LOANS (ADDITIONAL POWERS) ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Loans may be raised independently of the General Loan and Stock Act and the Treasury Bills Act

   3   Principal and interest charged on Consolidated Fund

   4   Act only applicable to loans raised in England

 

THE LOANS (ADDITIONAL POWERS) ACT

[Date of Commencement: 17th March, 1927]

Cap 225.

Act 42 of 1969.

1   Short title

   This Act may be cited as the Loans (Additional Powers) Act.

2   Loans may be raised independently of the General Loan and Stock Act and the Treasury Bills Act

   Whenever by any enactment authority shall have been given, or shall hereafter be given to raise any sum of money for the purposes mentioned in such enactment, the Minister, or the Crown Agents acting on his behalf, may, from time to time, as he or they may deem expedient, raise such sum in England independently of, and notwithstanding anything to the contrary contained in the General Loan and Stock Act, and Part I of the Treasury Bills Act:

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[42/1969 3rd Sch.]

   Provided that in such case the following provisions shall apply-

   (a)   So long as any portion of the loan remains outstanding the Minister shall in each half-year ending with the day on which the interest on the loan falls due appropriate out of the Consolidated Fund and assets of the Island a sum equal to one half-year's interest on the whole of the loan outstanding and shall remit that sum to the Crown Agents at such time as will enable them to pay thereout the then current half-year's interest on the day on which it falls due.

   (b)   The Minister shall also in each half-year ending as aforesaid appropriate out of the said Consolidated Fund and assets of the Island for the formation of a sinking fund for the repayment of the loan at par an additional sum in respect of the total nominal amount of the loan outstanding equal to one-half of the annual contribution to be decided upon by the Minister on the issue of the loan and shall remit that sum to the Crown Agents with the remittance hereinbefore mentioned provided that the said contribution shall in respect of any money raised under the enactment commence not later than three years after the date from which the interest on such money shall commence to run.

   (c)   The aforesaid annual contribution shall be not less than such amount as may be determined by the Minister to be sufficient to redeem the loan at its due date.

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