LOANS (OPEC SPECIAL FUND) ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Power of the Government to borrow from the OPEC Fund

   4   Power to issue instruments including bonds

   5   Arbitration

   6   Implementation of obligations under the agreement

 

THE LOANS (OPEC SPECIAL FUND) ACT

[Date of Commencement: 1st December, 1978]

Act 5 of 1980.

1   Short title

   This Act may be cited as the Loans (OPEC Special Fund) Act.

2   Interpretation

   In this Act-

   "Fund" means the OPEC Special Fund established by the countries which are members of the Organisation of Petroleum Exporting Countries by agreement dated 28th January, 1976 and includes any organisation succeeding to the functions of the OPEC Special Fund;

   "Minister" means the Minister responsible for finance,

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   "OPEC Special Fund" or "Fund" includes the contributing parties to the Fund acting collectively under that name.

3   Power of the Government to borrow from the OPEC Fund

   (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 Fund borrow from the Fund 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 Fund 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 Fund.

   (3) Any agreement between the Government and the Fund 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 Fund in respect of any sum borrowed under the powers conferred by subsection (1) shall be laid by the Minister before the House of Representatives.

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