LOANS (LOCAL) (TEMPORARY BORROWINGS) ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Authority for temporary borrowings

   4   Evidence as to sums previously raised

   5   Principal and interest to be charged on the Consolidated Fund

   6   Provision for repayment of temporary borrowings

 

THE LOANS (LOCAL) (TEMPORARY BORROWINGS) ACT

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[Date of Commencement: 16th December, 1957]

Law 34 of 1957.

Act 49 of 1963.

1   Short title

   This Act may be cited as the Loans (Local) (Temporary Borrowings) Act.

2   Interpretation

   In this Act, unless the context otherwise requires, "local loan Act" means any other enactment authorising the raising of loans in the Island, and "estimated recurrent revenue" means estimated revenue of Jamaica other than revenue from loans.

[49/1963 s 2.]

3   Authority for temporary borrowings

   (1) Subject to the provisions of subsection (2), the Minister is hereby authorised to raise from time to time as may be convenient sums of money by way of temporary borrowing on such terms and subject to such conditions as he may think fit.

[49/1963 s 2.]

   (2) No sum of money shall be raised under this Act unless, on the day on which that sum is raised, that sum and all principal moneys remaining unpaid in respect of all other sums previously raised under the authority of this Act do not exceed fifteen per centum of the estimated recurrent revenue for the financial year in which that sum is raised.

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