ARRANGEMENT OF SECTIONS
1 Short title
3 Power of the Government to borrow from the Caribbean Development Bank
4 Power to issue instruments including bonds
5 Borrowing by statutory authority from the Bank
6 Application of loan moneys by statutory authority
7 Power of Government to guarantee loans by Bank to statutory authorities
8 Power of Government to guarantee loans by Bank to companies
9 Restriction on borrowing powers of statutory authority so far as guarantee outstanding
10 Powers exercisable by Minister in event or prospect of default by statutory authority
11 Statutory authority to repay to Government sums paid under guarantee
13 Implementation of obligation under the agreement
THE LOANS (CARIBBEAN DEVELOPMENT BANK) ACT
[Date of Commencement: 17th July, 1973]
Act 31 of 1973.
This Act may be cited as the Loans (Caribbean Development Bank) Act.
In this Act-
"Bank" means the Caribbean Development Bank;
"company" means a company incorporated in Jamaica and carrying on business therein;
"Minister" means the Minister responsible for finance;
"statutory authority" means any body established directly by statute and exercising powers vested in such body by law for a public purpose.
(1) Subject to the provisions of this Act, the Government may, in such manner and on such terms and subject to such conditions as may be agreed between the Government and the Bank, borrow from the Bank from time to time such sums as may be required by the Government.
(2) Any sums borrowed by the Government under the powers conferred by subsection (1) for the requirements of the Government shall be applied and are hereby appropriated to the purposes for which they were borrowed as specified in any agreement concluded with the Bank in respect of the sums so borrowed:
Provided that where any part of such sum cannot be applied to the purposes aforesaid such part may be applied to such other purposes as may be approved by the Minister and the Bank.
(3) Any agreement between the Government and the Bank in respect of sums borrowed under the powers conferred by subsection (1) shall be made in the name of Jamaica and may be signed on behalf of Jamaica by the Minister or by any person authorised thereto in writing by the Minister.
(4) As soon as possible after the conclusion thereof a copy of any agreement concluded with the Bank in respect of any sum borrowed under the powers conferred by subsection (1) shall be laid by the Minister before the House of Representatives.
(5) Nothing in the provisions of this section shall affect or derogate from any other power to borrow money possessed by the Government.
(6) All amounts required for the repayment of any sums borrowed under the powers conferred by this section and all interest and other charges on such sums are hereby charged upon and shall be payable out of the Consolidated Fund and assets of Jamaica.
(1) The Government may issue such bonds, promissory notes or other instruments on such terms and conditions as may be necessary for the purpose of giving effect to the terms of any agreement which may be entered into by it with the Bank in respect of any borrowing authorised by subsection (1) of section 3.
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