; 5/2007 s 2; 15/2008 s 2.]

3   Appropriation of loan

   (1) Any money raised as a loan under the authority of this Act-

   (a)   shall, subject to paragraph (b), be appropriated and applied to such capital expenditure as may be specified in the prospectus or other document inviting the loan of that money; and

   (b)   may be utilised-

         (i)   to defray the expenses of issue of the loan or part thereof; or

         (ii)   for the repayment of the public debt or any part thereof.

   (2) In this section "public debt" means the public debt of Jamaica within the meaning of section 119 of the Constitution of Jamaica.

4   Mode of raising loan

   (1) The loan hereby authorised, or any part thereof, may be raised under the provisions of the General Loan and Stock Law or the Local Registered Stock Law or the Debentures (Local) Law or any other general Law authorising the issues of particular securities in respect of amounts borrowed for public purposes, and any such law shall have effect for purposes of this section with such modification as the Minister may, by order, direct.

This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.