LOANS (OVERSEAS) (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 (OVERSEAS) (TEMPORARY BORROWINGS) ACT

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[Date of Commencement: 18th December, 1958]

Law 55 of 1958.

1   Short title

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

2   Interpretation

   In this Act, unless the context otherwise requires, "overseas loan Act" means any other enactment of Jamaica authorising the raising of loans outside the Island, notwithstanding that authority may also be conferred in such enactment for the raising of loans in the Island.

3   Authority for temporary borrowings

   (1) Subject to the provisions of subsections (2) and (3), 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.

   (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-

   (a)   the sum of ten million dollars, or

   (b)   the amount which at that date remains to be raised under the authority of the overseas loan Acts,

whichever is the less.

   (3) Every sum of money raised under the authority of this Act shall be appropriated and applied to purposes approved by or under an overseas loan Act

4   Evidence as to sums previously raised

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